Why Small Businesses Should Meet with Their Tax Accountant Regularly

Tax Planning
December 2021
An accountant is one of the most crucial professionals to have when operating a small business. Although most people don’t seem to realize it, accountants do much more than simply file your taxes once a year. A good accountant will also offer valuable insight and advice to ensure your company thrives.
Staying connected with your accountant regularly, at least quarterly, is recommended for most small business owners. The information and assistance they provide are well worth the investment. This is especially the case when considering the tax savings and financial advice that can easily add up to a much more profitable business.
Here are four reasons small businesses would be wise to stay close with their tax accountant.

To Keep Up with Changing Regulations

Tax regulations are constantly changing. If you only talk to your accountant once a year, you won’t be prepared for those changes, which often ends up costing money, either directly or indirectly. Talking to your tax professional quarterly means you’ll know how shifting tax regulations will affect your business and plan accordingly. That little bit of planning can go a long way, ensuring your business is always operating within the law as well as figuring out ways to work within the system to maximize profits.

Potential Tax Savings

Staying in touch with your accountant on a regular basis means you’ll be on a friendlier basis than if you only talk to them once a year. That friendliness can often translate to your accountant keeping you in the loop of any and all potential tax savings to be had by your small business. Furthermore, an accountant whom you speak to more frequently will know your business pretty well. As such, they will be able to spot potential tax savings much more easily.

Business Changes Can Impact Taxes

Any changes to your business can impact your taxes. If you are making changes, no matter how small you might think they are, it’s best to inform your accountant right away so they can re-situate in terms of taxes. A small business owner who talks to their accountant quarterly will have the knowledge to make better decisions about when and if to switch things up. Accountants often have great advice in terms of the types of changes you can and should make to increase the profitability of your business.

Planning for the Future

Along the same lines, having an accountant nearby at all times can be enormously beneficial for planning your business’ future. Sitting down regularly with your accountant to do things like look at reports and analyze seasonal swings can provide invaluable information regarding how to operate your business. As an outsider and a finance professional, an accountant can look over your numbers to find patterns in your business and plan for the future more effectively. That extra bit of insight is an excellent way to set your business up for long-term success.

Schedule a free consultation with us today to discuss how we can better prepare your business!