Hiring An Accountant Benefits Your Small Portland Business
Even in the beginning stages of business, hiring an accountant can be extremely useful. Portland business owners will find that accountants can save on money, time, and stress in the long run. Don’t make the mistake of thinking it’s better to wait before hiring an accountant for your small Portland business. Choosing to hire an accountant early on will result in your business running smoother is so many ways.
Accountants do much more than crunch numbers. Here are 5 ways an accountant can help your small business grow:
Managing Cash Flow. Cash flow can make or break your Portland business. To keep your Portland business healthy, you need an accountant to keep track of your company’s cash flow—and be able to present information in an accurate and organized manner. Your accountant will know which reports are needed and how to analyze them. He will will know what red flags to look for. Has there been a change in a customer’s paying habits that could signal trouble ahead? Do you have a larger tax liability this year than last? Is it time to re-negotiate payment terms with one of your vendors? All of these factors affect the cash flow of your business. With an accountant’s help, you can minimize unwelcome surprises and plan ahead.
Handling Audits. An accountant can guide you through the process of an audit as smoothly and painlessly as possible. It is your accountant’s job to know your books well and to have an accounting system in place that conforms to accounting standards. This gives you an advantage in the event that the IRS comes knocking. Tax laws can change from year to year, making compliance difficult. Your accountant, however, will keep up with those changes to save your Portland business from expensive fines and hours of labor.
Staying Informed. As mentioned above, tax laws change often on all levels – local, state, and federal. Keeping abreast of these changes and knowing how they will affect your Portland business is an accountant’s job. Keeping up with changes in tax rules and regulations on your own would consume countless hours of research, and the information may still be confusing. Allow a finance professional to guide you through instead.
Managing Growth. Of course, it is the goal of any business to grow, but there is such a thing as too much growth. Too much growth too quickly can kill a business. Your accountant will be able to help you plan ahead and help you understand the implications of any proposed changes, like additions to your product line or expansion to new locations. Planning ahead in detail is only possible with the information that an accountant can easily provide. You accountant can keep your Portland business moving forward while keeping an eye on how you company can generate the most profit.
Paying Employees Properly. Your accountant can quickly spot mistakes when it comes to employee compensation. A good accountant knows what to look out for and will advise you on specific concerns. Making sure each worker is properly classified, as well as knowing when an exemption applies and when it does not, are examples of the expertise you can rely on when it comes to payroll challenges.
Business & Accounting Solutions — Excellent AccountANT Services FOR PORTLAND BUSINESSES. Ready to hire a professional accountant for your Portland business? Business & Accounting Solutions offers a wide range of outsourced CFO and Accountant services in Portland. We bring knowledge and capability to Portland businesses with expertise in services such as bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO or Accountant services? Consider our referral program