Accountants can identify potential deductions throughout the year so that you don’t find yourself with a big tax bill come tax time. They can also provide advice during the planning process of a business to help create realistic financial projections.
Small-business owners wear many hats and can struggle to give up control of their books to an outsider. However, letting an accountant in Scotland plow through paperwork with greater speed and accuracy will free up your time to focus on growth.
Taxes
Taxes are a big deal for small businesses. Accountants know how to maximise deductions and avoid costly mistakes at tax time. They can also help you understand your cash flow and ensure your quarterly estimated taxes are correct.
They can advise you on the best entity structure for your business, ensuring you have all the appropriate state and city licenses. They can even handle complex sales tax compliance issues that could be costly if not handled properly. In addition, they can create processes for your business that make sure you invoice customers correctly and on time.
Financial Reporting
Whether you’re in the pre-launch stage or have been open for some time, accountants can help put together a business plan that supports a long-term vision of profitability and scalability. They can also give you insight into the best financial software solutions that align with your business model and budget.
Accountants can help prevent small mistakes that cost your company money, like overdrafts or missed tax deadlines. They can also provide insight into how to streamline operations by recommending process improvements and creating incentivising pay packages for employees.
Budgeting
Having an accountant to handle financial statements and other accounting processes frees up your schedule to focus on growth strategies. A good accountant can help you set budgets that fit your goals, as well as analyse your sales and profit to make recommendations about future growth strategies.
A great accountant can also recommend automation solutions to streamline your business’s finances. For example, some types of accounting software can sync with point-of-sale systems to categorise purchases automatically and take manual bookkeeping and reporting tasks off your hands. They are also up to date on tax law and can help you stay in compliance with the IRS.
Financial Analysis
Whether your business is looking to grow or stay stable, a professional accountant can help. They can assess sales trends and predict future growth so that you can take appropriate steps to prepare for any changes in the market.
They can also advise you on any significant decisions like investments, planning projects and financing activities. This is because as they get familiar with your accounting system, they will develop one-of-a-kind expertise that fits your specific business. That will give you a more accurate financial analysis and set you up for long-term success.
Payroll
An accountant can help your company avoid a wide range of financial mistakes that can cost you money. This may include everything from overdrafts on your bank account to missing tax deadlines that result in huge penalties.
Accountants also help companies with payroll and the accounting of employee compensation. This includes tracking taxable wages, benefits and other costs to the company as well as ensuring compliance with state, federal and local wage and hour laws.