When Do You Need Accounting Help?

Accounting is indispensable for financial information, be it for your business or personal finances. A successful housemaker uses accounting to budget the family income; the businessman uses it to keep track of the transactions of the business and to keep track of its financial condition; the government uses it to spread resources to various branches of the government and also to decide about policy and gauge the economic health of the nation.

All well and good but when is the right time to ask for accounting help?

There are various instances when the help of an accounting professional is needed.  Here are some of the most common indicators that help is needed:

  1. Help Starting a Business – When starting up a business, an accountant’s help is invaluable.  Your accountant can assist you in deciding on the best entity structure for your business. They can also be asked as early as the feasibility study period as to how much capital is needed to start the business, the possible profits considering the market and the volume of potential customers and the taxes and licenses to be paid and secured.  An accountant can help you project and create a business plan so you’ll know in exact detail what to plan for and what to expect.
  2. Help Setting Up the Accounting System for your Company – When your business has been formed, the next step is to set up an efficient accounting system.  This is a critical time when asking for accountant help is very beneficial, as setting up the books properly from the start will help you be successful.
  3. Help Detecting of Irregularity – When you have discovered irregularities in your books and want to know if there is mishandling of company assets, it is very crucial to seek help from external accountants or accounting firm. In such cases, help from an independent accounting professional can help you get to the truth.
  4. IRS Tax Problems, Remittances and Government Reports –  If you are a small business and you prepare your own accounting records, its best that you use an external accounting firm to advise you of the tax rules and allow them to prepare the annual tax filings for you; you want to avoid facing IRS audit and or penalties.  If this happens, an accounting firm can be approached to help with the IRS problem resolution negotiations, helping to determine the monetary obligations due to the government and to determine how much fines or penalties must be paid vs. negotiated away..  Problem resolution tax advice can help limit and reduce the damages the IRS levies for any mistakes and helps you to avoid further mistaken accounting practices that can impact your business.
  5. Bookkeeping Review – Your accountant can supervise a review of your business books and records, essentially performing a business audit to help determine accuracy of your accounting records, identify areas of savings and potential for growth.  The help of an accounting professional to be objective and independent in reviewing your finances – an experienced business advisor who proactively works with you to plan your business future is invaluable.

If the accounting problem is only minor, simply having an experienced accountant available to answer your question can be a great help.  Tax and accounting questions are numerous, and navigating the issues successfully can make a big difference in your financial success.

Accounting books from bookstores can be purchased to refresh knowledge of accounting for the do it yourself crowd offering invaluable advice and reference material.

If your business cannot afford to hire an accountant regularly, a part time bookkeeper can be hired to record transactions and organize your books and records at the end of every quarter or year. Then the financial reports can be reviewed by your accountant, who would base your tax filings on this financial information.

If you want your business to succeed and thrive in a tough economic environment, your business needs and deserves expert accounting and tax help.

If you want to stay focused and manage the details of running your business; leave the number crunching your accounting personnel.

Accounting help can also provide valuation and investment advice to stockholders who might want to invest in a company or for company owners considering a sale or purchase of a business.

Accounting is a vital financial tool, making sense of the financial data that surrounds us.  Accounting provides balance between raw financial data and the useful information that data provides if put into the proper format.

Accounting helps put things into its proper perspective.  It helps the business owner track the progress of their finances and empowers the decision maker with the information needed for timely business decisions.

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