Chances are good that you didn’t start your small business so you could spend time doing financial paperwork. You started a business so you could engage in what you’re good at. But, like most business owners, you may be finding that the financial side of things is taking up an increasingly large amount of your time.
In 2023, many things are afoot that affect small businesses, from inflation to tax changes to supply chain interruptions that may be squeezing your cash flow. To get a handle on your finances, consider consulting with a professional financial adviser who can offer your small business a variety of valuable services, including the following:
Tax preparation. Small business taxes can be complicated. It’s hard to know the best way to file and keep up with tax changes that may work to your advantage. A tax preparation expert is knowledgeable about changes and updates and can strive to get you the most deductions and credits possible. A professional will help you prepare your business tax returns with a clean set of books, balanced balance sheets, and a general ledger that supports your return. This person can also review your past taxes and help identify and rectify mistakes or uncover and capitalize on missed opportunities.
Tax planning. A financial advisor can devise tax plans that are designed to maximize your returns by taking the time to understand your business’s cash flow on a deep level. Armed with this in-depth knowledge of your books, a tax professional can help you get more money back while ensuring that you pay less in the future.
Financial planning. Making sound financial decisions requires a full understanding of the current economic landscape, your business situation, and the expert knowledge of advisors skilled in planning for financial wellness. A financial advisor can help you gain all the right insights and provide a comprehensive plan for all of your financial challenges and goals. In addition, this advisor will assess your level of risk and customize an insurance plan that meets all of your needs now and in the future.
Investment advise. While you grow your business, you’ll also be looking to grow your personal wealth. A full-service financial advisor will help you navigate the current landscape of investment and make smart decisions based on your assets, your goals, and your lifestyle. The investment expert will perform an analysis to determine steps that will ensure that you get an investment plan with the best possible outcomes.
Retirement planning. Even if you’ve just launched your business, it’s never too early to put a comprehensive retirement plan in place. If you want to remain confident that your later years will be free from financial stress, you need an expert team to help you plan, move your money, and invest where it makes sense.
DOAAR is a small business bookkeeping, tax, and consulting services firm, with an additional focus on its client’s personal finances. Specializing in bookkeeping, controller, and CFO services, DOAAR’s offering spans daily accounting, month-end close, complex financial modeling, and oversight. From execution to analysis and strategy, DOAAR provides clients with a powerful and fully integrated back-office accounting solution. We have locations throughout California and the rest of the U.S. Visit our website for more information or to contact us.