If you own or manage a small business in Florida, you have probably been surprised by all the paperwork and red tape you have to deal with. It is, unfortunately, a simple fact of life that running a business involves a number of forms and reports to local, state and federal agencies.
Every year, small business people pay millions of dollars in fees and penalties for failing to file the right paperwork or submitting incorrect information. In fact, thousands of businesses are shut down over these errors every year. However, you don’t have to be overwhelmed by all that paperwork.
If you turn to a professional Miami bookkeer that provides affordable bookkeeping services in Miami, you can gain peace of mind concerning your taxes, financial reports, and government filings. Here are seven facts that show the wisdom in using the right accountant to guide your small business financial needs:
1. Banks and investors want accurate financials. If you are growing and expect to seek financing from any bank or third parties, you’ll need accurate and timely financials.
2. Failure to pay taxes on time is one of the biggest reasons for small business failure. Your taxes aren’t extra working capital, they are an unforgiving liability.
3. Understanding the difference in cash flow and profit is essential to survival. Many small businesses fail even though they make a profit because the owners don’t understand cash flow.
4. Many accountants will save you enough in late fees and penalties to make their services very inexpensive.
5. Proper and timely tax planning can save a great deal of money by legally avoiding taxes. Tax avoidance is legal and ethical while tax evasion is a crime.
6. Properly reconciling your bank accounts, receivables and vendor payments is essential to stop and prevent fraud and unnecessary financial losses.
7. If you ever want to sell your business for the best price proper financials are essential.
You’ll find your business runs more smoothly with a professional accountant providing assistance.