For many small business owners, the question of whether or not they need to hire an Accountant is a daunting one. Well, we have an article that you need to read in order to decide for yourself if you need or don't need an Accountant for your Small Business.
Read This: Do I Need An Accountant
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J Brooks & Associates, Inc. is a professional accounting, tax, payroll, and property management firm serving the Southwest Florida area. Our staff has over 30 years experience in accounting and tax return preparation We have qualified individuals well versed in the many functions of accounting, payroll, taxes, budgeting, financial planning and a host of other financial services.
First of all, let me start off by saying that I am an unusual case. I don't have an accountant even though I am running a six figure business. Why? Because I took accounting in school and know the subject well enough to be able to handle my own finances. Plus, doing so doesn't take so much of my time from me that it's worth it for me to hire somebody to do it for me. Naturally, this is just my opinion and others will probably disagree. Point is, if you can do it yourself competently, do it. If not, then the question is, when do you need a business accountant ?
ReplyDeleteThere is no hard and fast answer to that. Naturally the answer will depend on how much money you're earning and how many deductions you have to take into consideration. Now, here is the shocker for you. The deductions are much more important than the income. Why? Because any monkey can add up the money that they make. It doesn't take a rocket scientist to add up Clickbank or PayPal receipts. At least it shouldn't. But deductions...they're a whole different story. Do you even KNOW what things you can deduct? Again, the only reason I knew was because I've learned all this nonsense. Most people do not know what they can deduct. And even if you're not making much money, that can be dangerous.
My first year in business, which wasn't a great one, saw me earning what would be considered poverty level income. Thank God I didn't need the money. But with all the deductions that I was entitled to (computer equipment, supplies, advertising expenses, etc.) my final bottom line was actually in the red that first year. Had I not known what I could deduct, I would have ended up paying taxes that I shouldn't have paid. Today is a different story. I make so much that Uncle Sam is killing me. But oh well, that's the price of success I guess.