If you own a small painting business and have recently branched out by adding additional manpower by hiring a few more individuals, it may be burdensome to keep track of what you are actually earning and how much money is being spent on supplies, wear and tear to your work vehicles, and salaries. Hire a certified accountant to help take the guesswork out of your finances and streamline the payment process.
Explain How Your Business Operates
When meeting with the accountant you hire, you should explain the type of business that you operate and provide details concerning how often you pay for materials and their costs, what homeowners and business owners are charged for painting services, the amount of mileage that your work vehicles are driven, and the salaries that are paid to your employees.
This information, as well as details about the amount of painting jobs that you and your crew have completed, will provide the accountant with a basic picture of your current financial status.
Have Statements And Payroll Receipts Assessed
Your accountant will need to tally up your expenses and compare them against your earnings. The easiest way to do this is by viewing current statements and payroll receipts for each of your employees. If the accountant finds that you are struggling to stay afloat and are paying out much more than you are taking in, you may be advised to cut corners or change the fees that you charge to have jobs completed.
Some additional ways to cut corners are by purchasing materials in bulk that cost less overall than smaller quantities that are purchased separately, seeking a new retailer to purchase your supplies from, trying new brands of paint and accessories, and limiting the use of your vehicles for transportation needs.
You are not obligated to make any of the changes that are suggested, but if you do decide to use them, your accountant will guide you as you make adjustments and will likely continue to check in with you to ensure that the changes are benefiting you as a business owner.
Set Aside Money
If you want to save money for your quarterly or yearly taxes or would like to sock some money away for a rainy day, your accountant may be able to help you come up with a savings plan that will aid you in your goal.
Depending upon how much money you make on a weekly basis, a monetary amount will be suggested that can be contributed toward your long-term goal. Just think how great it will be to not have to worry about taking out a loan or scrambling around to collect the money you need to pay your tax bill or another financial obligation.
For more information on certified public accountant services, contact a company like Burkhart Peterson & Company.