If you run a business, you know better than anyone else just how difficult it is. You have to keep track of your employees, your inventory, your marketing, and perhaps the biggest headache of all: your finances.
Taxes, profit and losses, balance sheets, and more fall on the owner of the business to do by themselves if they don’t have a dedicated professional to take care of it for them. At ER Financial, our goal is to make your job as easy as possible by taking care of payroll, bookkeeping, and tax filings for your business.
Read on to see if the time is right for your business to hire an accountant.
1. You aren’t sure how much your business is making/spending
When your business bank account balance is constantly changing, with profits coming in and expenses going out, it can be hard to know exactly how much your business is making and where the money is going.
One principal benefit of hiring a bookkeeper is that they constantly keep track of these expenses and organize them into easy-to-read Profit and Loss statements, which you can request to see how much profit was made and where the expenses went.
Seeing a Profit and Loss can help you steer your business in the right direction, cutting costs that are eating up your profits and pursuing profitable ventures in months when your income spikes.
2. You scramble at the end of the year to get your documents ready for taxes
If you panic when tax time comes around because you know you will have to spend a week gathering receipts and adding up the numbers on your own rather than focusing on running your business, then it is probably time to hire a bookkeeper.
With our firm, since we complete both tax filings and bookkeeping, this headache goes away. When it is time to file taxes, simply come in to the office or file with us remotely, and we will go over the year’s finances with you then.
No need to spend countless hours sorting through your transactions to make sure your tax return is prepared correctly. We will take care of it all.
3. You have quarterly files like Sales Tax that you aren’t sure how to complete
If you work in commerce and are selling products, chances are you have to pay quarterly sales tax on the sales you are making. For businesses in Texas, this is also something we can assist with.
In order to do so, a business needs to know exactly how much they are brining in in sales for a given tax period (typically fiscal quarters). A bookkeeper can help assist in tracking this income and ensuring it is reported correctly to the Texas Comptroller.
You will also want to know how much of those sales are taxable. If you do business with a nonprofit or have certain exceptions, there is a chance not all of the sales you are making are taxable.
4. You run payroll and want to make sure you pay payroll taxes correctly
If you have employees in your business, chances are you have to run payroll. This involves sending out regular direct deposit payments to your employees, paying federal taxes like income tax, Medicare, and social security, as well as state-level taxes like Texas Workforce Commission for unemployment.
For a business owner, it can be difficult to juggle all of the deadlines, calculations, and reports involved in running regular payroll. Our firm makes it as simple as sending in your employees hours to us, and we take care of the rest.
This also helps tremendously when it is time to file your taxes, since your bookkeeper can pull reports to know exactly how much you paid your employees, how much you paid in payroll taxes, and generate the necessary documents (W2, 1099, etc.) needed to send to your employees so they can complete their personal income tax filings.
5. You are ready for your business to grow
Lastly, and most importantly, it is time to hire a bookkeeper when you are ready for your business to really take off. If you are confident in what you have built as a business owner and want to see it really succeed, let us take care of the accounting in the background so you can focus your attention on growing your business.
With someone managing your books, making sure everything is in order, making sure your employees are paid on time, and making sure that you are up to date on all filings and taxes, you can use your energy and attention to make your business thrive.
We also offer business consultations for businesses who are not sure what their next steps are. The time is right to invest in your business and be ready to succeed. Hiring a bookkeeper can make this process smooth and keep someone in your corner as your business grows.
Reach out to us today to get started.
