In psychology, we learn that entrepreneurs are of the creative persuasion. I.e. if you are a small business owner you probably think creatively rather than procedurally. To function, society needs both creative and procedural thinkers – and the same is true of any small business. As a St. John’s resident, you might have noticed that artisan shops and other creative endeavors fit in rather well in the local economy. That’s why we’re talking to you.
As a small business owner, even if you have the right kind of mind for business accounting, you probably don’t have the time. So we thought it would be helpful to talk about some of the important advantages that business accounting services can bring to your St. John’s business.
How St. John’s businesses can benefit from accounting expertise:
Choosing an Entity Type
The variety of business entity types that you can register your enterprise under is larger than ever. At a glance, the differences between some of your options can seem trivial. Too often, new business owners make quick decisions about how to classify a business model for tax purposes and run into trouble later on. Our accountants are trained to know the difference and can help you avoid this common pitfall.
Designing Your Accounting System
Every successful business has a specialized system for accounting. By developing a specific procedural framework for accounting, it is easier to keep accurate records. More importantly, it is easier to fill in gaps in your records should they appear unexpectedly in the future- as they are almost certain to do. Business accountants can design an accounting system that is tailor made to suit your business model.
Tax laws are complex and constantly changing. Our business accountants spend much of their time staying in the know on these changes so that you never miss a beat. Filing the right types of tax forms, separating personal and business taxes, and compiling records are just a few of the mission critical tax services that professional business accounting includes.
Specific Transaction Advice
The way large transactions are made can make a big difference to your bottom line over time. With expert business accounting advice such as whether to lease, rent, or buy, you can make sure your investments serve your St. John’s business in a way that is optimal- rather than just better.
Compile Financial Records
Finally, record keeping is an ongoing business need that only becomes more complex over time. As the primary driver of your business processes, it is impractical to devote yourself to these kinds of tasks. This is a great example of how investing in bookkeeping services will save you time and money in the long run.
Get in touch with Clarified Accounting today to learn more.