To us, every small business is a big deal! That means we strive to give each business—and their owners—the best possible service. So, if you ever have any questions, we aim to provide all the answers. In fact, we’ve compiled another resource for you: this list of accounting FAQs for small business owners. Read on to learn more!
Q. Why choose a live accountant over filing software?
A. Tech can be smart—but it doesn’t have the same critical thinking skills or the nuance that we do. You want someone who can pore over your files in detail. Not to mention, if you have questions, an accountant can explain the answers—like we’re doing now. Plus, unlike software, we actively want to give you the best possible service—and we’ll go the extra mile to do so.
Q. What records should I be keeping?
A. One of the biggest accounting FAQs for small business owners involves records. As a small business owner, the standard records you keep should include:
- Payroll statements;
- Credit card statements;
- Rent check records for your office or retail location, if applicable;
- Accounts receivable;
- Accounts payable;
- Sales systems;
- Receipts for purchases and expenses; and
- Bank statements.
Remember: it’s better to store more records than you need, as opposed to fewer. Also, as a general rule of thumb, it is recommended to securely maintain all records for at least the last seven years that tax returns have been filed.
Additionally, you can also scan them to create digital copies just in case. If you require assistance, we can explain exactly what you’ll need to preserve for your tax planning services.
Q. How often will I be able to meet with my accountant?
A. Unfortunately, clients generally only meet with their accountant once a year. However, we like to meet with our business owners from one to three or more times a year after mid-year to ensure we can minimize taxes. After all, our main goal is ensuring that you have the tools to succeed.
Q. Can accounting services improve my earnings?
A. Yes! And we’ll tell you why. Some tax planning professionals—like us—will create year-end projections for their clients. Those projections will show you the profits you make and the losses you incur over time. They’ll also compare them with the money put toward the people you employ and the goods you buy. That way, you can learn what strategies work—and which ones need refining.
Q. Is my contract cost due all at once?
A. Paying bills in one go can cause unnecessary stress! Some CPA firms may expect the contract cost in a single payment—but not us. We will happily work with you to create a workable contract payment schedule—including an affordable monthly plan.
Q. Do I need to know what expenses apply for tax deductible status off the top of my head?
A. Nope! No need to worry—your accountant will have the information you need. Since this area changes frequently, we make it our business to stay current. Just remember to keep documentation of purchases and expenses at the ready.
Q. Can Greene & Vaughan work with my small business?
A. Absolutely! We work with small business owners throughout the year to provide tax planning services, year-end projection calculations, and custom-tailored advice.
Asking questions creates a strong foundation for future success. If you have queries beyond these accounting FAQs for small business owners, let us know! We’d love to fill in the blanks—and to assist you with your tax planning and preparing needs. For more on our services—and how they work—visit our blog. As for getting started on your services, call us at 704-919-3220 or contact us here for a free consultation.