Achieve your business financial goals with better accounting
As a business owner, accounting can be intimidating and a part of business you’d rather not think about.
But what if you had a partner that helped drive your business toward your goals?
We believe that’s possible, and want to secure financial success alongside you as a business owner. First, consider your financial goals and how you can improve your gains. To get started, here are five ways your accounting should help you achieve your goals.
5 Ways Better Accounting Empowers Your Goals
1. Access to Funding
The right accounting firm provides resources and connections to funding opportunities. This is also the place to receive accurate and professional advice for helping you access capital with proper positioning.
An accounting firm will also have the most advanced information about tax savings for small business owners. Topics like qualified business income (QBI) deductions and pass-through losses are areas where general business owners typically are not well versed.
Here is where having an accounting firm at your disposal is highly beneficial. The right partner assists you by:
Keeping your books clean
Pointing to or offering third-party audits
Having points of contact at lending institutions in their rolodex
2. Advisory Services
How you spend your money is often the difference between going stagnant and achieving growth.
How? It’s about investing.
Profit is taxable income. But money spent is split between two broad categories — operational expenses and investments.
Expenses cover delivering on your existing products and services. Investing other income back into your business helps you find and sustain growth.
How will you spend your margins in order to grow?
What metrics will you use to track whether or not those investments work?
Which purchases (marketing, hiring, new product/services) make the most sense in your current position?
The answer?
A proper accounting and a financial team shows and explains the data, empowering you to make decisions that grow your capital more efficiently.
3. Data-Driven Goals
Connecting your goals to data means proactively staying on track. Merging metrics with your objectives is the key to success.
If your goal is to grow sales by 15% over a given period of time (i.e. quarter over quarter), break that objective down into both manageable steps and particular metrics to show progress along the way.
Using the 15% growth goal, a few metrics would be:
Return on ad spend (measuring the amount of return you get from your marketing campaigns)
Sales quotas or even hiring sales reps
Increasing customer lifetime value or reducing churn (for SaaS companies)
4. Tax Advice
Tax filing isn’t tax planning. Look for credits, depreciation opportunities, and other vehicles to reduce the tax burden on your business. Paying taxes is necessary. Avoiding paying more than you actually owe is equally necessary.
You also need to know about the latest tax news.
For example, as of January 2022, New York is extending tax relief to small businesses. The tax cut comes by way of a subtraction modification for a higher tax return adjustment.
5. Seeing the Big Picture
It’s important to see your business from a high level view. Yet it’s hard to do this successfully when you’re working in your business from day to day.
Your accounting partner should provide this view, which will allow you to properly forecast and make adjustments to succeed as a business. This data is the optimal way to benefit from a financial firm — through their oversight and vision for the future in terms of business and finance.
The right solution has the knowledge, access to all the right tools, and the experience to improve your accounting.
Ready to Achieve Better Accounting?
Let Teitelbaum & Co, CPA help your business achieve clean accounting systems and improve your overall financial portfolio.
From finding tax cuts to getting a business loan, we have the resources to put to your advantage. Contact us to see gains in financial goals with the assistance of our financial team.