Page 59 - Webinar workbook

Chapter 2

The Benefits of Having an Accountant

As a small business owner, you want to start everything off correctly so that there are no
surprise that come up out of nowhere. Investing early on will save you thousands down the line
as it relates to keeping up with your taxes and how your spending habits report.

• Helping ensure that your independent contractors are classified as such (and not

employees) by the IRS.

• Explaining your financial statements so you can understand the ins and outs of your
business.

• Overseeing company payroll and payment processes.

• Providing advice on estimated tax payments you should make during the year.

• Determining when, and to whom, you should send W2 and 1099 forms.

• Closing out your books and create financial reports at the end of the year.

• Compiling and submitting your taxes, financial reports, and all necessary paperwork to

the IRS.

A reasonable cost for an account is around $50-$400 based off their level of experience.

Another solid reason to find and work with the right accountant early on relates to your
financial reports. Having an expert set of eyes trained on monthly reports like your P&L can be
invaluable. A good accountant can help you to set measurable business goals and track your
progress towards meeting them. That adage in business, “if you don’t measure it, you can’t
manage it,” holds true. These days software like QuickBooks can generate financial reports with
one click and allow you to drill down to the most minute detail. But taking the time out to study

and understand those reports is another matter.

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