On the day your successful small business gets big enough to hire an accountant, you may relish the thought of delegating this responsibility to someone else.
At the same time, the decision is nerve-wracking, since you will be entrusting an outside professional with sensitive financial information.
Whether you’re starting a new business or navigating a complex payroll process, a small business tax accountant can help you find new deductions and file your taxes on time. There are ten signs that can tell you it’s time to hire an accountant:
1. You’re starting a new business
Accountants can help you with everything from daily bookkeeping to representing you in a tax audit (if they have the proper accreditation). They are well-versed in the complexities of starting a business and can help you catch problems early on.
Hiring a professional business accountant that specializes in small businesses can help you keep track of the following details as your company begins to grow:
- Hiring employees: they can collect personal information during the hiring process that will be needed during tax season
- Taking on new clients: accountants can help you onboard clients with the right documentation and economic strategies
- Paying business taxes: they have the business experience that you need to successfully file taxes
- Managing inventory: accountants can help you craft a sound financial plan for your inventory usage
- Analyzing cash flow: they are capable of detecting problems within your business model and sourcing new cash flow opportunities
- Bookkeeping: accounts can track your business expenses
It’s a good idea to think long term when hiring an accountant. Look for someone with whom you can build a relationship that will grow with your business.
2. You’re creating a business plan
Do you want someone to advise you in crafting your next business plan or help you prepare financial projections so you can secure a business loan? Will you want these or other services in the near future?
Accountants can help you avoid early pitfalls in your business plan with their great attention to detail and years of experience. Take your time to find an accountant that meshes well with your financial goals.
3. Tax season is here
When should you hire an accountant for taxes? Whether you’re starting a new business or adding new ventures to your current business model, hiring an accountant for taxes can reduce the stress of tax season for your small business.
Small business owners, freelancers, and contractors can all benefit from the expertise and attention to detail that a financial accountant can provide.
Here are a few ways an accountant can help your business during tax season:
- Finding tax deductions
- Tracking business expenses
- Preparing financial statements
- Navigating complicated tasks
- Inputting employee information
Although an accountant is especially helpful during tax season, growing small businesses, freelancers and contractors can benefit from their skills all year long.
4. You’re being audited
Tax audits happen when the IRS wants to review your or your business’s tax return to ensure that the data is accurate. Although this process can induce anxiety, a CPA can help streamline the process.
An accountant or CPA can help make the IRS auditing process a little less stressful by showing you how to navigate the auditing process.
5. Your payroll is more complex
Unlike a bookkeeper, professional accountants go beyond recording business transactions. They can help you manage your small business payroll, inventory, and taxes.
If you are a freelancer or contractor that is growing their business, a personal accountant can help you simplify the payroll process by:
- Showing you how to track your expenses
- Organizing your employee’s personal information
- Sharing tax forms with your employees
If you are operating a small business with multiple employees, consider opting for a business accountant or CPA that can handle more complex financial planning.
6. You’re applying for a business loan
An accountant can help you get all of the necessary information together to apply for a business loan, including:
- Current business plan
- Recent financial statements
- Annual revenue
- Credit score
Don’t leave the fate of your next business venture to chance. A CPA or business accountant will ensure you meet all of the application requirements and set your business up for a successful application process.
7. You’re interested in franchise opportunities
Starting a franchise is much different than starting a business. A business accountant can help you track franchise expenses:
- Amortizing initial fees
- Royalty fees
- Marketing fees
Working with the franchise owner, an accountant can help you navigate which fees you are responsible for and identify areas where you can save money.
Since your franchise will benefit from brand recognition, there is an opportunity to spend less on marketing fees.
8. You’re selling a business
If your business is not generating enough cash flow to meet your professional goals or you are ready to start a new venture entirely, selling your business might be the right move.
However, you do not have to undergo this transition on your own. A professional accountant can walk you through every step of the selling process.
From doing taxes to selling your physical assets, a CPA can also help ensure that every detail is documented and submitted to the relevant authorities.
9. You have multiple businesses
Multiple streams of income means more documents to prepare for tax season. An accountant can help you wrangle all of the receipts and reports to create a successful tax return.
A single accountant can help you file tax returns for multiple businesses. Their accounting can help you choose the right tax forms for each business type and find the appropriate deductions.
10. You’re short on time
If running a business has you short on time, an accountant can help ease the stress of tax season. Allow them to prepare your financial documents while you focus on more pressing responsibilities. Accountants can go beyond taxes and assist with bookkeeping for your business as often as you need.
Benefits of hiring an accountant
Hiring an accountant can benefit your small business past tax season. Here are a few ways an accountant can benefit your small business:
- Save you time
- Track your expenses
- Find new deductions
- Apply for loans
- File your taxes
- Bookkeeping
If you still need help after tax season, live bookeeping services can ensure that your financial statements are always kept up to date.
Accountant expectations for small businesses
You can expect your accountant to be detail-oriented and well versed in financial documentation. They will be have a grasp on the latest accounting software and applications needed to file tax returns and track modern day expenses.
