4 Reasons to Hire a Small Business Accountant

Small business accounting is often an afterthought. It’s not something you necessarily think about on a daily basis. You’re focused on running your core business, and accounting seems like a faraway topic for you to discuss.

Hiring a small business accountant can help you maintain financial stability and plan for the future. It also ensures you have a financial professional on your side without going through the expense of hiring an in-house accountant. LongSchaefer showcases the top four reasons to hire a small business accountant for your firm.

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1. Regular Financial Services

Monthly or quarterly reports from a small business accountant give you an overall snapshot of your company’s financial performance. LongSchaefer will reconcile your bank account, generate an income statement and a balance sheet, and clean up your general ledger.

Why should you have these things readily available? When you need to apply for a loan, plan for tax time, and if you’re interested in a merger & acquisition. All three of these instances require highly detailed paperwork as to your company’s financial health. Small business accountants can create this paper trail for you.

2. Customization

Regular reports provide a solid foundation for your small business accounting system. However, not all small businesses are the same, and small business accountants should never, ever take a cookie-cutter approach to your financial prosperity. We can customize the package of financial services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

3. Identifying Problems & Plan for the Future

Reconciling your business checking account each month or quarter allows us to keep your accounts up-to-date. Our small business accountants can identify lost checks or deposits. We could find and flag unauthorized wire transactions, and detect or prevent excess/unjustified bank charges and ensure transactions are posted correctly by your bank. Our reports may also find cases of embezzlement of funds from within your company.

Regular financial reports, especially income statements and balance sheets, from a small business accountant help you plan for the future.  You can’t really know what’s going on unless all accounts are reconciled and properly accounted for on your financial statement. Proper management of funds not only saves you money but also makes money for you. You can plan effectively by having accurate numbers in place.

4. Peace of Mind

CPAs are highly trained professionals who specialize in financial planning, tax preparation, and money management. If you have questions, we’ll answer them promptly. You get unlimited consultations when you hire LongSchaefer! Rather than worry about whether your books are showing you accurate numbers, you can sleep more peacefully at night knowing that you have the right financial data to make the correct decisions about your company’s financial future.

Related Post: Seven Common Small Business Tax Myths

LongSchaefer: Your Small Business Accountant

The CPAs at LongSchaefer help you with comprehensive small business accounting services customized to your needs and goals. Contact LongSchaefer or call (513) 245-0300 to see how we can help as your small business accountant.

May 2020 COVID-19 Update

In order to comply with the Ohio Health Department Order & CDC social distancing recommendations, our offices are closed until further notice. Rest assured that our established protocols and available technology will allow us to provide the same level of service and quality you expect from LongSchaefer during this time.

The SBA has announced details of how it’s helping small businesses through the Coronavirus outbreak. The IRS is sending payments to families affected by this crisis. 

Please click on our Coronavirus information pages for more information.