For small business owners, accounting is not only a yearly task as tax season strikes. Accounting and bookkeeping happen every day. With a lot of things that go into running a small business, you may need to hire the services of an accountant in Clifton Park, NY. An accountant provides important services you can take advantage of.
An accountant can contract their services and expertise to businesses and individuals. You can hire them to handle the bookkeeping and financial needs of your small business and even handle your personal finances. Below are the services they can offer for small businesses:
Bookkeeping
Bookkeeping involves recording daily transactions, receipts, invoices, expenses, and balances. As a business owner, you may not have the time to devote to daily bookkeeping due to other tasks that demand your attention. But bookkeeping is what an accountant is trained to do. Having a record of your financial transactions makes tax season a lot easier.
Payroll
Despite the size of your business, running it is not a one-person task. You may have a lot of employees and taking care of payroll can become a big undertaking. Remember that no worker will stay in a company that has shoddy payroll practices.
Payroll is a complex and difficult task no matter your company’s size. The majority of companies employ a combination of hourly and salaried workers, along with part-time, full-time workers, and contract workers. An accountant can execute weekly payroll to make sure your workers get the wages they work hard for.
Cash Flow Management
Cash flow management is one aspect of managing a small business. As your business picks up, there will be several things to keep track of including monthly expenses and unexpected purchases. An accountant can input your business’s expenses on a graph and break down your spending habits.
Accounts Payable
Part of doing business is also hiring services from others including plumbing services, electricity, water, heat and AC, delivery services, and vendors for different products. Accounts payable are different open accounts that have such businesses and vendors that expect timely payment for their services from your company. An accountant will ensure you do not ruin your relationship with these businesses due to late or missed payments.
Accounts Receivables
These are the money that other businesses owe your business for its goods and services. With many clients on your list, you won’t be able to remember easily what company must pay for what and when to pay. Not keeping track of receivables makes it hard to send late payment notices to businesses. Your accountant can handle your accounts receivables and payables with ease.