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!
Canoeing and kayaking enthusiasts soon will have a new access point to the Chickahominy River. VDOT, the James River Association and Henrico County Parks and Recreation are teaming up to establish a new site in Eastern Henrico.
The James River Association negotiated the deal with VDOT to procure official access to the area located just east of I-295 on North Airport Road in Sandston. The site includes a park-and-ride commuter lot bordering the Chickahominy River and has been an unofficial launch site used by paddlers for years. > Read more.
Citizen Staff Reports 07/04/2014
Henrico equestrians interested in deepening the bond between themselves and their horses have the opportunity to attend a two day clinic, held at Steppin’ High Stables on July 7-8 from 9 a.m. to 4 p.m. The clinic, “Become Partners with your Horse,” will be taught by multiple world champion equestrienne Terry Preiser and will focus on how riders and horses can work together to achieve more. > Read more.
Citizen Staff Reports 07/03/2014
The Henrico-based Hephaestus Society recently awarded its first annual community heroes award (the Hephaestus Award) to Hicham Elgharouch (pictured, center) for what it termed his "selfless acts of caring" in his duties as a Henrico County Public Schools bus driver. Henrico County Director of Pupil Transportation Josh Davis, joined Hephaestus Society President Travis Gardner, in presenting the award and an accompanying $1,500 check to Elgharouch last month.
Elgharouch was selected for his clear and demonstrated patience and for his infectious positive attitude, according to the society. > Read more.
Grab the kids and check out these fun family-friendly events taking place this weekend! Speed over to the Henrico Theatre for the film “Turbo” or watch “Dumbo” under the stars at Clarke-Palmore House Museum. Little ones can meet Thomas the Tank Engine at CMOR-Central or play at the Eastern Henrico Recreation Center. For all our top picks this weekend, click here! > Read more.
Don’t party too hard on the Fourth because a whole weekend of fun events await! Enjoy a classy date night without the kids at James River Cellars Winery’s second annual Smoke and Vine Festival. Another date night option is at the Richmond Funny Bone, where comedian April Macie will perform all weekend. The kids have their own options this weekend as well. Choose from storytime at Tuckahoe and Twin Hickory libraries or family-oriented karaoke at Aunt Sarah’s Pancake House – I hear they have hits from Disney’s “Frozen.” For all our top picks this weekend, click here! > Read more.
Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.
- More Henrico News
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CalendarThomas the Tank Engine will be at the Children’s Museum of Richmond Central for live shows at 11 a.m., 1 p.m. and 3 p.m. Join Thomas on a fun-filled, sing… Full text