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).
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Community

Local choral group seeks volunteers

Good Vibrations choral group is looking for all voices with some musical experience to sing with the volunteer choir. The season runs from August to November. Genre includes patriotic and inspirational. > Read more.

County plans Fourth of July event


Henrico County Recreation and Parks will present “Red, White, and Lights” at Meadow Farm Museum/Crump Park July 4.

Henrico County has hosted a Fourth of July celebration annually since 1981, but this year’s event will offer a later start time and expanded hours and be highlighted by new entertainment.

The free event will begin at 4:30 p.m. and will feature the Richmond Symphony, a laser-light show, patriotic performances, and family activities. > Read more.
Entertainment

Weekend Top 10


There are some great events this weekend in Henrico that will take your mind off the incredible heat. Highland Springs residents are invited to a Neighborhood Block Party with music, games, food and giveaways. The Tuckahoe Square Dance Club will host a dance at Pinchbeck Elementary School. There are still a few spots left for a free women’s self-defense class at The Academy of Kung Fu. And the Pocahontas Chapter of the Virginia Native Plant Society will continue its Sunday Strolls at Dorey Park. For all our top picks this weekend, click here! > Read more.






 

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The Alzheimer's Association Greater Richmond Chapter will host a support group meeting for caregivers of those with Alzheimer's or dementia at 1 p.m. at Chickahominy YMCA, 5401 Whiteside Road, Sandston.… Full text

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