An accountant will also compile detailed reports of the health of your small business, provide possible solutions and inform you of legal risks or considerations.
Where to find expert accounting help for your SMB?
Accountants can provide personalized support to your small business. They can help you find the right documentation for your business type and source tax deductions that are appropriate for your type of business.
This article originally appeared on the Quickbooks Resource Center and was syndicated by MediaFeed.org.
Small business grants for veterans
After serving in the military, many veterans turn to small business ownership. The appeal of creating something from scratch and doing what they love has attracted millions of vets to become entrepreneurs in the United States. But as you know, running a business typically has a hefty price tag attached to it.
Funding one can include small business loans for veterans as well as small business grants for veterans. There are pros and cons to both types of funding, and small business owners may rely on a combination of the two. We’ll cover information to help you better understand small business grants for veterans, including:
- What small business grants for veterans are
- Where to find small business grants for veterans
- How to get a small business grant for veterans
- General eligibility requirements
- Other funding options for veteran business owners
- Additional training and resources for veterans
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When it comes to finding money to help you launch or grow a business, you have a few options. One is a business loan, which needs to be paid back over time. You can also seek investors who, in exchange for giving you capital, will typically then own a piece of equity in your business. Your third option is a small business grant.
Unlike a loan, a grant doesn’t usually have to be paid back. It is essentially debt-free financing that allows you to have the capital you need to start or grow a business. Almost any business can apply for a grant, but there are some grants specifically geared toward veteran-run businesses. Given the amount of competition the average federal grant sees, you may have more of a fighting chance of getting one if the pool is limited to only veteran business owners.
Grants provide capital that can be used for many purposes in a business, from covering startup costs to allowing you to hire employees. You could use the funds to buy equipment or technology that helps you work more productively — it all depends on the grant itself.
Olivier Le Moal / Getty
There are many government small business grants available to veterans. It’s just a matter of knowing where to look in order to find the right one for you and your business. Whether you’re seeking small business startup grants for veterans or business grants for disabled veterans, here are some resources to get a start on your search.
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Grants.gov is a large database of all the federal grants available to anyone, including vets. You can search by agency, category or eligibility. Each grant has different eligibility requirements, and only certain types of organizations may apply. It’s important to read those requirements carefully to make sure you qualify.
Another database to spend some time on is GrantWatch. Here, you can find grants from federal, state and local government agencies, as well as foundations and corporations in each state.
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Most states have web portals with resources for veterans living in that state. For example, California’s CalVet lists resources for veterans and service-disabled vets, which may include self-employment grants for service-disabled veterans. You can also find local Veteran Business Outreach Centers (VBOCs) by zipcode here.
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There are small business grants for veterans in a variety of situations, from disabled vets to those starting a brand new business. Requirements will vary, but most require you to be a veteran, reserve or transitioning active duty member of any branch of the U.S. military. Some grants are also open to spouses or children of military members.
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To apply for a grant, first review the eligibility requirements to ensure you meet them. Pay attention as well to deadlines so you don’t waste time filling out paperwork for a grant that’s already closed its window for applications.
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Gather the required paperwork, which might include a business plan, financial statements or mission statement. Next, allot plenty of time to write your grant proposal and/or fill out the application. You may be asked how your business started or what you plan to do with the funds. Answer honestly, but don’t be shy about singing your company’s praise. This is your opportunity to display what is unique about your business.
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Finally, carefully review your application and make sure you included everything required. Proofread your proposal, maybe asking a colleague to provide a second set of eyes. You want your application to be as flawless and engaging as possible.
You may also consider hiring a grant writer. This is someone who fills out grant applications for a living. They will likely be more familiar with the process and what reviewers are looking for in an application.
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Grants are often difficult to get, with so much competition for each of them. You may still have other financing options, many of which are also geared specifically for veterans.
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While you may qualify for any business loan, when applying for small business loans, look for those that offer preference to vets. StreetShares, for example, offers both small business loans and lines of credit at low rates for veterans.
The SBA provides a variety of small business loans for veterans, including the Military Reservist Economic Injury Disaster Loan program, which provides capital to eligible small businesses to cover expenses it couldn’t otherwise cover because an essential employee was “called up” to active duty in the military reserve. There is also the Veteran’s Advantage Guaranteed Loans program, which provides up to $150,000 fee-free loans to veteran-owned businesses.
When evaluating loan options, it’s important to look at interest rates and terms. This includes how long you will be paying back the loan and how much you will spend over the length of that loan.
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Angel investments or venture capital can provide another option for financing. Hivers and Strivers is an angel investment group that funds early-stage startup companies founded and run by graduates of the U.S. Military Academies. In addition to investing capital, the organization also provides useful contacts, industry experience and mentorship.
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If you happen to be a female vet, you may have even more resources at your disposal. There are small business loans for women, as well as small business grants for women, that can help you find the capital you need to grow your business.
