Did you know that more than 65% of failed businesses blame financial mismanagement as their downfall? This is why forming a good relationship with a professional financial advisor is paramount to the longevity of your business.
When is the most important time to have this established relationship in place? That’s right – tax time. If you’re thinking about taking any shortcuts during this time (like using online software), you may want to reconsider. Why risk your entire business by cutting corners on something so crucial? Consider these reasons why you should work with a professional accountant.
Accountants understand tax code. Tax code is not only complicated – it changes frequently. It’s literally a full-time job interpreting and staying up to date. A financial professional will be able to guide you through this and take that stress off your plate. You’re already busy enough without having to keep up to date on tax law. Knowing you’re working with a professional can eliminate the stress of tax compliance. It’s hard to put a price on peace of mind.
Accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a true professional financial expert can get you everything you deserve. Don’t leave any money on the table and don’t overpay on your taxes. Working with an accountant throughout the year will ensure you have the documentation you need to get your deductions and not overpay your taxes. This is exceptionally important especially for small businesses, like most dental offices.
Accountants minimize your risk. Are taxes the place where you want to cut corners and take a risk with your business and your team’s financial future? One mistake can land you in a heap of trouble. No one wants to deal with any sort of issue with the IRS let alone an audit. If you run into one of these scenarios, you’ll wind up paying far more than you would have if you worked with a professional from the beginning.
Everyone is willing to take some risks, especially small business owners and entrepreneurs. Being brave enough to start your own business or follow your dreams is a risk in itself. Don’t jeopardize your dream by cutting corners on one of the most important tasks of every year. Work with a financial professional and allow yourself the peace of mind to protect what you’ve built. Contact Schiff & Associates, CPA today.