Why Hire an Accountant for Yourself or for Your Business
Having an accountant on hand, whether for personal finances or for your business, can save you the hassle of bookkeeping, budgeting, and filing taxes. Accountants are the backbone of most financial structures and an experienced one can lead to a flourishing business, happy employees, and getting the most out of tax returns. Royal Oak Financial has a team of accountants who are trained to handle your business’s taxes, payroll, and bookkeeping. Our own accountants are geared towards working with both business accounts and personal accounts and have seen it all. Therefore, we honestly recommend hiring an accountant whether you own or run a business or just need help with general finances. Here are some reasons to consider hiring an accountant for both yourself and your business:
Personal Accountant (CPA)
Everybody has a different financial situation. While some people might be living the simple, credit card free life, others might be up to their necks in debt and bills. Additionally, some people just have that natural ability to budget and handle finances efficiently while others might not even know where to start. That’s where Certified Personal Accountants, or CPAs, come in. Here are a few reasons to consider hiring a CPA today.
- Budgeting: Nobody’s income is the same and therefore nobody’s budget is the same. Preparing a budget that accounts for all of your spending and income is the best way to pinpoint where you’re overspending and how to cut back in order to save money. If you’re in need of help with setting, and following, a budget, CPAs have the tools and expertise to lay one out and help you stick to it.
- Taxes: Taxes, for the majority of Americans, are complicated. Between filing for dependents and accounting for withholdings, it could be tricky and, in some cases, dangerous. If you’re incorrectly filing for your federal tax return, you could potentially get into trouble. CPAs provide both tax expertise and peace of mind whether you’re a recent graduate who doesn’t know how to approach loans, a parent who needs to file for dependents, or just somebody who needs a little extra help with filing. Luckily, Royal Oak Financial has a team of tax accountants who can assist. Call today for more information.
- You Come Across a Large Sum of Money: Hey, someone has to win the lottery, right? If you come across a large sum of money, whether it be from an inheritance, a gift, or the lottery, hiring an accountant to advise you on its taxes can save you money and time in the future.
- Estate Planning: If you plan on leaving behind property or money after passing, then it’s in your best interest to hire a knowledgeable CPA who has a firm understanding of the tax laws regarding estate planning. They’ll help to ensure that your belongings make their way to your loved ones with ease.
Whether your business consists of 400 employees or just you and your spouse, hiring an accountant to take care of the financials can leave you with plenty of time to grow your company. Here are a few of the reasons why hiring an accountant for your business is pertinent:
- Bookkeeping: Unless you’re just bored, one of the primary reasons to start a business is to generate income. Therefore, the money that flows into and out of a business must be kept on a stringent record. Funds that aren’t accounted for can lead to losses and can eventually hurt your business. Hiring an accountant to manage bookkeeping takes at least some of the stress out of finances.
- Payroll: If you have employees, then, by law, you need to pay said employees and keep track of payments for tax reasons. Because of all of the complications that can arise from handling payroll on your own, you can easily be faced with legal issues both from employees and the state. Hiring an accountant with the necessary expertise to ensure all employees are paid legally and fairly can save you a significant amount of time and stress.
- Taxes: Taxes are rarely completed with ease, and, if you own a business, taxes are even more stressful. A professional tax accountant is able to assist with all tax preparation services to make taxes much less stressful. Additionally, having someone on board who understands the ins and outs with forms and withholdings can potentially save you a lot of money.
Luckily, Royal Oak Financial has developed an innovative tool – Your Office Universe (Y.O.U)- that can be implemented in your office and can help relieve the financial burden that comes with running a business. Whether you own a business and need help managing finances or just someone who wants to get their taxes done quickly, Royal Oak Financial has all of the tools to make dealing with finances less burdensome.