Some cater specifically to female vets, like StreetShares Foundation’s Female Founders Veteran Small Business Award. This award gives three women $25,000 in total and provides them with the opportunity to pitch their ideas to investors.
To qualify for StreetShares Foundation’s grant, you must be a veteran, reserve or transitioning active duty member of any of the United States Armed Forces, a spouse of a military member or the child or immediate family member of a military member who died on active duty.
You must be 21 and own at least 51% of the veteran-owned business. The grant is given to qualified applicants who lack financial means to start or grow an early-stage business or non-profit.
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Beyond grants and loans, there are resources that can help you plan, launch, and grow your veteran-owned business.
The Small Business Administration’s Office of Veterans Business Development provides resources and small business programs as well as training, counseling, and mentorship, as well as information on Federal procurement programs for veterans.Who is eligible for these services?
- Veterans
- Service-disabled veterans
- Reserve component members
- Their dependents or survivors
Here are some other funding options to consider.
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The federal government has the aim to award at least 3% of all federal contracting dollars to service-disabled veteran businesses each year. The Service-Disabled Veteran-Owned Small Businesses program assists service-disabled veterans in securing those government contracts. Their eligibility criteria is as followings:
- Small business
- At least 51% owned and controlled by one or more service-disabled veterans
- Have one or more service-disabled veterans manage day-to-day operations and make long-term decisions
- Service-connected disability
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The Warrior Rising program includes the Warrior Academy, designed to help “vetrepreneurs” at every stage of business growth succeed. It also provides vets with mentoring, assistance in finding funding options, and a community of veteran business owners who offer one another support. Warrior Rising’s process includes:
- Intake and tracking: Phone interview to understand your background and determine where you most need help
- Instruction: Warrior Academy: Self-paced video modules with homework and feedback
- Mentoring: One-on-one coaching in specific areas like marketing or accounting
- Funding opportunities: Assistance helping you find the best grants or loans
- Warrior Community: Connects you with other “vetrepreneurs” in your area
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Patriot Boot Camp provides educational small business programs, mentors, and a community of experts and peers to active duty service members, veterans and their spouses looking to start a business. Programs offered include:
- 3-day bootcamps
- Lunch and learn sessions
- Webinars
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Veterans Business Resource Center provides counseling and mentoring services for new veteran business owners, as well as training and webinars to continue their education. Services offered include:
- Marketing plan assistance
- Training and events
- Financial analysis
- Business strategy
- Consulting
- Government contracting assistance
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Another entrepreneurship program, V-WISE IGNITE, targets women veterans looking to start a business. The one-day training event provides resources and support to help them on their path.Who is eligible for these services?
- National Guard and Reserve components
- Active duty women service members of any military branch, including National Guard and Reserve components
- Women spouses/same-sex life partners of above (including widowed spouses/partners)
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The U.S. Department of Veterans Affairs has a program, Veteran Readiness and Employment (VR&E) Self-Employment Track, that provides assistance to veterans with service-connected disabilities or employment barriers. The program assists in creating a business plan, analyzing your business concept, and providing you with the resources you need to succeed. Who is eligible for these services?
- Service member or veteran with an employment barrier or handicap
- Service-connected disability makes it hard for you to prepare for, obtain and maintain suitable employment
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Boots to Business (B2B) is a program created by the SBA and Office of Veterans Business Development, and it provides courses to help vets become successful business owners.Who is eligible for these services?
- Transitioning service members (including National Guard and Reserve)
- Their spouses on military installations worldwide
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The Entrepreneurship Bootcamp for Veterans (EBV) program is offered free of charge to post-9/11 veterans and their families. It targets businesses in early-growth mode, providing entrepreneurship and business management training. Programs available include:
- EBV Accelerate: A bootcamp-style program that provides insight and education on financial, management, marketing, and strategic planning challenges established businesses encounter.
- EBV Program: cutting edge, experiential training in entrepreneurship and business management for companies in early growth mode.
- EBV-Families Program: Provides the same training to family of qualified veterans.
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If you are interested in bidding on government contracts, explore the Vets First Verification Program. Run through the Office of Small & Disadvantaged Business Utilization (OSDBU), this program gives vets priority when bidding on federal and state government contracts, as well as better access to capital and tax relief.Who is eligible for these services?
- Veteran owns 51% or more of the company
- Veteran has full control over the day-to-day management, decision-making, and strategic policy of the business
- Veteran has managerial experience
- Veteran is the highest-paid person in the company
- Veteran works in the business full time
- Veteran holds the highest officer position in the company
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Small business grants for veterans provide a unique opportunity: access to capital free of charge that can help you realize your entrepreneurial dreams. Realize that the grant process may be slow, so it’s important to start your homework early to find the grants that you qualify for. In general, you can apply for and accept multiple grants.
You can also combine multiple financing options to launch or expand your business. This can mean a combination of grants and loans, and possibly investors as well. It’s a good idea to evaluate all funding sources to find what works best for you.
Learn more:
This article originally appeared on LanternCredit.comand was syndicated by MediaFeed.org.
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