Every business, no matter what kind it is, big or small, is only as good as the accurate financial data it generates. Without the help of professionals, even the best ideas can be challenging to navigate. Most small businesses start with owners doing their accounting, but then comes a point where they acknowledge that they need some help. A financial accounting services in New York, NY, can help you get your business running smoothly, maintain compliance, unlock potential, and reduce costly mistakes.
Struggling to Understand Your Financial Reports
When your financial statements feel like a different language, and you don’t want to feel like you are “winging” it, it is time to think about hiring an expert. A financial accounting professional can prepare these reports and also help you understand what they mean. If you don’t understand your profit and loss statement, balance sheet, and cash flow statement, you are likely making decisions that you may regret down the line. A financial accounting expert will strip away the complexity and help you make sense of your financial information into usable, easily understood information that will help you make better decisions about your budgeting, cash forecast, and or investment activities. While these professionals do not diminish your business’s capability, they transform complex or complicated numbers into clear strategies, allowing you to run your business more efficiently and confidently.
Constantly Behind on Taxes and Filings
Falling behind on tax deadlines or regulatory filings is a clear signal you need professional support. The “tax” and “regulatory” world is complex and changing, and we don’t think much about trying to stay compliant – it takes time and expertise. A professional financial accounting expert will make sure your business files taxes on time, takes all the deductions it is entitled to take, and does not have to deal with tax penalties. If you routinely get surprised with tax bills or often wait until the last minute to prepare the financial documents needed to file your taxes, that is a red flag. In addition to tax preparation, an accountant can provide comprehensive assistance around quarterly estimates, payroll tax compliance, and sales tax tracking. Additionally, they can represent your business in an audit or dispute with tax authorities.
Cash Flow Problems Are Frequent
Cash flow is the most important thing for any business. Cash flow can be the downfall of even a profitable company if not managed properly. If you find that you are often in a cash flow shortfall situation, or consistently delaying payments, or using cash reserves to pay for normal operating expenses, it’s time to consult an expert. A serious financial accounting professional will help you evaluate the inflows and outflows of cash into your business, identify trends or patterns, and develop a plan for stabilizing your cash flow. They can also help you design budgets, forecast future cash needs, and, if it comes down to it, help you secure financing. Often, what seems like a
Planning for Rapid Growth or Expansion
If your business is growing by hiring staff, developing new products, entering new markets, or opening another location, then you need a financial accounting expert to help successfully transition the process. Rapid growth creates more transactions, more financial risk, and more regulatory compliance. As your business grows, it can become unmanageable if you don’t develop a financial accounting infrastructure. Growth means you need to manage your possible future expenses, deploy resources for maximum growth & efficiency, and ensure your financial systems can manage the increased level of activity.
Have Been Audited or Fear You Might Be
Being audited, whether by the IRS or another regulatory body, is scary. If you have ever had an audit, or are anticipating an audit because of your inconsistent records, then you require the help of a financial accounting expert. They will perform a complete review of your books, identifying red flags, and irrefutably ensure everything is accurate and compliant. A professional accountant can develop systems or processes, like internal controls and assurance, to have consistent reporting methods to prevent inconsistencies from happening in the future. And if you are in the middle of an audit, an expert will represent you, field inquiries, and help you respond correctly with the appropriate documentation.
Wrapping Up
Whether you are stuck with taxes, overwhelmed with cash flow issues, expansion mode, or want a deeper understanding of your finances, having a professional can help. An expert will provide you with compliance, as well as strategy, structure, and peace of mind. Nobody wants surprises or a rude awakening when looking to start or run a business. In a competitive marketplace, the right financial partner can provide you with an edge. Avoid waiting for things to spiral out of control.