As a small business owner, you wear many hats. It’s always good to save here and there, but it can sometimes interfere with your ability to grow. When it comes to your business’s planning and accounting, it requires constant attention and an experienced eye to see trends and red flags. When you push accounting to the back burner, you miss out on vital opportunities and insights that have a direct impact on your bottom line.
In addition, properly managing your taxes is also one of the most important considerations for your business’s success. Because of that, having a tax accounting strategy is a must. Here we explain why you should consider hiring a small business tax accountant firm in San Antonio.
A small business accountant takes on all the accounting tasks you find yourself managing each day. Whether it is interpreting changing reporting requirements to ensure your business remains compliant, managing day to day operations such as bookkeeping, setting up and managing a payroll system, organizing your financial paperwork so you are always prepared at tax time, or assisting with financial reporting, your small business accountant invests in your success. With a small business accountant on your team analyzing and interpreting your finances, you can focus on running the business while also seeing vital financial reporting data to make smarter business decisions.
While general small business accountants assist with all aspects of your finances, a small business tax accountant manages your business’s taxes, keeps up to date on tax rules, helps set tax strategies, and generates tax assets and liabilities reports.
A small business tax accountant uses their knowledge to develop a strategy that reduces the amount of taxes you pay. Their job is to establish profitability and effectiveness, so you meet your financial goals for success. An overall financial strategy still includes reducing the risk for tax penalties and audits but includes sound advice that helps you maintain control of your finances in real-time.
It’s best to find a full-service accounting firm that offers both general accounting and tax accounting services in San Antonio. That way, you won’t need to work with multiple vendors. And, your accounting firm will be the one who manages your finances throughout the year so that you’re fully prepared for tax time.
When looking for an accountant or accounting firm, there are several things you want to keep in mind. First and foremost, you should always ask for referrals from your small business network. This helps you narrow down your choices and find an accounting firm trusted by other small business owners. You also want to check the American Institute of Certified Public Accountants directory. Once you have a shortlist of the accountants suited to your needs, you can arrange an appointment or phone call to ask the following:
- How much experience do you have in [Your company’s specific industry?
This is very important as accounting needs vary from industry to industry. You want an accounting firm that understands your business and the specific tax reductions available. For example, are you operating in multiple states? Do you sell products online? Ensure your accountant understands industry compliance so that you can avoid penalties and audits.
- What services do you offer?
You want an accounting firm that uses smart strategies that include both general accounting tasks and also tax services. You want a firm that offers business insights, reporting, and San Antonio tax services. They’ll help keep your company sustainable and profitable.
- How will you communicate with us and how often?
Communication is key to a strong and beneficial relationship with your accounting firm. When you set expectations, you help ensure the firm meets them. You really don’t want an accountant that only appears at tax season. Instead, you want to know how and when you will communicate. That way, you always have access to the services and input you need to make financial decisions.
- How much do you charge for accounting and tax accounting services?
You don’t want any surprises when you are billed for the accountant’s fees. Some charge by the hour, while others have fees associated with their services. You can also find accounting firms that charge a monthly retainer to cover all of the services provided each month. Remember, cheaper is rarely better when it comes to hiring an accounting firm. Make sure you understand how much you are paying and what you are getting for your investment.
Once you find a firm you feel comfortable with, you can draw up an agreement to begin using their services.
This is a big decision. You need the right accountant who manages both your taxes and your finances. However, you also need someone who shares your goals and is there to contribute advice and insights so you can become more profitable. An accounting firm who also works as a business coach can offer insight into your current financial state, so you make the right decisions for your business. Sometimes it is good to have someone outside of your organization to identify trends at a distance.
Small business accountants who also specialize in San Antonio tax services help increase your chances of paying fewer taxes when tax time rolls around. The biggest challenge for small businesses today is the complicated tax laws and rules for deductions and credits. Although you can use DIY tax preparation software, if you don’t have an in-depth understanding of the rules as they apply to your industry, you may miss the opportunity to save on the taxes you pay. The best tax accounting firms for small business help ensure the following:
- Reduced risk for mistakes and contact by the IRS with quality assurance for accuracy
- A smarter approach to payroll withholding to improve your income throughout the year instead of paying out money to the government in advance
- A better understanding of the common deductions available to you
- Tips for limiting your future tax liability
- Quicker refunds thanks to electronic filing
As you can see, when you have a small business tax accountant firm that is there to help throughout the year, you have access to advice that keeps more money in your bank account.
Schedule a meeting with us to learn more about how our small business accounting and tax preparation can set you up for the long-term success you’ve been looking for.
Interested in learning more? Check out our Entrepreneur’s Guide to Accounting, where you’ll find helpful articles and resources to grow your business.