While many businesses hire accountants when tax season comes around, too many overlook the year-round benefits that accountants can bring to the table. In reality, accountants can help grow your business in a variety of ways including strategic financial planning, legal structure evaluation, cash flow efficiency, debt management, and of course, tax planning.
Strategic Financial Planning
Almost all successful growing businesses have one thing in common – a strategic financial plan. While this may be something you’ve pushed off or put on the back burner, strategic financial planning can significantly help grow your business by eliminating unnecessary costs and identifying opportunities for small improvements that over time can save serious financial resources.
Legal Structure Evaluation
Working with an accountant on your business’s structure can make a big difference when it comes to tax obligations. Many small startups have mislabeled their business as sole proprietorships, when in reality they can be classified differently to maximize tax benefits and limit potential liabilities. Consulting with an accountant about the structure of your business can save you a lot of money in the long run.
Cash Flow Efficiency
Cash flows can make or break a business, making it vital to establish a clean system that boosts efficiency. Accountants are able to evaluate current cash flows to identify problematic trends before they can negatively impact your business. Not only can accountants prevent finances from going south, but they can also pinpoint opportunities to boost efficiency to allow your business to flourish.
Especially when starting a business, there can be significant debt hanging over your head that can put stress on the entire venture. Accountants can help with repayment strategies to rid you of these past debts and create plans moving forward on how to best take on any new debts.
Tax Preparation & Planning
The most common way accountants help businesses is through tax preparation services and tax planning consultations. While many businesses only hire accountants during tax season, more regular contact can significantly benefit your business. Accountants can easily find ways to reduce tax obligations and ensure your business is up to code with all necessary regulations. Taking these proactive measures by seeking accounting help can make things easier for your business year-round and reduce the stress and confusion around tax season.
Do you still have questions or doubts about how accountants can grow your business? At Hall & Company, we’re here to help. Our expert Orange County team is experienced in handling all tax and audit matters. If you’d like to speak with an experienced tax specialist, contact us today.
Accounting Services in Orange County
At Hall & Company, we are an experienced Orange County CPA firm based in Irvine committed to providing quality tax and accounting services along with sound financial direction to clients throughout the Orange County and Southern California area. Our top OC accountants offer business development consulting, audit, tax preparation, IRS Audit, retirement planning, business roundtables, estate planning, QuickBooks consulting, Interim Chief Financial Officers, and a full range of traditional public accounting services. Contact our accounting team to learn more.