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 Sandston Rotary Club recently donated $1,000 to the Sandston YMCA for its Bright Beginnings program, which helps provide children in need with school supplies for the new school year. > Read more.
To help celebrate twenty years of service to advocating for abused and neglected children in Henrico County, Henrico Court Appointed Special Advocates, Inc. (CASA) will host an evening with bestselling author K.L. Randis on Tuesday, Aug. 26, from 5:30 p.m. to 7:30 p.m. at Belmont Recreation Center in Lakeside.
Randis is best known for her bestselling novel, Spilled Milk, which tells her painful – but ultimately triumphant – personal story of abuse and of child abuse prevention. The book is her first novel.
The Ambassador of the Philippines to the United States Jose L. Cuisia, Jr. attended the Ninth Annual Filipino Festival at Our Lady of Lourdes Church earlier this month. Cuisia (pictured above with festival performers) was welcomed by County Manager John Vithoulkas and Brookland District Supervisor Dick Glover (below) at the church, which is located in Lakeside.
While enjoying some of the cultural performances at the festival, the ambassador and his wife had a private lunch with Vithoulkas, Glover, Eldon Burton (an outreach representative from U.S. Senator Mark R. Warner’s Office) and Father James Begley, the pastor of OLL. > Read more.
Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.
The Cultural Arts Center at Glen Allen is seeking artists, crafters, and creative groups for three opportunities allowing creative thinkers and doers to design and display imaginative holiday decorations.
The center is seeking designs for:
• Illumination 2014 – A Festival of Trees: Artists can celebrate the holiday season by creating a one-of-a-kind Christmas tree filled with decorations to suit any unique or traditional theme. Past trees exhibited have included Buzz Lightyear; HEROES; Santa tree; Musicology; and many others. > Read more.
There are several fun events planned for families this weekend. CMoR Central will offer free admission to those who have completed their HCPL Summer Reading Club goal; Walkerton Tavern is hosting a family game night; and family-friendly karaoke will take place at Aunt Sarah’s. Families can also get Movin’ & Groovin’ at Dorey Park or purchase children’s books at Tuckahoe Library. For all our top picks this weekend, click here! > Read more.
- More News
Aug. 21, 2014Click here to read the print edition.
- More Entertainment
- More Obituaries
- More Community
- More Opinions
- More Sports
ClassifiedsDONATE YOUR CAR, TRUCK OR BOAT TO HERITAGE FOR THE BLIND. Free 3 Day Vacation, Tax Deductible, Free Towing, All Paperwork Taken Care Of. 888-617-1682
CalendarCAT Theatre, 319 N. Wilkinson Rd., will hold auditions for “Sherlock Holmes: The Final Adventure” at 7 p.m. Aug. 24-25. The play, which kicks off CAT’s 51st season, runs Oct.… Full text