When you got into business for yourself, you understood that bookkeeping was a part of your responsibilities. And for a while, it was easy to keep up with the paperwork because there was time to dedicate to the job. But as your business grew, time for the books became scarce because it was spent promoting your business in and around Concord, NC. Now the time has come for you to make a decision: do you try to do the paperwork yourself? Or is it better to contact a Charlotte, NC business accountant for help? Here’s why the latter decision is the best one for you and your business.
Reduce Your Stress Levels
There’s no denying that running a business is stressful. You have to find ways to manage that stress in order to stay one step ahead of everything and keep the operations flowing smoothly. Adding in bookkeeping on top of that adds another layer of stress. Lower your stress levels by hiring a business CPA to take care of the financials. The CPA tracks things so you can keep your eye on running your business the way you see fit.
Tracks Your Spending and Income
Businesses don’t stay open for very long unless they have a good balance between the accounts payable and accounts receivable. Spending money to bring in supplies is fine, but it has to be watched as does the money that comes in. Losing track of these two things can easily upset the balance and cause a problem with cash flow. A Charlotte, NC business accountant keeps track of the money flows and lets you know when you should spend and when you shouldn’t.
Makes Sure You Get Paid
It’s important that you, the owner of the business, get paid. If you’re intermingling your personal accounts with your business accounts, you’re not doing you or your business any favors. This may have worked just fine when you were still a sole proprietor with minimal need for financial structure, but it won’t work as your business grows. You have to separate your pay from the operating funds so your tax liabilities are in the right categories and not lumped together. The business CPA organizes and structures your financials and makes sure you draw a paycheck in the appropriate manner.
Tracks Your Gross and Net Revenues
Your gross revenue is not your net revenue, but you need to know both for operational and tax reporting purposes. It’s another set of numbers you have to track and keeping up with them can become difficult as the business grows. Knowing your gross revenue allows you to determine how much money needs to go for overhead costs, and the net revenue tells you how much money you’ve made in any given time period. It’s a lot of tracking and it’s something a CPA can take care of so you don’t have to devote time to the work.
Takes Care of Your Tax Filings and Liabilities
Business deal with local, state, and federal taxes throughout the year. Payroll taxes are paid to federal and state taxing bodies whenever payroll is issued, quarterly taxes have to be paid on income to the IRS, and if the business has retail sales, local taxes have to be paid. There’s a lot of tax issues a business has to face and keeping up with all of them is time-consuming. A CPA helps you by preparing your filings, going over them with you and explains the work before submission, and keeps track of the next round of taxes. She keeps you out of trouble with taxing authorities while finding legal ways to minimize your final tax liabilities.
It makes a lot of sense to hire a Charlotte business accountant for your small business. A CPA takes a lot of the paperwork off your shoulders so you can focus on turning your small business into a large one.