Priority Tax services

1. Save Time
2. Save Money
3. Comply With Tax Laws
For smaller businesses, it can be tempting as the owner to try filling out all the tax forms and making payments yourself, without seeking advice. This is very risky, however. A lot can go wrong.

Hiring a Certified Public Accountant (CPA) is the way to go. A CPA is a professional who is especially qualified to ensure your business’s compliance with all tax laws, including obscure ones that business owners can easily miss. This will spare you from audits down the line — and save your business from unexpected penalties and legal trouble.
4. Maximize Tax Benefits
Aside from just heading off problems, a CPA can help you maximize tax benefits and claim all the deductions and credits your business is entitled to. They will also stay on top of the tax laws as they change, enabling them to scout out new opportunities for you to save on your tax bill.
5. More Focus On Running Your Business
One of the biggest benefits of hiring an accountant for a small business? Peace of mind. Having a competent accountant by your side enables you to focus more on ensuring smooth business operations and providing excellent customer service.

A big part of your accountant’s job will be to make sure your business is not hit with woes such as outsized tax liabilities, ballooning debts, and other money problems that will distract you from your daily management responsibilities.

6. Clarify Future Business Directions
A seasoned accountant will understand how to make revenue projections that take industry developments, as well as regional and national economic conditions, into account.

That means you’ll have more clarity on where your business is headed, what might affect your ability to sell and retain customers, and what changes you can make to position your business better in the marketplace.

7. Solidify Your Business Plan
If your business is still in the pre-launch stage, an accountant is one of several professionals who can help you put together a solid business plan. They’ll be able to advise you on what kinds of sales numbers you can achieve, helping you project your revenue over the next few months and years.

Your accountant will also give you a sense of necessary startup costs and investments and can show you how to keep functioning even in periods of reduced or negative cash flow.

8. Minimize the Risks of Business Activities
Every business needs to evolve to stay profitable, eventually. That means taking risky actions that have financial consequences, many of which are unforeseeable.

If you’re planning to make big moves, such as introducing a new product line, expanding into a new market, or investing in or acquiring another business, hiring an accountant makes sense. They can give you clarity on how that will affect your profit margins and scalability long term. They’ll also be able to warn you of any potential risks to your company’s value.

9. Correctly Value Your Commercial Property
Your commercial real estate is an important asset. You’ll want to factor your property into the overall value of your business and keep track of your property’s value as it fluctuates.

Hiring a Certified Public Accountant who understands fixed asset accounting can properly value your real estate while staying on top of factors that affect the numbers as time goes on. This way, you’ll always remain in the best position to negotiate with potential investors, and know how much commercial equity you can borrow against as needed.

10. Solidify Sales and Marketing Strategies
Your sales and marketing process will require you to spend money, whether it’s on tactics or hiring the right kind of help. It’s crucial to ensure these activities are producing a sustained ROI for your business and leading to higher profits overall.

Your accountant can play a huge role in making those assessments. Specifically, they can help you hone in on which sales and marketing strategies are contributing the most to your bottom line.

11. Get Personalized Business Advice, Recommendations, and Referrals
It can be hard to follow developments in your industry at all times.

An accountant with deep experience in your industry, however, can do just that. They’ll also likely come with a valuable professional network, as well as wisdom from the successes and failures of businesses like yours.

As a result, your accountant might be able to give you up-to-date advice that fits the unique needs of your business. On the other hand, when they can’t advise you directly on something, they can tap into their network and refer you to the right person.

12. Have an In-House Expert in Your Business
As your accountant gets familiar with your books, they’ll develop one-of-a-kind expertise on your venture. They’ll see the overall trends, opportunities, and threats. Their projections will gradually become more accurate.

This is one of the major advantages of keeping a great accountant on staff. They will grow right alongside your company and personnel, making their expertise as one of your team members increasingly valuable over time.

13. Ensure the Security of Financial and Other Sensitive Records
An experienced accountant will stay up to date with data protection standards, especially as the internet becomes increasingly essential to business and risks of exposure skyrocket.

That means they’ll be equipped to implement the right kind of cybersecurity systems and software, as well as ensure your company’s financial records, customer data, legal records, and other proprietary or sensitive business information stays safe.

This is especially true if you hire an accountant who has completed the Cybersecurity Maturity Model Certification (CMMC) or work with an accounting firm that specializes in making those kinds of assessments.


OTHER CONSIDERATIONS WHEN HIRING AN ACCOUNTANT FOR SMALL BUSINESS
Whether you own a small retail store or a professional cleaning firm, hiring the right accountant for your small business means taking a critical look at qualifications and areas of expertise. You’ll also want to look for signs of professionalism and fitness for your unique business type.

A few things to think about are:

Industry Expertise
Look for a small business accountant who knows your industry inside and out. They will be best equipped to understand how money flows through your type of business. They can also follow industry trends more closely, and advise you on the smartest financial moves to make.

In-House vs. Accounting Firm
By employing a full-time accountant to work within your business, you’re recruiting an ally whose expertise on what your business needs to stay in financial good standing will only grow over time.

However, depending on your situation, an external firm might be easier for you to retain for specific accounting needs as they arise, such as taxes or specific investments. This is especially the case if your business has a low transaction volume, or if your business is small and simple enough that bookkeeping is very easy.

Specialization
At the very least, you’ll want to work with a professional who is a Certified Public Accountant or CPA. They are qualified to do the bookkeeping for entire businesses. They’re also expected to understand the nuances of tax law, and can help you navigate key compliance tasks.

From there, you might choose a CPA with additional experience or special expertise in a certain area. A Certified Management Accountant (CMA), for example, has the extra skill and training to play a management role within a growing company.

Other accountants may have deep knowledge of business valuation, investments, and other key areas.

Whichever accountant you choose, make sure they can give you a sense of what their background and capabilities are, and ask them how they envision building a healthy financial future for your business.

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Freedom to pursue your passion
You’ve had this talent, skill, or hobby for years, maybe even since childhood. Now, you see a potential opportunity to develop a business structure and monetize it. So you decide to use your passion to start a business.

However, you may want to take a moment to assess the potential of your passion. Yes, it makes you happy, but can it pay the bills?

When you set aside emotion and focus strictly on dollars and common sense, does your passion-fueled business idea truly have the potential to be financially successful? Don’t forget, with ongoing record inflation, you’ll need continuously increasing income to support yourself and your business. Can your passion keep you afloat?

If the answer is yes, start writing a business plan and go for it. If not, then you should likely rethink using your passion and explore other small business ideas. Consider another talent or hobby that can bring emotional fulfillment, as well as a tangible financial reward.
Or, do further market research into other opportunities outside of your core interests. You may find that there is another reason for being an entrepreneur is really what’s driving you.

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work remotely, Do work mostly upfront
Reducing workplace distractions
Allowing you to be more comfortable and therefore more creative
Eliminating the daily commute
Reducing environmental impacts
Allowing you to work whenever you want
Optimizing your time