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 Varina Ruritan Club celebrated its 80th anniversary with a banquet Nov. 10, during which it presented several annual awards, including Policeman of the Year – to Henrico Officer Aaron M. Lancaster (top) – and Firefighter of the Year – to Julian T. Lipscomb (second from top).
The club also received a plaque from the Henrico Division of Fire (third from top) expressing the division's appreciation for the club and its support of fire prevention programs. > Read more.
The grand opening of The Rink outdoor ice skating rink at West Broad Village will be held Saturday, Nov. 14, beginning at 11 a.m. with skating and family activities. At 4 p.m., grand opening festivities – featuring exhibitions of ice sculpting, ice skating and cheering, as well as fire pits, costumed characters, and food vendors – will begin. Skating costs are $8 for children and $10 for adults, with $4 skate rentals available. Parking is free. The Rink is located at 3939 Duckling Drive, Glen Allen. For details, visit http://www.Facebook.com/TheRinkWBV > Read more.
DEC. 1, 11:25 A.M. – Innsbrook After Hours announced today that The Band Perry will perform on Friday, June 24 as part of its 31st season. Tickets for the show go on sale this Friday, Dec. 4 at 10 a.m. at http://www.InnsbrookAfterHours.com and by phone at (804) 794-6700. Early bird general admission tickets will be available for $15 during the first week of the on-sale.
Merging country, pop, and rock elements into a sharp contemporary sound, the Grammy Award-winning sibling trio features Kimberly Perry (lead vocals, guitar, and piano), Reid Perry (bass guitar) and Neil Perry (drums, mandolin, and accordion). > Read more.
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