Do you struggle with keeping up with the finances for your business? Being unorganized can lead to you getting in trouble with the Internal Revenue Service (IRS), so you may want to consider hiring an accountant to help out. Find out below why hiring an accountant is a smart business decision, as well as what you are estimated to pay for his or her services.
Why Should a Business Owner Hire an Accountant?
One of the perks of hiring an accountant is that you will be able to keep track of what you are paying your employees. Payroll tracking is an important aspect of owning a business because you can get sued if you accidentally underpay your workers. You can also end up in a situation where you are overpaying employees, which means that your business can suffer a financial loss.
An accountant is also helpful when it comes to tracking the money that your business is bringing in. Your business profits must be well organized, as they are one of the main things that the IRS will examine during income tax season. You don't want your records to show that you made less money than you actually did. Reporting fewer profits can get you in trouble by making it seem as though you are trying to commit fraud, such as to get out of paying all of your taxes to the government.
Having an accountant makes it easy to file your income taxes, as he or she can do all of the paperwork for you. The accountant can also assist in the event that you are audited by the IRS. For instance, if the IRS makes a claim that you under reported a portion of your income, the accountant will be able to pull up the necessary evidence to prove that you are not guilty.
What is the Estimated Price Charged by a Business Accountant?
You can expect an accountant to charge you an estimated price of $150 or more per hour. The price charged will also depend on where the accountant works, such as if they work in your business establishment or their own. If you just want an occasional accountant, he or she may charge you a flat rate rather than by the hour. Get in touch with an accountant, like those at James Gioia & Company PC, so he or she can start keeping track of all of your business finances as soon as possible!