The complex world of financial management can be especially tricky for small business owners to navigate. There is payroll to oversee, funds to track, taxes to file and a financial future to plan—and if you are new to the world of business, trying to handle all of this can be a steep learning curve. Many small business owners may feel that they are on their own, frantically treating water just to keep their business afloat and profitable. And while services like tax specialists and financial management software can help, the costs of utilizing these tools can add up.

If you are a small business owner looking for comprehensive financial assistance, you may want to consider working with a small business accountant. From getting a handle on your cash flow to determining the health of your company to creating a plan for the future, these financial professionals allow you to take a step back and just breathe. Rest assured, with a professional accountant at the helm, the financial aspect of your business will be in good hands. 

 

What is a Small Business Accountant?

 

Small business accountants are financial professionals who assist organizations, including for- and non-profits, in reviewing company finances, preparing taxes, creating cost-saving strategies and more. These accountants often take two forms: certified public accountants (CPAs) and unlicensed accountants. CPAs are rigorously prepared professionals with the knowledge base to provide you with a wide range of detailed information and strategies. This is because certain education and work requirements must be met, alongside the completion of an exam, in order for a CPA license to be granted.

But while all CPAs are accountants, not all accountants are CPAs. For unlicensed accountants, there may be multiple routes into the field, including a bachelor’s degree and an apprenticeship. 

Like in any career, they will continue to build their skills through real-world experience, allowing them to provide their clients with extensive and reliable advice and business accounting services. Additionally, both licensed and unlicensed accountants must comply with the ethics and principles which govern the area they practice. One such standard is GAAP, or generally accepted accounting principles. These rules, regularly revised by accounting standard boards, ensures that company financial statements are accurate and consistent.

 

How Can a Small Business Accountant Help Your Business?

 

Unlicensed small business accountants may not be able to offer all of the services a CPA can, but there is still plenty that they can do for you, including:

Once you determine the business accounting services you need, it is important to ensure that they are tailored to your small business. When you work with your small business accountant, focus on setting goals which will give your company a strong financial foundation and a better chance of success in the future. Create plans for if and when your cash flow wanes, and ensure that you have a sound understanding of your business’ financial side. Once you and your professional accountant have given your business a stronger chance of success, you can begin to discuss growth. 

 

The Importance of Proactive Financial Planning and Management

 

As a small business owner, tax planning and filing, as well as bookkeeping, can be an immense source of stress. Not only are they time consuming, but incorrectly filing your taxes may lead to penalties, and faulty bookkeeping may paint an inaccurate picture of your business’ financial state and needs. As such, it’s important to manage them proactively in order to reduce stress, prevent errors and create a business plan based on accurate data. 

 

Tax Planning

 

Professional accountants can help you analyze your finances in order to determine how to legally reduce your liabilities—the amount you owe the government—through tax deductions and credits. Tax planning for small businesses is an important part of financial management, as it can help you to determine ways to save money that you may not have known about on your own. 

 

Tax Filing

 

Incorrectly filed taxes—whether due to missing information, math mistakes or other issues—can lead to penalties and rejected tax returns. However, a professional accountant can help file your taxes, ensuring that everything is accurate, complete and submitted on time.  

 

Bookkeeping

 

The regular tracking and updating of monetary information, bookkeeping for small businesses is an important financial management tool. Invoices, bills, receipts and other forms of income and expenditure are all recorded, allowing you to stay abreast of your business’ financial health. Additionally, keeping an accurate record of this information can help you create financial reports, file tax returns, and plan for future profitability.

 

Finding the Right Small Business Accountant for Your Business

 

In order to find the right small business accountant, you first need to be clear about what you need. Take the time to assess your business and create a list of your preferences. Once you know what you’re looking for, start seeking out reviews and referrals, focusing on accountants who have experience in the areas you need help in. See who people like, and what issues led to critiques. Consider communication style, how much experience they have and, if you would like a CPA, whether they are certified. Then, gather a few options before scheduling meetings in order to determine who is a good fit, as well as the cost of each accountant. After you have collected all of this information, take some time to consider which accountant is best suited for your business.

 

Contact Estess CPA to Start Planning Your Business’ Financial Future Today

 

As a small business owner, hiring a professional accountant is a crucial part of making smart, proactive financial decisions and reducing your stress levels. Trying to take on every task is a good way to miss things—and when it comes to finances, overlooked information can lead to poor business planning and tax-related consequences. 

At Estess CPA, we have over 20 years of experience serving small- to medium-sized businesses in Belle Chasse. Whether you’re looking for financial assistance or business advice, our team is ready to help you build a strong financial foundation and give you the tools to plan for your company’s future. If you would like to learn more about our professional accounting services, or if you are interested in working with our team, Click Here a call or schedule an appointment via our website today.