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 Richmond West Breakfast Lions Club (based in western Henrico) recently donated 59 backpacks to the Westover Hills Elementary School on Jahnke Road.
Above, club members display some of the backpacks prior to their distribution. > Read more.
Thanks to a first-place win in The American Protege International Vocal Competition 2014, Glen Allen High School student Matija Tomas will travel to New York City to perform at Carnegie Hall in December.
At the first-place winners recital in Weill Hall, Matija will perform Giacomo Puccini’s opera aria, “Chi il bel sogna di doretta.” She will perform with other vocalists from around the world and have the opportunity to win other awards and scholarships.
Locally, Thomas has performed with Richmond’s renowned Glorious Christmas Nights, Christian Youth Theatre, and WEAG’s Urban Gospel Youth Choir. > Read more.
The John Rolfe YMCA and Gayton Baptist Church have partnered in an effort to bring greater health and wellness opportunities to the community.
Through this partnership, the John Rolfe Y will run Youth Winter Sports programs, including basketball and indoor soccer, in Gayton’s newly renovated $5.5 million outreach center that features a new gymnasium, youth and teen space, social space with café, meeting space and full service commercial kitchen. > Read more.
The Community College Workforce Alliance (CCWA), in partnership with the Virginia Film Office, will offer "Get Your Start in the Film Industry," a two-day seminar designed to prepare workers for film, television and commercial projects in Virginia. The course will be held Oct. 4-5 at the Workforce Development and Conference Center, 1651 Parham Road in Henrico, on the campus of J. Sargeant Reynolds Community College.
The training will be taught by Gary Romolo Fiorelli, an accomplished assistant director for film and television projects, which include the television series Sons of Anarchy and ABC’s current drama Mistresses. > Read more.
The Boathouse restaurant will open at Short Pump Town Center in the spring, its third location in the region.
“People have asked us to come to the West End for years,” said owner Kevin Healy. “When the opportunity arose, we knew had to jump on it.”
The new restaurant will be located in a 5,800-square-foot space under the Hyatt House Hotel at the town center and will include a large outdoor patio. > Read more.
Boka Kantina exceeds its strong food truck reputation
Already a fan of Boka fare from outdoor events with the Tako Truck, I was delighted to learn of the new restaurant, and eager to see if its reputation held up after putting down brick-and-mortar roots.
Would the food lose its zest if I wasn’t enjoying it in the great outdoors? Would it seem pedestrian served from an ordinary kitchen instead of a truck?
Would the tacos be less satisfying as an antidote to normal lunch hunger – instead of being ingested to stave off desperate hunger after a long afternoon of crowds, sun, and tedious lines? > Read more.
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