5 Reasons Why You Need an Accountant for Freelancers in 2023

 There are many reasons to hire a professional accountant, especially from Agro Accounting CPA, for your income taxes.  They provide affordable accounting for freelancers.  The major one (the “biggie”) is that they are professionals in following rules and handling tax regulations.

Reasons you need an accountant for freelancers:

1. Familiar with tax laws

Tax laws are complex because of the federal, state, and/or local bodies, as each has different rules.

2. You're a freelancer

Being self-employed, you own or rent an office, have an Internet and phone plan; car mileage, and new equipment purchases.  A strong accountant can help a freelancer save a significant amount of money on taxes by wielding these spending's to your advantage.

3. Math is not for everyone

Taxes are entirely related to basic math and to organization skills.  A good accountant will know how to work through all this and render precise financial results to you.

4. You have several income sources

Having several income sources is great for your bank account, but it makes calculating taxes more complicated.  In addition, you may be eligible for extra tax savings that you are unaware of.

5. You will save time

Preparing profit and loss statements may take time, but an accountant knows how to do them fairly quickly.

Final word:

You can stay in contact with an accountant from Agro Accounting CPA all year to resolve all sorts of financial queries and complexities!

A Few Ways Accountants Help Business Owners Make the Right Business Decisions

There are several advantages to hiring an accountant for your business, and some provide affordable accounting for freelancers.  First, accountants understand what the numbers on financial statements represent and what problems they could be indicating. Hiring an accountant for your business will improve your ability to make decisions for it because, once again, accountants can see beyond the numbers on financial statements. 

Below are 6 ways accountants can help your business:

1. Start-Up Process

One of the ways accountants help business owners is by utilizing their financial knowledge to help set the business up for success.  For example, an accountant can help you select the right business structure.  In addition, an accountant will establish correct accounting processes that are organized and in compliance with government regulations.

2. Growth

Collaborating with an accountant can help a business flourish.  When companies are experiencing growth or trying to achieve new heights, accountants can help by providing business managers insight into cash flow management, inventory management, and tax preparation for entrepreneurs.  They can also prepare forecasts and budgets to help guide a business and ensure it is in line with the goals already established for it.  In addition, your accountant will ensure a smooth transition when you are going through any mergers, acquisitions, or business sales.

3. Operations

Accountants help businesses with regular operations by offering monthly preparation and analysis of financial statements.  The analysis will help managers make well-strategized decisions based on the most current data.  Business accountants can also help by overseeing payroll and estimating annual tax payments for their clients.

4. Regulatory & Reporting Compliance

Business accountants make sure that business owners are following government regulations properly.  In addition, they make sure that important deadlines are met— such as for tax filings.  Business accountants can also help a company during the audit process by offering the auditor accurate company data.  The presence of an accountant from the beginning ensures this process will go smoothly because the data will be organized.

5. External Financial Relationships

Businesses usually collaborate with many different financial organizations.  Accountants can manage these relationships and handle the work that firms must do for tax compliance, banks, or investors.

6. Avoid accounting mistakes

Accountants help businesses prevent financial mistakes that could cost them a lot of money.  An accountant will prevent small and large mistakes—from overdrafts to bank account reconciliations, to missing a tax deadline that could result in huge penalties.

Conclusion

Having an accountant for your business team will give you valuable insight that will help drive good business decisions.  Delegating this work to a part-time accountant will give managers and owners more time to focus on their business's operations. Agro Accounting CPA is a cost-effective solution for business accounting services.  The firm renders outsourced accounting on an hourly, onsite or remote, and part-time basis.  To learn more about the benefits of having a part-time accountant, connect with Agro Accounting CPA.

Hire Tax Preparation Experts for Entrepreneurs at Agro Accounting CPA

 When you own a business, there’s a lot to monitor, including daily operations, customer service, and increasing revenues.  Since all of this takes up time, it's easy to forget to keep an eye on your company's financial situation.

If you want to grow your business without letting financial matters get out of hand, then you will, now or later, need to hire a tax preparation expert.  They will help you manage your company's tax records, prevent hefty tax penalties, and ensure that your cash flow is constantly moving in the right direction.

Here are some of the benefits of hiring tax preparation experts for entrepreneurs:

• Reduces your tax liability:

An expert can analyze your financial transactions and monetary capacity in order to help you save money on taxes.  They can also take care of all your tax calculations and offer guidance on how to run your company so as to minimize your tax liability.

• Prevents hefty tax penalties:

Many business owners who fail to pay their taxes face penalties and even tax lawsuits for tax evasion.  However, with a professional on your side, you can reduce your likelihood of filing late tax returns, keeping you from costly late payment penalties.

• Helps your business grow:

Hiring a tax preparation expert for entrepreneurs can be a valuable source for you to gain expertise in controlling business expenses and recording losses.  In addition, they can also help you make well-informed decisions that are based on projected risks and expected outcomes.

