At some point in time, it becomes necessary for most small business owners to call in a certified public accountant to provide small business financial consulting. However, when should this be done? There are certain things or red flags that should prompt such action. These include spending too much time on the accounting side of the business, making mistakes that will lead to an audit, declining assets, draining resources, stagnating revenue and missing productivity. When you need the best accounts for your small business contact accountant surprise AZ because they are the best in town. The following are reasons why Every Small Business needs a Public Accountant:
- Failing to Focus on Your Passion.
Small business financial consulting services need to be sought whenever the time spent on the accounting side of the business is greater than the time spent on the business. Chances are that the passion of the owner is really the specialty of the business. For example, a landscaping business probably loves being outside and the creative side of the business. Spending more time hunched over a computer spreadsheet is a sure sign that a certified public accountant is needed.
- The Dreaded Audit.
It is a well-known fact that the IRS targets small businesses. If that isn’t enough to get audited, perhaps filing late or other things that the IRS looks for will warrant that dreaded letter from the IRS. Since an audit strikes fear in the heart of every small business owner, this is sure to elicit a call to a certified public accountant. However, it is a good idea to make the call whenever you realize that the books are a mess and forms are being filed late.
- Declining Assets.
Another problem that may cause an owner to seek small business financial consulting is what to do with declining assets. Tangible assets like furniture and vehicles can cost a business a small fortune. Plus, there are also intangible assets that may decline such as franchise rights or leases. These can become a complicated issue that can drain a company of valuable resources. Most owners may be aware that these can be tax write-offs, but how to calculate them is another matter.
- Stagnant Revenues.
No business can stay in business if it is not making money. However, the owner may be scratching his or her head trying to figure out where the problem is. The products or services are excellent and in demand. The advertising seems to be adequate. There just doesn’t seem to be a reason for the lack of success. That’s why many small businesses need to seek the help of a certified public accountant. They may be able to supply the answers that can really turn the business around.
- Lack of Employee Productivity.
Every small business owner knows that payroll can be one of the largest expenses facing their business. However, that doesn’t have to be the case. It shouldn’t drain the business of all of its valuable resources. That’s especially true if the work can be done more efficiently or could potentially be outsourced. If it can then a certified public accountant may be able to help guide some of these decisions or find how to make the work more efficient.
So if you are small business owner, you may want to ask these questions. Is the passion being drowned by the drudgery of accounting? Are mistakes being made that can lead to an audit? Are declining assets draining resources? Are revenues stagnant? Do employees seem to lack productivity? If the answer is yes to any of these, consider consulting a certified public accountant for financial advice.