If you’ve already made the determination to hire a small business accountant to help you with the
complex task of managing company finances, you have made a critical first step toward a better
solution for you and your business. Read on to learn about some of the other ways that you can
organize your accounting to minimize headaches and maximize profits.
1. Set Aside Time Every Week
Staying in touch with your numbers can help you make decisions in real time. Too many small
business owners only consider their overall financial situation when it is time to pay taxes. The
problem is that there are many different decision points that occur on a regular basis within your
business. To accommodate these, set aside sufficient time each week to review your finances.
This will give you a window into any problems early on and allow you to make more informed
and educated decisions.
2. Keep Sight of the Big Picture
Every entrepreneur is looking to maximize value and there’s no better way to do this than by
working with a small business accountant. An accountant can offer you financial advice and help
you step back from the minute details and provide a more generalized view of your finances,
which can help you to keep in touch with the big picture of your business.
3. Optimize Technology
Along with setting aside time each week to review your numbers, you can use technology to help
you keep track of your data more easily while still maintaining your individual time every week
to review the data points and walk through them with your accountant. Tackling some of the
smaller financial decisions can be critical for setting your company up for success without
overwhelming yourself. If the details of accounting and finance seem boring to you, take
advantage of the numerous software and application options. Use technology to handle the
difficult work of organizing your data so you can focus on using that data to make critical
decisions. Having technology to compute much of the data for you can make life easier. Don’t
hesitate to get on board with technology, as much of it is user-friendly and geared toward your
specific needs.
4. Pay Your Quarterly Estimated Taxes
Many small business owners don’t realize that they need to pay quarterly estimated taxes, or that
the failure to do so could bring about penalties and interest charges from the IRS. Having a small
business accountant can help you plan ahead for these quarterly payments and make them in a
timely manner. Don’t get overwhelmed by the financial pressure that you might associate with
handling your quarterly estimated taxes. The reality is that you need to take control of this sooner
rather than later so that you do not feel overwhelmed and find yourself in a frustrating tax
situation.
Contact one of our experienced accountants to learn more.