The Entrepreneur’s Corner
Why hire an accountant or tax professional?
Taxes! Accounting! These words often don’t inspire excitement. In fact, they generally inspire angst and frustration. For a small business, they can have quite an impact. Many business owners generally try to handle these responsibilities on their own as a cost savings measure. Let’s examine this common misconception.
The reason these words inspire such angst is because they involve complex and confusing rules that are constantly changing. How can you stay on top of these rules and run a small business at the same time? Does it really matter? Yes! You could be missing out on valuable tax deductions for your business, such as the Sec. 179 depreciation deduction.
I’ve found that lots of small businesses will spend hours each month trying to get through the monthly accounting or worse yet, wait until year end. A good accountant will be able to give you an estimate of how much time they will spend each month so that you can spend that valuable time serving your clients and generating revenue for your business. Often you will find that you can make more money focusing on your core strengths and outsourcing the tasks that consume too much of your valuable time.
You can also gain valuable insight into your business on a monthly basis by having a profit and loss statement generated. Use your accountant’s expertise to help you understand the numbers and what picture they are painting of your success or how they can identify opportunities for improvement.
By focusing on your core business and outsourcing your accounting work, you will spend less time and money overall. When your tax professional is the same person who does your accounting, that person won’t have to spend as much time reviewing and correcting what’s been done because he or she already knows and understands your business. That time can be spent on helping you save money by applying the tax laws to your business monthly.
How do you select accounting and tax professionals? There are several factors you should consider as you go through the selection process. What qualifications do they have? Do they have other clients in your line of work? How long have they been accountants? Do they have any certifications? Are they members of any professional organizations that require continuing education in their fields of expertise? Are they keeping up with the technology (i.e. software, electronic document storage, etc.) in their fields? Do they complement your personality and goals?
Once you select a professional who meets your requirements, you can rest easy and focus on what you do best. No longer will angst and frustration be associated with taxes and accounting, because now you know how to relieve this stress from your business!
The 10th Annual Filipino Festival will be held Aug. 7-8 at Our Lady of Lourdes Church, 8200 Woodman Rd., beginning with opening ceremonies at 5 p.m. Friday and continuing with live entertainment, food and exhibits until 10 p.m. On Saturday the festival will take place from 10 a.m. to 10 p.m. with a full schedule of performances featuring traditional Filipino dance, music and song.
Filipino cuisine, including BBQ, pansit, lumpia, adobo, halo-halo, lechon, empanada and leche flan, will be available for purchase. The festival will also feature a children's area, church tours, exhibits, and health screenings. > Read more.
The Children’s Museum of Richmond last week opened its new Short Pump location at Short Pump Town Center, to the delight of children who attended a sneak preview of the location July 10. The new facility, located under the forthcoming LL Bean store (formerly the food court) is 8,500 square feet in size – much larger than CMoR’s former Short Pump location at West Broad Village, which opened in 2010. The new space includes The CarMax Foundation Service Station, the Silver Diner, a grocery store, a performance stage and an art studio, as well as a giant Light Bright Wall. > Read more.
The Virginia Hispanic Chamber of Commerce and Henrico Police are both presenting community events tomorrow, Aug. 1. The Feria Community Resource Fair at Richmond International Raceway brings together community service providers, embassies/consulates from Latin American countries, government agencies, nonprofit organizations and corporations that impact the Latino community. The Division of Police’s Community Day will feature demonstrations and displays from police, fire, animal protection and sheriff’s office, as well as family activities, food, entertainment and more. Other events this weekend include wine, chess and theatre! For all our top picks this weekend, click here! > Read more.
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CalendarThe movie “All Dogs Go To Heaven” (PG) will play at 10 a.m. and 7 p.m. Aug. 7 and at 2 p.m. and 7 p.m. Aug. 8 at Henrico Theatre,… Full text