Selecting the Best Small Business Advisor
Accurate bookkeeping and accounting are critical components of running a profitable operation. Business owners must have business acumen with the acute understanding of the financial and management reports for their organizations. Some owners try to manage their own finances, which takes time and energy.
More often than not, they do not take the time to gain the wisdom or gain the knowledge to understand this information, most of the time without success. Owners usually are not well-versed on what it takes to be proficient at the financials for running a business. It would be in your best interest to hire an advisor to help with back-office needs. Then the business owner can focus on running their own business.
Certain advisors have specialist training with unique skills to help franchisees to implement best practices and valuable financial management advice. An advisor will help with business formation, payroll, bookkeeping, accounting, individual and corporate tax preparation, retirement planning assistance, and implement tax strategies to reduce taxes.
Different Accountant Skillsets and Functions There are many different skills within the accounting industry. Business owner and franchisees need to know the different skillsets and functions for accountants and which type is best suited for their organization.
There are three major categories.
Business accountants mainly focus on the activities of the business. They provide guidance on business performance, cash flow analysis, and ways to become profitable. T
Tax accountants mainly focus on the records and preparing/ filing individual and corporate tax returns. In addition, they tend to focus on management reporting, bookkeeping, and financial reporting to assist the owner to understand the business.
Franchise accountants include and offer the same services as the business accountant and the tax accountant. They also offer additional reporting techniques and tools, compliance assistance, understand franchise agreements, help with financing options, and understand the cost of operations. In addition, you need an expert franchise accountant to help with the understanding of the correct business structure, business formation, and individual & corporate tax preparation, payroll for the owners and employees, bookkeeping services, financial-planning techniques, and tax strategies to reduce taxes.
Our advisory management practice (AMP) embraces business acumen and pools the understanding of how a business works and what it takes for the enterprise to make money. It considers financial literacy, which is the ability to understand numbers on financial statements. Within the umbrella of business literacy, we can recognize how strategies, behaviors, actions, and business decisions not only affect the numbers on the financial reports, but also drive profitable and sustainable growth for your business.
At RMH Tax & Financial Advisors, Inc., we've been serving the needs of Plymouth, MN and the surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.
Please fill out this form and let us know how we can be of service. We will happily offer you a FREE initial consultation to determine how we can best serve you.
Thank you for visiting. We look forward to working together!