Every decision that you make affects your small business financially. Therefore, you need experts, such as PL Consulting to help streamline your business and make financial tasks manageable. Some financial processes are more critical than others. If you’re a startup company, then you may need guidance on what financial aspects will make and break your company. Keep reading to discover the four essential financial services PL Consulting can offer your small business.

Accounting and Bookkeeping

Advice on managing accounting and tax requirements and compliances is necessary. Unless you’re an established expert, you need experts such as PL Consulting to steer you in the right direction. While accounting software such as QuickBooks is helpful, it’s not a one size fits all methods. The software, like a consultant, won’t tell you how to improve your finances or what the figures mean.

Financial Statement Reports

Once your small business is legally on the books, it is vital that you develop a relationship with someone who understands your unique business and can provide accurate and efficient financial statements and reports. Financial statements should not just happen on an annual basis but should happen more frequently. Monthly, weekly, and even daily reports can give you a consistent view of how well your small business is performing.

Banking Services

Whether your small business is thriving or not, you should always prepare for a rainy day. It is acceptable to ask for help sometimes. Establishing a relationship with a banker is essential if you need a loan. It’s much easier to build a relationship with a banker right away so that they’ll be familiar with your business and brand versus coming to them at the last minute when you’re in a desperate situation.

Tax Services

Daily financial decisions affect your tax reporting. A mistake that many small businesses make is assuming that because they don’t earn money during a specific period, means that they won’t owe taxes. It is best to hire a consultant so that they can advise you on how to avoid financial pitfalls. It’s best to have an understanding of what goes on year-round versus preparing for tax time at the last minute.

PL Consulting Can Help You Plan Your Budget!

PL Consulting offers a diverse range of bookkeeping and other financial services. Each of our services is customized to fit the needs of our client and his or her business plan. Our team can help you with each step of your business from organization, to budget, to financial maintenance.  We are located in Pikesville at 119 Old Court Rd Baltimore, MD 21208. Contact us at 410.764.3731 or info@plcfo.com so that we can assist you with your bookkeeping needs. Remember to stay up to date with everything PL Consulting by following us on our social media platforms via Facebook, Twitter, and LinkedIn.

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Effective January 1st, the Corporate Transparency Act is bipartisan legislation designed to root out bad actors using US entities to hide illicit activities. The law requires millions of US business entities to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Existing companies have until December 31st, 2024 to file their information.