Henrico County VA

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!

Eric Moore is an enrolled agent and president of Earl W Moore & Co., Accounting &Tax Service, specializing in accounting services for small businesses and taxation for individuals and businesses. Contact him by calling (804) 266-8846, visiting http://www.ewmooreaccounting.com or e-mailing .(JavaScript must be enabled to view this email address).
Bail Bonds Chesterfield VA
Community

The Pemberton at University Park to host ‘Wall of Honor’ ceremony June 9


The Pemberton at University Park senior community will host a dedication ceremony for its Veterans Wall of Honor June 9 at 10:30 a.m. The ceremony will honor residents who have served in the military.

Deep Run High School Cadets will provide a color guard for the event.

Community members have taken photos of residents in uniform, as well as residents with pictures of their military units from their days of service that will be on display the day of the event. > Read more.

19th Annual Asian American Celebration planned May 21

The Asian American Society of Central Virginia will hold its 19th Annual Asian American Celebration on Saturday, May 21 at the Greater Richmond Convention Center, 403 N. 3rd St. in Richmond, from 11 a.m. to 7 p.m. Admission is free.

The theme for this year’s celebration will be “Our Heritage," in recognition of May as the Asian Pacific American Heritage month, designated by the U.S. Congress in 1992. > Read more.
Entertainment

Cultural Arts Center announces 2016-17 schedules


Returning favorites, new acts and new dining options highlight the 2016-17 Center Season and 2nd Stage schedules at The Cultural Arts Center at Glen Allen.

CACGA's Center Season performance series will return Sept. 10 with Capitol Steps (pictured), an audience favorite that brings a unique blend of music and political comedy to the Sara Belle November Stage. The Acrobats of Cirque-tacular will perform Oct. 22, showcasing their troupe of aerialists, acrobats and contortionists. > Read more.






 

Reader Survey | Advertising | Email updates

Classifieds

Place an Ad | More Classifieds

Calendar

The Scottish Rite Childhood Language Center will host its annual Spaghetti Dinner and Benefit Concert from 4:30 p.m. to 7 p.m. at the Scottish Rite Temple, 4204 Hermitage Rd. Meal… Full text

Your weather just got better.

Henricopedia

Henrico's Top Teachers

The Plate