Your business excites you (but finding a Hawaii CPA does not!), it drives you each day to produce better products and deliver better service to your customers! If you’re like me, you’ll love doing it… but there is a huge buzzkill that saps your time, your money and your energy. Know what it is?
You may be a brilliant entrepreneur capable of offering top notch products and services. When it comes to keeping your books updated or your taxes paid on time, you will lack the time, skills, and patience needed for the job. Or you may find that generic tools just aren’t very useful, while proprietary tools take too much time to learn. What are you going to do?
Solution: Hire a Hawaii CPA or an Accountant!
The federal government requires that small business owners pay their quarterly taxes on time. Rather than bypass this important obligation or suffer financially because of poorly kept records, you can stay on top of your profits, expenses, taxes, and more by hiring a professional contractor like a CPA in Hawaii or bookkeeping firm that specializes in small business record keeping.
We’ve hired a wonderful accountant who does more than just keep the books, she makes good suggestions, keeps us abreast of tax and legislation changes, and readily answers our questions or finds solutions to our problems. She’s worth every penny (and much more) we pay her.
Bookkeepers for Business Success
Your accountant will help you keep tabs on where your money is coming from, how much you are spending, what your tax obligations are, and how profitable you are! She’ll also help you determine accurately how much cash you have to pay bills, meet payroll, order inventory, and keep you on track for your taxes, too!
When you know your business’s financial position clearly, you’ll know much better how to manage your budget! Your tight control on your budget means that you will be able to reward staff (and yourself) appropriately, keep ahead of price rises on your inputs, and calculate your gross and net margins.
At the end of the year (or the quarter), you will be able to plan ahead much more confidently. Even having that extra insight can reduce the uncertainty that every business owner knows each morning, when they open the doors: will customers come today? will the staff do their job well? will I earn enough to pay my bills to stay open?
The IRS requires that most small business owners pay their taxes on a quarterly basis. Other tax jurisdictions allow a half-yearly reporting period. However, they all demand their tax payments so if you delay or fail to pay your taxes, you could be fined, causing you to suffer financially.
Your accountant will submit your returns as well as proof of credits and deductions that you claim on your taxes. You may end up owing very little in taxes or perhaps even be owed a refund. You also avoid the worry that you have not met the deadline. In short, a successful business relies on an accurate and reliable bookkeeping system.
It’s an Education, too!
You’ll also learn a lot about the financial side of running a business: no, it’s not just ‘make products, sell and go to the bank’! Your accountant will not only help you keep track of the records, (s)he’ll also advise you to improve your business by looking at your budget and suggesting how to better manage your resources.
In fact, our accountant has been with us for many years, and she’s really knowledgeable about all sorts of things. I wish she’d been our accountant even before we started in business, because her input at an early stage would have helped put our business on an even firmer financial footing.
So put your business on a solid footing from day one: find a local CPA or accountant you like, let her show you how to manage your money, and allow her to do the grunt work of bookkeeping. Now you can return to your passion, running your business!
A Trip to Hawaii CPA approved? Well, you never know! It could happen…!