Most individuals and business owners are quite familiar with the usual services that an accountant can provide – tax preparation, audits, and standard bookkeeping services. What you might not already understand are some of the ways that an accountant can help you before you’re in a position of needing help for stressful or negative reasons.
Trusted Partnership Accounting is a complex language of business, and an accountant is much like an expert “translator” in the business world. They serve the role as a trusted partner - able to assist in a variety of ways including bookkeeping, tax, audit, financial reporting, consulting, etc. The best accountants will be your biggest cheerleader, maintain your best interests, and develop a long-lasting relationship with you and/or your business.
Strategic Growth If you’re a new business owner, consulting with an accounting professional can allow you to focus on your strengths, while they focus on the accounting. Outsourcing the CFO or Controller-level of work or hiring an accountant allows you more free time to focus on other business-related matters. Although hiring an accountant can be costly, the cost is an investment into the success of your business. Engaging an accountant provides valuable insight into the most efficient ways to boost income while driving down costs.
Tax Preparation For most, the mention of taxes seems daunting. Most public accountants provide tax services like tax/estate planning, tax filing, and of course, tax return preparation. Tax accountants keep up with the ever-changing tax laws to provide deduction maximization and search for additional tax benefits when applicable, knowing for certain that you have the support of an expert well-versed in the laws.
Personal Investing Whether you’re a first time or experienced investor, an investment accountant can aid in managing your investment portfolio. Examples of an investment accountant’s specialized work include staying current with regulations for reporting/management purposes, as well as tracking your returns on investments. Hiring an accountant can help individuals to get more ‘bang’ for their buck.
External Auditing External auditors give your financial statements an extra boost in quality and credibility. An audit will essentially measure the health of your business for internal and/or external use. External auditors will work with you and your financials to detect possible areas of weakness and areas for improvement in your business practices. Contrary to common auditor stereotypes, auditors want to see your business succeed by providing reasonable assurance that fraud is being prevented and government compliance is being followed in the world of business. They are not to be feared!
Jordan Poore Staff Accountant The Doty Group, P.S.
Boat tour at the Manufacturing Industrial Council Kick-Off Event Photo credit: Port of Tacoma
Last Tuesday November 13, Tacoma City Council voted to renew the existing Tideflats Interim Regulations as-is with no amendments, which is a big WIN for industrial lands in Tacoma and will allow continued growth and investment from our existing businesses.
The amendments would have effectively halted growth of industrial businesses for the next 2-4 years, and we appreciate the Mayor and council members who voted 6-3 opposing both amendments. Our message was loud and clear – businesses need certainty and predictability to invest, and Tacoma needs the living wage jobs that the manufacturing, industrial and maritime sectors provide.
This was a group effort, and it was gratifying to see the level of cooperation between many industries and partners who spoke up in support of safeguarding and improving people’s lives, creating a sustainable environment, and providing the family wage jobs that anchor our state and local economy. This resolution represents the sort of compromise and cooperation that we hope to see moving forward into the Tideflats Subarea Plan. The intergovernmental agreement was signed by all 3 parties on 11/15/18, which is the official start of the Subarea Plan. We look forward to collaborating in a meaningful way while having in-depth conversations about the future of our industrial and port maritime lands. A big thank you to everyone who spoke up, sent letters and advocated for keeping our industrial lands industrial. We need your voices so that the vocal minority doesn’t win.