There are a number of factors that go into successfully running a business. From marketing to customer service to financial management, small business owners have much to consider. Though all those factors are important, there is one that has long been regarded as one of the most important. Accounting has been called “the language of business” because of its status as a vehicle for reporting financial information to many groups of people.
Accounting is thousands of years old, dating back more than 7,000 years. Scientists have located early accounting records from that era in Mesopotamia, which is now Assyria. Accountants, who derive their name from the French word “compter”, meaning to count or score, are responsible not only for managing the expenses and profits of a company, but for successfully submitting taxes to the government. In fact, one of the most important business accounting services is help with business expense write offs.
Though the word tax is actually derived from the Latin “taxo”, meaning “I estimate”, accounting consulting firms are unlikely to estimate when it comes to tax write offs for small businesses. Taxes in our culture are usually treated with extreme specificity. Perhaps this is because of the historic strife associated with taxes. Our own country has a well known history of reacting strongly to taxes, as do other nations. A salt tax called the “gabelle” contributed to the French Revolution and was one of the most hated and unequal taxes.
Many small business owners aren’t exactly sure how to write off business expenses, which is where accountants come in. They can not only teach how to write off business expenses, but check write offs for accuracy, preventing future audits. The process can be confusing for some, necessitating the guidance of a professional.
Maintaining accuracy in write offs and business records is essential to the success of a business. Don’t hesitate to contact an accountant if you’re unsure about your write offs or any other tax related issues. The IRS is not generally extremely forgiving of error, and help is not difficult to find. Get more here.