As tax season strikes, you probably want the help of an accountant. However, few people know the type of value an accountant can add beyond recording financial transactions. A Tulsa, OK accountant can assist you in many ways to help your business thrive and stay compliant. Accountants today are not just number crunchers. They are leaders, technologists, strategists, business experts, and advisors. Below are ways they can add value to your business:

They Meet Deadlines

An accountant in Tulsa helps make sure you file your taxes on time, avoiding penalties. With the constantly changing tax regulations, proper accounting systems can help ensure statutory compliance for your company. An accountant will make sure that liabilities like sales taxes, income tax, VAT, and pension funds are handled.

They Reduce Your Tax Bill

A skilled accountant can help you save on deductibles, keep your financial data up to date, and benefit from tax incentives and exemptions. They can provide you with up-to-date tax-related advice. 

Determine Your Business Structure

Once your business grows, you may need to change its legal structure. Your accountant will examine the pros and cons of every business structure and consider its tax savings and non-financial factors. Also, they can advise you on the type of business to set up. Although a sole proprietorship is easy to run, this does not provide you with any protection or support against business liabilities, debts, or losses. 

Increase Business Profitability

A reliable accountant in Tulsa, Oklahoma will analyze your expenses and look at potential improvements in how your cash flow has been managed to help you save money and boost your business profitability. Also, they can find ways to decrease debts, control costs, negotiate with suppliers, and maximize pricing, and plan for profit. 

Assess Performance

Financial records demonstrate operational results and your business’s financial position. However, accounts can provide you with information that lets you understand the way your business is doing financially. Your accountant can create performance evaluations that make sure your business is growing as projected. Such evaluations determine how your employees and operations are performing. Your accountant can also compare current data to past accounting records as well as allocate your budget. 

Optimize the Use of Technology

If your company utilizes cloud-based software, your accountant can interpret the data, giving you the insights necessary for business growth. Your accountant can leverage technology and information to give your business the best value by helping maximize the functionality of your software. 

Kara Nico