The tax season officially came to an end on April 18th. However, tax planning and the guidance of a trusted accountant is needed all year long. Luke Seier, CPA, notes that after taxes are filed, it is time to evaluate where the previous year’s tax strategies hit or missed and adjust that strategy as needed. Seier says, “We work with our clients throughout the year to identify and implement opportunities that will maximize growth and profitability. Waiting until tax season to find opportunities to maximize returns results in lost opportunity.”
In addition to filing your taxes, accountants are vital to your business’s financial success. Whether you are a veteran business owner or new to the responsibilities of owning a company, here are some additional reasons accountants are important all year long.
Accountants help to monitor your cash flows throughout the year. Profitable businesses don’t spend as much as they take in, and your accountant can recognize both positive and negative trends while there’s still time to do something about them.
Your accountant can advise if you have the capital necessary to expand and grow your business. Alternatively, if the financial picture is not as positive, they can offer solutions to help facilitate a turn around.
Our CPAs work closely with our bookkeepers to ensure that your financial records are up to date and organized. They regularly analyze financial reports so they can suggest ways to minimize costs and maximize revenue.
Our CPAs continually educate themselves on the latest regulatory updates and accounting standards so that you and your business are always in compliance, reducing your exposure and risk.
Talking with your accountant throughout the year and not just at tax time helps you develop a strong relationship with them. Perhaps you are faced with a financial decision and are unsure of the best path to take. Your accountant and advisor can provide objective advice, taking into consideration where you’ve been, and where you plan to take the company into future.
What else can your accountant help you with outside of tax season? Here are just a few of the areas in which we can assist you:
Trend analysis.
Budgets and projections.
Business valuation.
Business succession planning.
Payroll services.
These are just some of the financial activities that are vital to the success of your business. Hiring the right accountant to work with year-round is a crucial investment in the long-term viability of your business. Here at Zinman & Co., we recognize that every business has different needs. That’s why we go beyond the numbers to create a plan that will work best for your business all year long.
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