Small businesses face unique industry challenges daily. Along with processing payroll, small business owners take on dozens of other responsibilities on their own. We're going to go over the biggest challenges and how we can help at Leonard Tam.
1 - Tax Compliance
If your small business is out of your home, finding and using the most home office deductions possible is a practice that is vital for keeping your profit margins high. However, there are regulations surrounding record-keeping that are time-consuming and frustrating. Since you'll use these deductions on your taxes, it's critical that they're all accurate. An experienced accountant can help to ensure you get all of the deductions you need while staying compliant.
2 - Cash Flow Management
You've invested a lot in your small business ranging from better budgeting systems and invoice software to achieve effective cash flow management. However, almost every small business will have problems with their cash flow at one point or another. To avoid or minimize this, you have to keep strict track of every dollar your business has going out and coming in. An accounting agency can come in and set up professional bookkeeping services to track your expenses and income, so you know your business's financial health.
3 - Payroll
Setting up and processing your payroll for your employees every week or two weeks can be a very involved process. Payroll for small business owners can be a hassle, especially if you have a higher turnover. You have to get every employee set up with the correct forms, check their deductions, make sure they have the correct deductions, and more. It can be extremely time-consuming, but an accountant can take over your payroll and free up your time to focus on your business's day to day operations.
4 - Balancing Growth and Quality
With time, your small business may take off and grow much faster than you expected. When this happens, small business owners have a difficult time balancing between their new growth and keeping the same quality they originally had. Without the correct systems in place and growing demands on your business, you're more likely to fall short. This is why you must scale up your business while retaining the same quality level that made you so popular in the first place.
5 - Government Regulation Compliance
Every year, it seems like the government puts more regulations and rules out that small business owners have to follow to stay in compliance. You have to continually check with the newest regulations on at least a yearly basis, and this can be difficult for already-busy small business owners to do. A business consultant can help in this area. At Leonard Tam, we can serve as your business consultant to ensure that you comply with all the latest regulations.
Contact Leonard Tam Today!
If you need help processing payroll for your small business, or you need help with any of the services we offer, get in touch. We're ready to tailor our services to your needs and answer any questions you may have!