Leading CPA Thomas McAlister, founder of Thomas J. McAlister P.C in Denver, CO, outlines how an accountant can help small business owners avoid accounting headaches. For more information please visit http://thomasjmcalister.com
Denver, CO, United States - May 25, 2020 /MM-REB/ —
In a recent interview, leading CPA Thomas McAlister, founder of Thomas J. McAlister P.C in Denver, CO, revealed how an accountant can help small business owners avoid accounting headaches.
For more information please visit http://thomasjmcalister.com
When asked to comment, McAlister replied, “Many small business owners might not consider hiring an accountant to handle their finances and bookkeeping. However, if they are not well-versed in the complex world of accounting, not having the assistance of an accountant will cause several setbacks down the line."
McAlister was quick to add that accountants can help small business owners avoid many common pitfalls altogether from start-up to daily operations to expansion.
Accountants are a great resource when a business is first starting out.
When asked to elaborate, McAlister commented, "One of the most important things that an accountant can offer in a company's early stages is selecting the most appropriate business structure. Deciding whether a business should be classified as a partnership, sole proprietorship, LLC or S-Corporation, should be customized to your goals and plans and can have long-lasting financial benefits such as tax breaks."
Not having the correct business structure, McAlister said, can limit a business' ability to retain cash flow and restrict opportunities to expand profit margins.
“To get a business off on the right foot, accountants can also provide professional advice on the best accounting software to use and guide employees on how to track business expenses for daily operations," he added.
Another obstacle that accountants help small business owners overcome is taxes.
"Having an efficient accounting system set up by a qualified accountant makes filling out tax forms easier and quicker, which takes a huge burden off the shoulders of business owners. Accountants also offer their services in collecting and submitting taxes to the IRS."
Staying tax compliant, McAlister said, with the advice of a competent accountant is one of the best ways to avoid an audit or penalties from the IRS.
“Having an accountant as part of your team will ensure that you meet certain tax deadlines, such as sending out W2 and 1099 forms promptly and to the right employees. Failing to do both of these things could result in hefty fines from the IRS," he said.
When the time comes for a business to begin its expansion stage, accountants provide advice on growth potential.
When asked to explain, McAlister commented, “Accountants are there with you every step of the way and can guide you through current and project cash flow patterns, pricing on products and services in the market, as well as inventory management. All this information will help you pinpoint the direction of any growth efforts."
In addition to this, accountants make financial forecasts that allow small business owners to make the most informed business or investment decisions.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Thomas Mcalister
Email: Send Email
Organization: Thomas J Mcalister P.C.
Address: 4704 N Harlan St #675, Denver, CO 80212, USA
Phone: 303-279-1450
Website: http://thomasjmcalister.com
Source: MM-REB
Release ID: 88957526
