The most despised aspect of owning a business is, you guessed it, keeping the books and paying taxes. In fact, the mentorship arm of the U.S. Small Business Administration, SCORE, reports that four out of every 10 owners of small businesses dreaded these obligations most out of all of the functions that they handle on a day-to-day basis. And bookkeeping and taxes are obviously interrelated; you can’t have one without the other from a compliance standpoint.
As a tax planning and accounting office with roots tracing all the way back to the 1950s, Whyte & Associates in Rancho Cucamonga does not take this widespread entrepreneurial disdain of tax requirements personally. We see the need for quality tax preparation and associated functions as an opportunity to save you money and to position your business for sustained success. And, moreover, we do not “pretend” to be fluent in the language of operating a dental practice, an auto body shop, or a franchise restaurant. These types of businesses all represent some of the clients that we have partnered with through the decades. So, we do learn to speak their “language” – to a degree. No one knows your business and industry quite like you do. Likewise, you should not be expected to know all of the ins and outs of taxation, especially when it is such a dynamic part of running a business.
Here, we’ve outlined the notable reasons why the small businesses surveyed by SCORE cited bookkeeping and taxes as the worst aspect of operating a business. And we’ve addressed exactly what our firm can do for you. Let’s take this task off your plate. So, you can focus on what you do best.
Almost 50% of owners surveyed cited “financial cost” as the big reason for their disdain. When you go at this critical function of your business alone, you pay in more than a few ways: First, you may be paying more than you actually owe. If you are not abreast of the newest credits and deductions, or the latest changes related to these opportunities, you can miss out on thousands of dollars in tax savings. Second, if you find yourself scrambling to meet deadlines, the odds of making mistakes and providing incomplete information go up considerably. You may end up paying late fees or other fees associated with irregularities. Of course, the consequences to your business, depending on the nature of the irregularities, transcend financial penalties. By partnering with knowledgeable tax professionals who stay on top of the latest, your business remains in good standing, and benefits from deductions and credits that you may not have known existed, while also avoiding penalties and other negative consequences rooted in incomplete or erroneous record-keeping.
Administrative responsibilities and the complexity of complying with the letter of the law were (tied) for the No. 2 spot on the list of the reasons small business hates the tax process. We encourage you to rethink tax time, and to see the opportunities for saving money as well as for other types of savings. By partnering with a resourceful, responsive, and efficient firm like Whyte & Associates, we open up more time for you and your team’s day to focus on things like business development, client services, or marketing the latest product or service. Additionally, and this could be the most important thing that we offer, partnering with our team automatically opens up more time in your schedule to do what you love. Businesses are only as “well-rounded” and “healthy” as their owners; get back to that hobby or sport, or spend more time with your family and friends. They miss you!
There is no time like now to begin to enjoy a happier, healthier present and to position yourself and your business for future success. Contact us today to schedule your appointment with one of our seasoned tax professionals.