The need to hire an accountant can be a good sign. Perhaps your business is growing fast enough that your activity outstrips the pace of your bookkeeping. On the other hand, maybe you feel the time spent keeping records could be better used elsewhere. No matter the reason, we all understand that well-kept records are essential for a healthy business. For many people, bookkeeping is a challenge and a chore. Maybe your talents lie in managing daily operations or strategizing growth, but not in crunching numbers. But good accounting is essential for those things and more, whether you’re tracking cash flows or charting growth.
A skilled Certified Public Accountant (CPA) can provide benefits to your company that you won’t find in a computer program or on your own. A CPA offers years of experience with tax codes, IRS reporting requirements, and business development. We can offer business and financial strategy, tax services, and estate planning. Your company can have the stability to make long term goals, clarity regarding fluctuations in cash flow, good standing with the IRS – these are but a few reasons to seek a qualified CPA, and there are many more.
If you’re looking for top tier accounting services for entrepreneurs, small business owners, and corporations, look no further than R. Creary, CPA, P.C. Our founder, R. Creary, has worked at several of the top accounting firms in the nation, and since 2008 has offered Big 4 level service to clients throughout the New York metropolitan area.
If you’re a small business owner, we can help you with your bookkeeping and small business accounting in the following ways:
Anticipate major expenses
Is it likely that you will need to upgrade your facilities? Is your office equipment on its last legs? The replacement of certain fixed assets like equipment and property, within a threshold, can sometimes qualify for tax deductions. If you’re planning to upgrade or replace these assets, we can offer a price forecast and financing options to avoid a slowdown in operations.Certain industries have seasonal ups and downs, which will affect your ability to spend. As your accountant, we can offer a budget plan that will ensure your company is well-financed even during the slow months.
Keep a detailed record of your spending
You might dismiss certain expenses as too minor, but they add up; failure to keep track of them might cause you to miss out on potential tax write-offs. We’ll ensure you don’t miss out on those write-offs. We can offer advice to help you monitor your myriad expenses, even the small ones:
- Use a business credit card. This keeps your expenses in one place, and many providers allow you to categorize your bill into types of expenses.
- Take notes of which clients you meet for those coffee dates, lunches, and events. It substantiates your expenses for your tax records in the event of an audit.
- The same goes for vehicle mileage going to and from meetings. Check your odometer or use a GPS; if you use a car service, pay with credit card or keep a receipt.
These are some of the day-to-day entrepreneurial wisdom we’ve accumulated over years of working with small business owners, which we’re happy to share with you.
Record deposits accurately
We’ll provide a precise record of what is being deposited into your business bank account. A deposit may be cash inflows from business activity or asset sales, loans, or cash infusions from your personal savings. Improper accounting on such deposits could leave you open to paying taxes on money that isn’t income.
Plan for taxes, and set aside money
Too often, small business owners plan for every expense except the inevitable tax burden. Unpaid taxes will incur fines and interest from the IRS. We will notify you when to put aside money for tax day, whether you prefer to do this monthly or at the closing of a new contract. Tax time is stressful for the small business owner. We can help you prepare for tax season and make it simply another routine.
Stay on top of your invoices
Having a lot of clients is a good thing, but keeping track of their unpaid bills is a hassle. Moreover, late and unpaid bills can hurt your cash flow. We’ll help you keep track of billing, and put in place a process for unpaid bills, such as issuing a second invoice, making phone calls, and even levying penalties such as extra fees at certain deadlines (like 30, 60, and 90-days late).
Remember, every late payment is an interest-free loan, and you have a business to run.