When it comes time to file taxes each year, Americans hire more than 1 million financial management professionals to help them, and with good reason: In the past 100 years, the number of pages in the tax code has increased by 16,775%. With everything else small businesses need to manage, navigating small business taxes is sometimes best left to the pros.
Tax and Accounting Services
If you’re already overwhelmed by your company’s financial concerns, you may be worrying: How much does it cost to hire an accountant? But outsourcing accounting or tax prep can actually save you money in the long run. Someone who has spent years studying small businesses taxes and accounting tips and tricks will make sure you’re not letting go of your hard-earned cash (while also not placing your business at risk with the IRS). Small business taxes can be difficult to understand, so seeking out tax services frees you up to focus on whatever it is your business does best.
Financial Advising and Planning
If you’re a small business owner, you’ve spent a lot of time figuring out how to best provide your product or service to your clients. Consulting a financial adviser or planner can help you make this process more profitable and grow your company for the future–and in ways other than just managing your small business taxes. Financial advisers (an umbrella term that covers a wide range of financial services) help their clients to improve financial strategies by organizing their finances, planning for future emergencies, and consolidating debt. More specifically, financial planners can help your business with day-to-day concerns that contribute to your overall growth strategy and ultimately lead to higher profit margins, such as cash flow or financial risk management. Often, you’ll be able to combine multiple services, such as long-term financial planning and tax prep, with one firm to make sure they really understand your business and its goals.