I think of the accounting function as an integral part of a small business. About 75% of small businesses fail in the first two years. This is not a statistic that I want to hear being a small business owner myself. However, there are things that are essential that can help our businesses survive and thrive. In my opinion, accounting and marketing/sales are key functions in a small business – especially newer businesses.
I am a strong believer that we all have different areas of expertise and should seek the advise of the appropriate professional when possible. Many small business owners see accountants as an expense, maybe a cost center. But what I see with our clients is that many times we provide them a good return on their investment with us.
Small business accountants know exactly when and what to file and will save you time and money by making sure everything is done on time thus avoiding penalties from the IRS. Normally, another good reason to work with a professional accountant has to do with IRS audits. Generally speaking, small businesses who employ a qualified accountant to handle record keeping are audited far less frequently than those who don’t. We are proactive in advising clients on tax strategies to lower what they have to pay to IRS. Remember that the less time you spend minding the record keeping, the more time you can spend growing your business and developing new business relationships.