The Bottom Line

If you're looking for a tax preparation guide for entrepreneurs, then Agro Accounting CPA is the name you can count on.  We are one of the most reputable online firms, with professional accountants that will make your tax-related work smooth and hassle-free.  Hire us now for great results!

Common Accounting Problems That Freelancers Face

 Working as a freelancer is exciting yet, when you work as a one-man army, you have no room for failure.  The success and failure of your business are on your shoulders.  One thing that freelancers worry about is handling their financial accounts and tax-related tasks.  Here, we’ll share some common accounting challenges that freelancers face and how hiring affordable accounting services for freelancers can help overcome them.

• Many freelancers use accounting software to DIY their accounting, but they end up wasting their precious time.  Hiring an accountant saves valuable time and allows freelancers to better focus on their work.

• Accounting is not only about calculation and numbers.  It requires proper planning and management, which is not easy to maintain.  Therefore, hiring accountants is important to manage finances

• The terror of missing out on the tax deadline(s) can result in small but costly mistakes.  Having a professional by your side means you can rest assured that your tax-related tasks are completed correctly and on time.

Get in touch with Agro Accounting CPA to hire skilled and experienced professionals to deal with your accounting challenges and to boost your business growth!

5 Questions Freelancers Should Ask When Hiring an Accountant

 Managing bookkeeping, accounting tasks and tax-related work, along with a business, is not an easy task for freelancers.  So, hiring a professional is the best thing freelancers can do to make their work life a bit easier.  Freelancers often ask what they should look for in a good accountant.  When looking for an accountant for freelancers, you must ask the following questions to find the perfect match:

1. Ask about the candidate's expertise, experience, and areas of strength.  It will help you determine if they meet your requirements.  In addition, ask if the candidate has any licenses or certifications.

2. No two businesses are the same, so it is important to hire an accountant for freelancers who is familiar with your niche.  Ask about their background and if they have prior experience working in your industry.

3. As a freelancer, you may have a different work style when it comes to work hours, communication, or technology.  So, discuss these areas with a candidate and find an accountant suitable for your working style.

4. Don’t forget to ask about their preferred communication approach.  If you prefer phone calls or video calls instead of in-person meetings, then share that with the accountant.  Remember, strong communication on both sides is important for an effective partnership.

5. Ask questions that will help you understand the candidate’s approach to deadlines.  Tax season is stressful so, as a freelancer, you should have someone by your side to handle your finances and taxes and work under strict deadlines.

If you are in search of a skilled and experienced accountant, then you can count on Agro Accounting CPA for your hire of affordable accounting services for freelance workers.  Here you will find trustworthy professionals to make your accounting tasks hassle-free!

Important Daily Accounting Tasks for Entrepreneurs

 Handling taxes and financial accounts plays an essential role in the success of any company.  But if you've never handled taxes before, then it may seem confusing and daunting to you at first.  Therefore, hiring a tax preparation guide for entrepreneurs can help you file your taxes accurately.  The following is a list of some critical accounting tasks that you should complete everyday:

• Refresh and update your financial data on a daily basis, and keep an eye on how much money is coming in and going out of your business.

• In order to identify any cash shortages, you must record your cash payments and receipts at the end of each day.  This also assists in identifying errors or theft.

• Spending even just a little time on your accounting tasks on a daily basis helps you reduce the burden of month-end chores.

The Bottom Line

If you're an entrepreneur who forgets to do tax-related work, then consider hiring an accountant consultant from Agro Accounting CPA instead.

Learn How to Do Tax Planning for Freelancers

 Freelancers are considered by the IRS to be self-employed individuals for tax purposes. All the rules pertaining to self-employed individuals are applicable to freelancers as well. Thus, they can save money on taxes using legal means. That’s what tax planning does! It focuses on finding and applying legal ways to save taxes on income.

If you also want to make the most of the tax rules to save money on taxes, then invest in tax planning for freelance workers. Let’s find out how to do tax planning for freelancers.

Do your research

The first step is to know your tax-saving options. Tax planning goes beyond using business deductions to save money on taxes. It includes things like investments into IRA accounts, using tax credits, making donations, and other creative options. Learn all the available options that can help you save taxes in the long term.

Hire an accountant

The next step is to hire an expert accountant. A Certified Public Accountant has knowledge and experience in tax planning. Your accountant prepares and analyzes the financial statements of your business and recommends options for making investments that help you maximize your tax benefits.

Take proactive steps

There are not too many freelancers that care/focus on tax planning. In fact, a significant number of freelancers do not even make full use of their business deductions! Therefore, it is very important to take proactive steps and to think of the tax years ahead. Make investments in an IRA, look to earn tax credits for your business, change your business structure if necessary, etc. in order to save money on taxes.

If you are looking for an expert accountant for tax planning and preparing income taxes for freelance workers, get in touch with Agro Accounting CPA’s team of expert accountants today.