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!
Former Sandston resident Mildred Taylor celebrated her 106th birthday Aug. 9. Taylor, who now lives in Powhatan, is still a member of Sandston Baptist Church. She was visited the day after her birthday by several members of the church, who played for her a recording of the entire church membership singing happy birthday to her during worship. > Read more.
YMCA officials gathered last week to break ground on the new Tommy J. West Aquatic Center at the Shady Grove Family YMCA on Nuckols Road. The center, which will featured 7,600 square feet of competitive and recreational space, including water slides, play areas for children and warmer water for those with physical limitations, is the fourth phase of a $4 million expansion at the facility. West was president and CEO of Capital Interior Contractors and a founding member of the Central Virginia Region of the Virginia Chapter of Associated Builders and Contractors. > Read more.
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.
‘The Hundred-Foot Journey’ fails to capitalize on tasty concept
The Hundred-Foot Journey is a curious little Romeo and Juliet of a film. A family, forced out of their native India, begins a trek across Europe.
The family’s sole mode of transportation sputters and dies in a sleepy little French town, but the town’s food culture is high, and that’s a perfect place for a family of restaurateurs to settle down. There’s only one problem – the family’s rustic “Maison Mumbai” is right across the street (a hundred feet away, if the title didn’t clue you in) from a prestigious French bistro with a Michelin star, run with an iron fist by the dreaded Madame Mallory (Helen Mirren, pictured).
It’s here that a particular Romeo and Juliet story begins to develop, with Hassan (Manish Dayal) on the Indian side and Marguerite (Charlotte Le Bon) on the French side. > Read more.
Enjoy the final days of summer with comedian Guy Torry, the Sam’s Club National BBQ Tour or mystery writer Mary Miley Theobald at Twin Hickory Library. Another great way to welcome the beginning of fall is to check out the UR Spider Football season opener with man’s best friend. For all our top picks this weekend, click here! > Read more.
Short Pump brewery offers more than just beer
I am still (happily) thinking about my entire experience at Rock Bottom Restaurant and Brewery last week. Knowing nothing about this new brewery out of Denver, I was leery of brew-pub in the heart of Short Pump Town Center – this is not what I’d usually think of as a perfect fit, and yet, it was.
The restaurant and craft brewery opened in early June and features 10 beers made by female brewmaster Becky Hammond (pictured). This is the restaurant’s second location in Virginia; the first is in Arlington. Behind glass walls, customers watched the beer brewing in massive steel barrels. For our up-and-coming beer region, it makes sense that Short Pump would jump on board.
As I walked up to the back of the mall near the comedy club, I was taken aback by what I saw: at the top of the stairs was an overflowing restaurant with outdoor seating, large umbrellas and dangling outdoor lights. > Read more.
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CalendarTrinity United Methodist Church and River Road Church, Baptist will present the fourth annual Mission Footprint 5K Run/Walk and Kids Fun Run at 7:30 a.m. at Trinity UMC, 903 Forest… Full text