Experienced accountants are like financial engineers for your business.
Small business owners are often under a lot of pressure to succeed. Not only do they have to worry about the day-to-day operations of their business, but they also need to keep an eye on the bottom line.
This can be a daunting task, especially if you're not familiar with financial concepts and terminology. That's where your accountant comes in. Your accountant can be your money coach, teaching you what you need to know to make sound financial decisions for your business. Here are just a few of the many reasons why small business owners should let their accountants be their money coaches.
Optimize Your Business Strategy
Experienced accountants are like financial engineers for your business.
They can help you optimize and make the most out of every dollar spent by evaluating how much revenue is needed just to break even based on your regular operating expenses, then they use their knowledge and analysis in improving your efficiency, job pricing, or scaling up your business as you aspire.
By working with an accountant and having your financial data processed on a regular basis, you can keep an eye out for any hidden expenditures. Accountants can provide a benchmark analysis that will show where the majority of spending needs to go in order to achieve financial success with what's been budgeted so far and prevent anything from slipping through unnoticed.
Minimize Taxes
When you have a profit, your trusted accountant should help you with keeping the profit, minimizing taxes, and therefore increasing your net worth.
The people who can give you financial advice and recommendations are endless. You have parents, friends, or someone you just randomly met at the bar that could be on the other end for guidance if it's needed; but without all of the important data that is already on your accountant’s file how will they ever know what works best for you?
A highly educated and experienced accountant is a professional who can competently be your money coach! They can help you get on track with your finances, save money, and make more informed financial decisions. If you’re looking for some guidance for your business when it comes to your money, consider working with an accountant as your money coach. They can provide invaluable advice and support as you work to reach your financial goals.
Have you ever worked with a money coach? What was the experience like?
If you'd like our firm to be your accounting and money coach, please don’t hesitate to reach out to us. You can call our office or shoot us an email at info@rschwartzcpa.com and we would be happy to answer any of your questions. We want to make sure that everyone who would like to take advantage of this opportunity has all the information they need to make the most of it. Thanks for reading and stay safe!
HOW SCHWARTZ IS HELPING SOUTH JERSEY SMALL BUSINESS OWNERS
Navigating these legal changes and what it means for your small business in New Jersey can be one of the biggest challenges you face in the coming years. Fortunately, Schwartz & Associates is already familiar with relevant tax laws and regulations you need to comply with, including the impact of the Biden Administration's new tax proposals. The American Families Plan (AFP) and American Jobs Plan (AJP) will bring with them new taxes on businesses in the coming year, and Schwartz is prepared to ensure your South Jersey business is not only in compliance but maximizing its benefits.
Contact us for more insight into what these changes may mean for your business specifically and what we can do to ensure you're getting the most out of your deductions.
