4 Vital Types Of Financial Services For Your Small Business

two small business owners working with a business consultant When running a small business, there are several financial services that aid your ability to both manage all of your tasks and streamline your company and its finances. Some services, though, are much more critical than others.

From the initial phases of incorporation to the advanced stages of the business lifecycle, it is incredibly important to have support from knowledgeable professionals. Every decision you make has an effect on cash flow, taxes and your general finances. Informed advice is critical.

Learn which small business financial services are the most vital to maintaining the financial health of your company.

Small Business Accounting And Bookkeeping Support

Along with consulting a lawyer, getting upfront advice on managing your small business tax, accounting and compliance requirements is fundamental. Unless you have such expertise, you need guidance to choose the correct corporate entity for your business. Your business structure has many implications, including long-run cash and tax savings.

After defining your small business entity, you may implement a small business accounting software like QuickBooks to help you manage your bookkeeping needs and organize your records. However, software alone does not address your unique needs and requirements. QuickBooks won’t tell you what your financial numbers mean or how to improve them.

You need a trusted consultant with small business experience to answer your questions and ensure that your actions are protecting your bottom line. QuickBooks – or any accounting software, for that matter – will not automatically save your hard-earned money.

Financial Statement Preparation And Reporting

After your small business has been established legally, you must develop a relationship with someone who thoroughly understands your distinct business and is capable of preparing sound financial statements and reports.

The nature of such a relationship should not be isolated to quarterly or annual communication and preparation. Preparation and evaluation of financial statements and reports must be conducted on a monthly, weekly or even daily basis. This stronger relationship ensures that issues are discovered quickly, as opposed to dealing with them after they have already been hurting your small business for some time.

Small Business Banking Services

For virtually any business, a bridge between the peaks and valleys in sales, expenses and cash flow is fundamental. This “bridge” is built by your relationship with a banker who can provide a loan when you need one.

Establishing a relationship with a banker before you need money is important. Rather than trying to develop a relationship when you’re in a desperate situation, talk to a banker who already knows you and your business. This makes it much easier for you to ask for money, and much easier for them to lend it to you.

Small Business Tax Services And Support

Many small business owners fail to recognize the impact that their daily decisions have on their taxes. Your tax liability and checking account aren’t as connected as you may think. Don’t make the mistake of assuming that you won’t owe taxes if you don’t make money in a given quarter or year.

You need someone to support you on an ongoing basis, informing you about the tax implications of your decisions and your current tax standing. Don’t be surprised at year’s end. It’s never pretty.

You must have small business tax advice year-round in order to save money on taxes down the road.

With the guidance of professionals who provide these critical financial services, your small business is positioned to achieve success – perhaps the kind that requires financial services from a stockbroker.

If your goal in business is to have enough money to invest, make certain that you have the kind of financial, accounting and tax support necessary to maximize your profit.

Talk to a small business consultant to learn how to take home more of your hard-earned money.

Do you have the support you need to manage your small business bookkeeping? Contact us to schedule an appointment to speak with a local small business advisor.