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  • What Does an Accountant Do for a Small Business?

    What Does an Alpharetta Accountant Do and How Can One Help Your Small Business?

    What Does an Accountant DoIf you ask most people, “What does an Alpharetta accountant do?” most would say they handle taxes and financial tracking. But there is so much more a small business accountant can do. They can help you with the administrative tasks associated with your financial management. But they can also help you run your business with more insight, confidence, and financial stability. You might think you know what an accountant can do for your small business. However, if you have yet to hire one, you really don’t have the whole picture. Here we will take a look at what accountants do, and what they can do for a small business, including yours.

    Are You Doing the Accounting?

    If you own a small business, you know first-hand what it is like to try to keep up with all the tasks you need to do. On top of that, there are endless obligations to meet. And so many hats to wear to grow your business. Commonly, small business owners start out doing the accounting for their business. They will most likely open a bank account and then write the first invoices. Next, they need to track finances, file taxes, and manage expenses.

    Would You Like to Spend Less Time Managing Your Books?

    Handling the accounting and bookkeeping tasks for your business might work in the beginning. But it may not once your business gets some momentum. As your business grows, so do your accounting needs. And suddenly, not only is there is more business accounting to do, but it also gets more complicated. It becomes a serious time stealer and stress and anxiety mount. And that means you spend more and more valuable time on accounting. The longer this goes on, the harder it is to keep up with the books. Especially if you are not an accountant, which most small business owners are not.

    Do You Want More Time to Grow Your Alpharetta Business?

    If you are up to your ears in bills, invoices, pay stubs, bank statements, and tax codes, take a step back. Hiring an Alpharetta accountant or accounting firm can take all of those chores off your plate. That will free up precious time to let you focus on your products, services, and customers.

    Does a Small Business Accountant Need to Be a CPA?

    An accountant for your small business does not need to be a CPA. A professionally trained, experienced accountant can handle everything you need. A qualified accounting firm can manage the bookkeeping, including keeping track of all of your transactions. Also, they can manage invoices, prepare financial documents and reports, create balance sheets, audit your books, prepare taxes, and much more. A certified public accountant is not mandatory.

    What is The Role of an Accountant for Small Businesses?

    In addition to basic financial record keeping, accountants can support your business in ways you might not expect. Here are some unexpected ways a small business accountant can be an asset to you.

    Startup Consulting

    To avoid the common startup mistakes many entrepreneurs make, bring a consulting firm on board. An Alpharetta accounting team can be your startup business advisor. They can guide your decision-making. Make informed decisions about entity selection that can impact your tax status. Obtain the right tax ID numbers, choose the most appropriate accounting software, and ensure you have sufficient funding.

    Budget Creation

    An accountant develops a budget with you to support your business goals. Get effective direction to effectively create a budget that considers staffing, overhead, cash flow, and expenditures.

    Financial Statements and Reports

    Investors, bankers, and financiers expect you to present your financial information in a specific format. Can you document your business financials in a way specific to their needs? And how much time would you need to create this type of report?  With a knowledgeable accountant on your team, these reports and financial statements are done for you. Hire an Alpharetta accounting firm to customize reports and statements for you and for third parties.

    Administration of Fixed Assets  

    Tracking capital expenditures is a critical task for every small business. Your accounting firm accurately tracks capital expenditures to determine depreciation for your business taxes.

    Bank Reconciliation

    Reconciling all your accounts, lines of credit, and business credit card balances requires constant monitoring. You do not have the extra time, but an accountant will maintain current precise records for you. And verify it in QuickBooks as well.

    Accounts Receivable, Accounts Payable, Billing, and Invoicing Management

    Let an experienced accountant handle the administration of your accounts receivable and payable. Instead of attempting it yourself or adding it to your administrative assistant’s duties hire a professional. Use your valuable time, staff, and resources to better your business, not blunder your bookkeeping.

    Payroll Administration

    But payroll management can take an enormous amount of time, especially as your employee headcount grows. Running payroll through your accounting software system is a safe way to keep all of this important data in your accounting system. Accountants can process payroll using your QuickBooks data to retain hours, salary, wages, benefits, and tax information.

    Should You Hire an Alpharetta Accountant or Bookkeeper?

    You might feel like what you need is a bookkeeper more than an accountant – someone who strictly manages data input and records transactions. The role of the bookkeeper is to generate and track data regarding an organization’s financial activities. This role is critical for any business as the information must be correct for a company to thrive and grow, not to mention accurately file their income taxes.

    An accountant can manage bookkeeping tasks, but they take it one step further. They take that data and turn it into usable information. This information is vital for reporting, audits, taxes, income statements, and balance sheets. Why is this so crucial? Because without this analyzed data, you can’t effectively forecast for the future, understand the trends of your business, and realize opportunities for growth.

    Why Try Outsourced Accounting Services Today?

    There are only 24 hours in a day. We all wish there were more, and we try to squeeze as much into those hours as we can. But your time is valuable, and it’s important you focus it on your business. No one knows your company, products, and services as you do. Instead of taking time out of your busy day to manage the books and accounting, a task you are most likely not trained for or experienced at, hand over the reins to a professional, or a team of professionals.

    Want to hand over the whole kit and kaboodle or just specific components? An accountant for a small business can help manage your workload. They can professionally handle your accounting, including preparing your taxes, as well as support and advise you on your investments, staffing, budgeting, forecasting, business strategy, and more.

    Where Can You Turn for Professional Accounting Services?

    Do you need an accountant for your small business? Maybe not. But if you want to take advantage of the freedom to do more with your time, the expertise an accounting firm offers, and the information, data, reporting, and guidance they can provide, it might be time to reconsider.

    At Accounting Partners, Inc., we pride ourselves on providing customized services to our clients. That includes bookkeeping, tax preparation, payroll, consulting, and more. Call 678-990-0924 for a free consultation. We can show you how a small business Alpharetta accountant can help you do business better.