Once upon a time, you may have had a lemonade stand or a neighborhood lawn business. Or perhaps you sold cookies for the school band or Girl Scouts. In short, even as a kid or teen, you may have been a small business owner. But the regulations for handling cash were quite simple - you bought your supplies, did the job, and pocketed the money you made as your “salary.” You didn’t have to worry about taxes, state and federal regulations, and keeping receipts for your expenses. Even though you may not think you need help with the accounting part of your business at the beginning, you would be surprised how much you can benefit from using an accounting service.
Starting your own business is both exciting and stressful because you are suddenly in a whole new set of brackets - employment status, income level, and tax status. All of a sudden, you are the one responsible for keeping your business (and yourself) on the good side of the IRS. But with all of the recent big changes for businesses (thanks to the new tax plan), staying current and compliant with the new tax laws can feel like a full-time job in itself.
Aside from counting stacks of gold coins, one of the primary responsibilities of an accounting professional is to stay up-to-date on any changes to the state and federal tax laws. Before starting your business, you probably did not think about taxes during any other time than April; however, as a small business owner, taxes are a daily/weekly/monthly consideration. And although you might think that you can handle your own taxes and accounting at first, the time you spend on your taxes is time that could be spent growing your new business.
Accounting professionals do more than just count and track your money - they also offer advice on just about any and every topic remotely related to money. If you are concerned that all accountants are generalized coin counters, consider doctors and attorneys and the many specific areas of studies in these fields. Just as you can find a lawyer who focuses on elder law or a doctor who specializes in thoracic medicine, you can find a professional accounting service with concentrated experience in your industry. So not only would you receive great advice about money matters in general, but your business would also have access to a wealth of industry-specific knowledge.
Keep the Pay Rolling
As your small business grows, you will need to hire employees; and with additional help comes an additional facet of accounting - payroll. When you best friend helped you mow yards with your high school lawn care business, you gave him/her some cash and that was it. But now, you have a number of other factors to consider, with taxes being at the top of the list. And regardless of what pay period you establish, the process of actually figuring out and dispersing paychecks takes time. As a small business owner, every minute of your time is valuable; hiring a professional accounting service to handle payroll duties gives back that time so you can focus more on the business of your business.
There are many reputable accounting services to choose from and 1-800Accountants definitely makes the cut. Because they are an online service, you are not limited to the normal “Mon-Fri” office hours - they work with your schedule. As an added bonus, Swyft customers are eligible for a free consultation with 1-800Accountants.