Three Reasons Why Your Business Needs an Accounting Professional
May 29, 2017 at midnight
Just four percent of all businesses in the United States survive more than ten years, according to one study. Poor financial management, tax confusion, cash flow problems — these are some of the reasons why so many companies crash and burn. A Virtual Chief Financial Officer (VCFO) increases your chances of business success. Hiring one of these professionals is a lot cheaper than you think. Plus, you receive a significant return on your investment. Here are three reasons why your business needs an outsourced accounting professional:
1. To Sort Out Your Taxes
Income tax, excise tax, social security — you might need to pay all of these come tax time. If tax is too taxing, hire a VCFO to do all the hard work for you. An outsourced accounting professional makes sure you file the right taxes at the right time — especially at the end of the tax year when your accounts are in order — and helps you stay compliant. Seventy-seven percent of small companies are concerned about taxes, according to a recent study. Hire a VCFO to alleviate any worries you have.
2. To Optimize Your Payroll Processes
Payroll is often complicated and time-consuming. But it doesn't have to be this way. A VCFO streamlines the entire payroll management process, from generating payments to bookkeeping. This way, your staff get paid on time, and your business stays compliant with federal and local regulations.
3. To Prepare a Financial Statement
A financial statement is one of the most important documents in your business. This balance sheet includes information about your assets and liabilities. A VCFO can create a financial statement with income and cash flow information. Show this document to investors and clients or use it to make decisions about the future of your company.
A VCFO provides you with affordable financial services if you want to sort out your taxes, optimize payroll and prepare a balance sheet. Use one of these professionals to manage your business financials today.