small business accountant

Small businesses generally hire accountants when they begin to grow. An accountant is needed to keep tracks of assets and liabilities, payroll, and provide the data which management needs to make decisions regarding future hiring, expansion, advertising, and investments. An accountant is also helpful if a small business is changing its ownership structure, as he/she knows the tax laws and implications involved in sole proprietorships, partnerships, and corporations. When hiring an accountant, a small business owner should look for a CPA (certified public accountant). This will ensure that the accountant has passed rigorous examinations, and is competent to oversee the company's finances. Some small business owners hire EA's (enrolled agents) who have passed taxation examinations given by the Internal Revenue Service (IRS). A small business accountant must have a solid knowledge of computer accounting software like Quickbooks.

Fast Facts

Accountants provide many practical helps for small business, including working with a local banks, help management present a financially accurate business plan, keep financial details well organized, provide weekly or monthly financial statements to help management make important decisions.

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Income Statement

The income statement, also commonly referred to as the profit and loss statement, is a financial statement tha...
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Cash Flow Statement

The definition and function of the cash flow statement is that it is designed to specifically report the cash...
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Balance Sheets

A balance sheet provides detailed information about a company’s assets, liabilities and shareholders’ equity....
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Self Employment Business Tax Deductions

Self-employed individuals are required to report to the IRS the total amount of earnings (gross income) from t...
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Integrated Software for Tax and Accounting Purposes

When it comes to choosing accounting software for your business the options appear overwhelming. The proper se...
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