January 30, 2018
Many campground owners think they’re saving money
by handling their finances themselves. While it’s a real asset to learn bookkeeping basics, cash flow management, and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a professional will free up time so you can focus on serving your guests and implementing plans for campground growth. Here are a few ways a campground accountant can help you save money that you can reinvest back in your RV park.
There’s no one more suited to discovering “found” money than an accounting professional. Hire a professional campground accountant to sort your books and systemize your bookkeeping. Better record keeping is the easiest way to allow you to quickly see – on a monthly, weekly or daily basis – where your money is going. Keeping your accounts up to date will also help you understand which of investments you have made in your campground yield the greatest returns so you can be more strategic about spending. An accountant can spot trends that you can take advantage of to earn greater profits – and even find savings with vendors, staff, and operating expenses. Hiring someone to manage your accounts will also reduce the costly errors that are commonplace when campground owners try to manually track their expenses.
Your CPA should be your trusted advisor when it comes to staying up to date with the latest regulations for small business taxes. They should also provide you with expert advice on how to maximize your benefits and minimize your taxes each year. Don’t underestimate the cost savings of hiring someone to complete your tax forms correctly and submit them on time. Penalties for small businesses who neglect to file their taxes on time – or at all – can quickly add up; the longer you wait to file, the more interest you’ll be charged and the likelihood you’ll incur additional penalties. A campground that is already struggling may not be able to pay a tax fine. If your campground is ever audited, having a CPA on board will let you rest easy knowing you won’t be hit with a penalty for errors or omissions.
A good campground accountant with knowledge of the campground and RV park industry can help you make more informed decisions. Rely on your accountant for advice when you draft or revise your business plan; those key insights on assessing profitability will help you move your campground in the right direction – and avoid wasting time and money on strategies with a lesser chance of success. Look to your accountant to help you determine your most valuable guests, how much money you need to invest in a growth plan and which marketing strategies yield the best ROI. Having someone you can rely on to help set targets and monitor your progress is an invaluable asset that can help you not only save money but earn higher profits.
The bottom line? Your campground accountant can do much more for you than simple bookkeeping or ensuring you’re on the right side of the tax authorities.
At Campground Accounting, we specialize in working with Campground and RV Park owners throughout the USA. Our industry knowledge is focused on taking the headaches out of accounting and helping you grow your campground’s value. Don’t you owe it to yourself to see how we can help you? Schedule a complimentary chat with us today at www.campgroundaccounting.com/meet.