When you run a small business, you have enough to work on without having to worry about taking care of all the necessary financial tasks associated with running a business. An accounting services firm can offer you assistance with taking care of the necessary financial tasks for you so that you can focus on the areas of your business that you are good at.
Payroll can be a time-consuming task. In addition to having to keep track of when your employees' work, you also have to figure out how much to pay your employees as well as what to withhold from each person's paycheck.
You need to withhold both state and federal taxes from your employees paycheck, and then make payments to both the state and federal government. An accounting firm can take care of this task for you.
Your accountant can also make sure that all of your employees are properly classified. You want to make sure that any workers that are classified as independent contractors, hourly employees, or salary employees are properly classified.
Your employees' classifications determine what you pay your employees and how you pay them. You have differently overtime obligations for an hourly employee verses a salary employee. Your tax obligations are also different for independent contractors and regular employees as well.
Create Financial Forecasts
You need to look at your finances in order to determine and figure out where your business is excelling and where it needs help. In order to move your business forward, you need to understand what you are selling and not selling, and how your cash flow is working.
An accountant can help you keep track and make sense of your money. They can create a financial forecast for you that goes over your cash flow. A financial forecast can help you determine what areas of your business need to be improved and what areas of your business need to be expanded. A financial forecast can really help you guide and push your business forward.
An accounting firm can help you with day-to-day financial tasks such as processing your payroll, determining employee classifications, and paying quarterly state and federal taxes. An accounting firm can also help you look at the bigger picture by creating financial forecasts for you. They can help you determine what ways to grow your business and can help you make important decisions about how to grow your company over time.