If you’re like many people, you don’t think about hiring an accountant after tax season has come and gone. After all, what can an accountant do for you in that stretch of time between April 15 and the end of the fiscal year? Actually, the answers may surprise you. Retaining the services of an accountant can be beneficial to your bottom line in a number of ways. Here are some of the reasons you should think about consulting with an accountant before year end.
- Tax Breaks– Perhaps it’s stating the obvious, but accountants are tax experts. They know the ins and outs of IRS rules and regulations for individuals and corporations alike. Moreover, because tax laws tend to change frequently, it is most likely in your best interests to have an accountant who stays on top of the changes to make sure you get the maximum tax savings you have coming to you.
- Data Analysis– Your accountant can assist you with the collection and analysis of data that can help to drive your business. Oftentimes, your business data just sits in a database without anyone properly analyzing and interpreting it, which can cause a business to miss out on big opportunities to propel itself to greater profitability. After all, you don’t want this to be the reason that you overlooked a valuable tax deduction or credit.
- Compliance– It is vital that your business stays in compliance with constantly changing tax filing requirements. An accountant can help ensure that your business always stays one step ahead of the game with regard to sales, payroll, franchise and income tax filings.
- Experience– Having an accountant with the wisdom and expertise to handle any obstacles that may arise can give you peace of mind that your business continues running smoothly at all times.
- Creating a Business Plan and Projections– An accountant has the know-how to create a plan for your business that works. By collecting and analyzing data, your accountant can help your business build a plan and prepare the necessary forecasts, projections and budgets that will serve as a roadmap for your company’s future.
- Objectivity– As your business heads into the end of the year, your accountant can offer unbiased perspectives on what your company did well during the year and what can be improved upon for the coming year. Because business owners are so emotionally invested in their companies, it can be helpful to have someone provide a purely analytical perspective to spot anything that could be changed about the company to help drive financial success.
- Future Success– The final months of a fiscal year is the ideal time to begin thinking about the future of your business and how to help make it more successful and prosperous. An accountant can set up your business for success next year and beyond. By having everything in place by the time the New Year hits, you can rest assured that your business will hit the ground running for what could be the strongest year of its history.
For expert accounting, tax and advisory services, get in touch with the team at DSJ. We serve individuals, businesses and non-profit agencies alike. Call today to see how we can help set up your business or organization for success!