5 Benefits of Partnering with an Accountant

12/10/2018

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!

AUTHOR INFORMATION:

Jordan Poore
Staff Accountant
The Doty Group, P.S.

Tiffany Locke link

1/11/2019 09:03:18 pm

It's great that this article explains how working with a professional accountant can help you get numerous tax preparation assistance, such as help with filing or planning. When choosing one, you might want to research the various professionals online so you can read reviews and check out their website. This should help you learn about the accounting services they offer as well as their experience in order to find one that treats their customers well and can provide the assistance you require.

Millie Hue link

1/30/2019 05:18:53 pm

Thanks for pointing out that hiring an accountant will help us with the ever-changing law regarding taxes. I guess I will be hiring an accountant when I have my own business in the future to help me file for this aspect. As of now, I am still in the developing stages of the skincare products that I plan to sell in the future.

2/25/2019 03:54:13 pm

Thanks for helping me understand that accountants will ensure that they are up to date with the ever-changing laws regarding taxes. With that in mind, I will make sure to hire one that I will be needing their services. It's because I will be starting an online business soon when the lender that I am applying to has approved me.

Sariah Meagle link

2/25/2019 11:30:13 pm

It would be helpful to have an accountant around who offers tax preparation services so that we can prepare my business' tax appropriately. This way, we would have some strategic growth as well. Since an accountant knows some things I don't, they could hopefully help me build trusted partnerships with other businesses.

Bree Ward link

3/12/2019 05:08:34 pm

It's true that tax filing and computation is a difficult task especially for regular people like me. It's a good thing that you mentioned the benefits of getting an accountant. As you've said they will help you in the entire process of tax filing, tax return preparation, and many more. If ever that I put up a small business, I will definitely hire an accountant to do the tax process for efficiency and to avoid any errors.

Amy Winters link

8/15/2019 06:20:45 pm

Thank you for pointing out that as a new business owner that consulting with an accounting professional can allow you to focus on your strengths, while they focus on accounting. My brother has been thinking about starting his own business. I'll let him know that it would be in his best interest to speak to an accountant about money.

PAT Finance link

4/11/2020 01:20:54 pm

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.

Franklin White link

7/22/2020 08:33:40 am

I like how you explained that tax accounts deal with all the tax laws that change constantly. I know I would go crazy trying to understand all of those laws. I'd rather just hire a professionals and have them deal with it for me.

Zachary Tomlinson link

7/26/2020 06:47:20 pm

Thanks for helping me understand the benefits of hiring an accountant. I find it amazing to learn that these experts can help a business owner with their financial tasks, such as tax preparation services and managing an investment portfolio. My friend is interested in starting a business this year and he's looking for advice on where to begin. I'll suggest that he start with hiring an accountant for his business.

Bookkeeping Melton link

9/21/2020 08:29:37 am

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.

Hazel Owens link

10/7/2021 09:06:25 pm

It's great that you explained deeply on how working with a professional accountant can help you get tax preparation assistance, such as tax filing, planning and tax return preparation. I am a small business owner and I am planning to work with a reliable accountant. Thank you for making me understand the benefits of working with an accountant. I will definitely hire one ASAP.

10/7/2021 11:11:43 pm

Thank you for pointing out the benefits of partnering with an accountant. I found it really interesting when you mentioned that external work with us and our financials to detect possible areas of weakness and help improve our business practices. My uncle was confused on whether he should hire a professional accountant for his business. I will be sure to share these benefits with him and help him look for a professional accountant.

licensed accountant link

10/12/2021 02:29:51 am

Most business owners are frantically thinking about how they can maximize their deductions during this busy tax season. However, it will be too late to make a difference by the end of the year. An accountant can assist you by recognizing potential deductions throughout the year and advising you on how to make effective year-end deduction decisions. Depreciation, out-of-pocket expenses, and home office space are all issues that many business owners forget to track and account for. Don't let money slip through your fingers!

Kristofer Van Wagner link

11/18/2021 09:30:27 pm

You made an excellent point that one of the benefits of hiring an experienced accountant for tax services is that they are skilled and qualified. My brother shared that he is looking to hire an accountant to help in filing his taxes. I will definitely remind him to consider someone who is experienced and qualified to help him with his endeavor.

Jeff Carbine link

12/21/2021 04:22:41 am

I never knew that accounting is a complex language of business, and an accountant is much like an expert “translator” in the business world. I never thought that it would be this important to be an accountant. Thank you for the information about accountancy.

Thomas Clarence link

5/2/2022 10:08:15 am

You made an interesting point when you mentioned that an accountant can help you keep up with the ever-changing tax laws. It seems like it would be a good idea to work with an accountant if you have a large income. As far as I know, people with large incomes get taxed more, so it would be helpful to have someone that can help with that.

employee retention tax credit and ppp link

5/27/2022 10:21:56 pm

Great article. I also think these 5 points are core benefit of partnering with and accountant. Thanks for sharing with us.

Victoria Addington link

6/2/2022 08:19:34 pm

I liked how this post shared that tax accountants are always updated with the ever-changing tax laws to deliver deduction maximization and explore for more tax benefits. My friend told me that it's their first tax preparation season, so they don't know how to deal with it. I should advise them to partner with a firm that provides business tax return preparation services to guide them through the process.

Mia Evans link

6/3/2022 12:24:08 am

It's interesting to know that these professionals would be trusted parents you can rely on on regarding bookkeeping, tax, audit, financial reporting, consulting, and more. I think it is a good investment for companies to hire such services even if they are just a startup. It would definitely ensure that your finances are handled correctly to prevent penalties and getting short as well.

Eve Mitchell link

6/13/2022 09:39:37 am

It's good to know that an accountant can help with bookkeeping and auditing. My husband is looking to hire an accountant for his small business sometime this month. He's been experiencing a lot of growth recently, and I think it's been a bit overwhelming for him.

7/1/2022 05:09:50 pm

You made an excellent point that one of the many benefits that comes with partnering up with an accountant is that they offer us a trusted relationship and expert advice. The other day my brother was saying that he needs help with his business taxes as he is unsure of how to go about it. I think it will definitely serve him well to work with a certified accountant.

corporate tax planning services link

7/7/2022 09:59:02 pm

Found your post interesting to read. I can't wait to see your post soon. Good Luck with the upcoming update. This article is very useful, interesting, and effective.

Braden Bills link

8/9/2022 06:39:58 am

My friend is trying to get taxes together for his new business, but he's not sure how to go about it. It makes sense that he could benefit from working with an accountant to help out with that. That seems like a great way to ensure that everything works out properly.

ERTC Tax Assistance link

8/19/2022 03:38:44 pm

Wonderful article and great tips. Thanks a lot for sharing with us. Can you please share a brief article about ERTC tax credit for small businesses?

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5 Benefits of Partnering with an Accountant

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