In a recent interview, Thomas McAlister, founder of Thomas J. McAlister P.C in Denver, CO, revealed how small business owners can get more from their local accountant. —
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When asked to comment, McAlister said, “Small business owners understandably get overwhelmed when juggling the day-to-day operations and keeping on top of finances. Hiring a professional accountant is a great way to track finances and to poise any business for further growth.”
Ensuring a robust bookkeeping system is one major advantage of hiring a local accountant.
“A seasoned accountant can create and implement a bookkeeping system that fits the needs of your business. Furthermore, solid bookkeeping systems change over time to best serve business needs. Working with one accountant can help small business owners maintain continuity in keeping tabs of the company’s finances.”
Having an ongoing professional relationship with an accountant can help pinpoint a company’s problem areas.
When asked to elaborate, McAlister said, “Outsourcing your bookkeeping needs will allow for a professional to offer a third-party perspective on your business’ financials. This is crucial to not only keeping a steady cash flow stream but also in identifying issues that could hold back long-term growth."
From there, McAlister said, small business owners can work with their accountants to take actionable steps in addressing these issues.
Hiring a local accountant can also help small business owners consistently measure the financial health of their business.
“One of the greatest benefits of incorporating an accountant into a company is getting regular reports that show a financial snapshot of the business. These reports can be customizable and identify any aspect of finances that might otherwise have been overlooked,” he said.
McAlister added that these financial reports could be done once or twice a month and could become more infrequent such as once every quarter as the financial health of a business improves.
Another reason to have a local accountant is for tax purposes.
When asked to explain further, McAlister said, "Often, as businesses flourish, they change tax structures, which comes with a new set of regulations, often complicating the situation. A professional accountant has the necessary skills to advise you on loopholes in certain tax structures to ensure you are taking full advantage of tax benefits.”
McAlister added the following by saying, “When it comes to tax planning, it's important to get ahead of the game and have an effective tax strategy. Small business owners tend to turn to professionals only after a mistake has been made, which can often lead to hefty IRS fines," he added.
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