LUTZ BUSINESS INSIGHTS
4 ways an accountant can make your business successful
mark dediana, accounting manager
Professional accounting involves more than just basic bookkeeping. It might be what your business needs to get to the next phase. However, it may also be one of the things that you keep putting off.
Great accountants don’t just take care of tax-prep and compliance issues. Like business partners, they give you insights that deliver practical benefits. They also offer strategic advice to support future business decisions.
Have you been procrastinating the decision to seek a professional accountant? Here are 4 reasons why you should stop deliberating now:
An accountant will comprehensively understand your company’s finances. Part of their work includes streamlining such finances. They ensure that your business or investment venture does not commit a financial crime.
There are numerous financial requirements that you have to comply with. They include those set by the Internal Revenue Service (IRS), your state or local government, and even your bank. To ensure compliance, accountants will prepare:
- Federal, state, and local tax forms
- Financial statements, which also come in handy when settling audits and reviews.
As a business owner, you have to stipulate guidelines that protect your company’s financial and operational data. A professional accountant will help you establish policies and guidelines that help to protect that data, and protect your company’s assets. They will also assist you in formulating effective reporting mechanisms. The guidelines can help to:
- Prevent and detect instances of fraud, whether coming from an employee or from an outside party
- Streamline administrative and management tasks
The accounting function plays a vital role in your business by capturing and analyzing financial details. Such details provide a summary of your business operations. You can later review them to check your company’s overall growth. Also, you can use historical financial details to formulate strategic plans for future business growth.
Additionally, your accountant can help you start new businesses and grow existing businesses by analyzing and providing advice regarding:
- Entity selection and structure
- Effective tax minimization strategies
- Technology and software investments
Peace of Mind
As a business owner, your key objective should be to serve your clients well and grow your company. It will be complicated to do this when you have to handle all minor operations alone. Accounting is one of the tasks you can delegate since it is not intricately tied to your unique business operations. Benefits of delegating accounting work are:
- Effectively minimize your workload
- Ability to spend more time focusing on other important business functions
- Get accurate and dependable financial projections, reports, and advice that you can use to make future business decisions
- Save money compared to hiring an employee to do the same work
- Know that the work will be done right
We have been offering professional business solutions since 1980. Having worked with numerous companies, we know what works well in varied industries. Our team features top-talent, authentic individuals who are ready to commit to your company’s goals, values, and attitude. What are you waiting for? Allow us to “Mind What Matters” by contacting us today to learn more.
ABOUT THE AUTHOR
MARK DEDIANA + ACCOUNTING MANAGER
Mark DeDiana is an Accounting Manager at Lutz with over six years of relevant experience. He is responsible for providing assurance services to clients with a focus in the nonprofit industry. In addition, he assists with individual and business income tax returns.
AREAS OF FOCUS
- Individual & Business Taxation
- Auditing & Consulting
- Nonprofit Industry
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Association of Certified Fraud Examiners, Member
- Hastings Young Professionals, Member
- Certified Public Accountant
- Certified Fraud Examiner
- BBA in Accountancy, University of Notre Dame, Notre Dame, IN
- Prairie Loft, Board Member
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