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You’ve just opened your new business, and you’re excited to grow your company and thrive as an entrepreneur. But what if you’re struggling to get a handle on your company’s finances? If this scenario sounds relatable to you, it’s time to hire an accountant or look for a financial planner. Here’s how a professional can help you grow your business and why every entrepreneur should reap the benefits. 

Reclaim Your Time

Entrepreneurs need to become masters of time management, which means learning which tasks you can delegate to employees, contractors, and assistants so that you can open up hours in your own schedule. You can outsource important duties to a financial planner, and instead of spending hours researching financial topics on your own, you can simply ask for their professional opinions before making big decisions about money. Spending just an hour or two with your accountant is a fantastic trade-off — for every financial task they complete for you, you’ll be able to spend more time growing your business! 

Register Your Business

Perhaps you just executed your official business launch and you haven’t given much thought to administrative responsibilities yet. Financial planning is key during this phase, and your accountant can help you register your business as an official LLC in Austin. With this business structure, you’ll be able to save money by qualifying for additional startup deductions — and in the future, you’ll still be eligible for special deductions at tax time.

Pay Your Taxes

Paying your taxes as a small business owner is nothing like paying your taxes as an employee. Trying to file on your own can easily lead to mistakes that will cost your business in the long run, which can be a setback for any entrepreneur. Your accountant can provide you with much-needed support during tax season. Once you organize and transfer your financial documents to their office, they will take care of the filing. To speed up the process, you can purchase accounting software for your business. Zoho recommends choosing software that can integrate with your other applications and generate tax reports for you.

Determine Your Budget

As a small business owner, you’re always trying to come up with new strategies that will allow you to scale your business and reach new customers. Your accountant can oversee your budgeting process and help you identify areas where you can cut back on spending without losing out on potential profits. For instance, Invoice recommends negotiating lower prices with your suppliers, lowering your utility usage, and using software to increase your productivity. You can ask your financial planner about the pros and cons of these potential changes. 

Create a Forecast

When you run a business, you’re always looking ahead to the next quarter, so financial forecasting is essential. But creating projections and forecasts on your own can be confusing. That’s why investing in financial planning services is crucial. By working with a financial planner or an accountant who specifically offers business forecasting, you can see what the future might hold for your business. And if you’re not satisfied with the projection, you can be proactive and start taking steps now to remedy any potential issues. 

Many new entrepreneurs don’t realize just how much help a financial professional can provide for your business. Working with an accountant or financial planner can help you simplify everything from budgeting to filing your taxes. When you run a business, hiring an accountant is worth every penny! 

Need help securing and managing grant funds for your business? Call (512) 661-1899 to learn how Eloquence Solutions can help.