With the hectic schedule of a business owner, the need to hire an accountant who can keep the company’s financial cycle in check, is a no brainer. The thought that you can “save money” doing it yourself should not be the sole motive to work alone. Although it can seem like a big cost or investment, it’s important to really look at what advantages working with an accountant can actually do for your business and how these will save you time and money in the long run.
Instead of adding another “hat” to your ever-expanding pile, here are the top 10 advantages for why putting up a budget to get a good accountant is a smart solution for your business.
1. More time for you
Without proper accounting industry knowledge, you could spend hours trying to research your tax requirements and obligations, then more time to implement them. Since an accountant knows the latest tax laws, rules, and regulations, they can help with the company’s most important obligations such as paying taxes and making sure you don’t miss deadlines. Additionally, accountants have access to all the latest industry technology which is equally as important when it comes to saving time.
2. Reduce your tax liability
By looking at your monetary capacity and financial transactions, accountants know how you can save on your taxes and benefit from tax deductions. They can also give you advice on the most tax efficient ways of running your business.
3. Prevent hefty tax penalties
Don’t ignore or forget a payment or key date. When you have an accountant, you can reduce the chances of missing deadlines for important tax requirements, saving you from expensive penalties.
4. Grow your business
Working with an accountant who also specialises in business advisory is key to growing your business and it’s success. A good accountant can help you make informed decisions based on calculated risks and pre-determined results.
5. Remove tax anxiety
Don’t worry if you don’t know all the details and complexities of the tax system. Knowing that someone will take care of your taxes can give you peace of mind and a good sleep at night.
6. Help with bookkeeping
For small businesses, bookkeeping is very important. An accountant can help you record sales, purchases, expenses, bank balances, and other financial matters related to your business. Accurate bookkeeping makes it easier to anticipate future gains and losses, which can put your business at risk of major financial crises.
7. Stay organised
If you are managing a business with several employees and different departments, an accountant can help organise rentals, utility bills, payroll, budgets and can offer the best solutions on how to organise your loans and investments.
8. Focus on what’s important
With an accountant on your side, you can focus on other important matters that you have to attend such meeting with the board of directors, expanding business, marketing, employee relations, and many other undertakings that put on you on the frontline.
9. Business planning
Your accountant will provide you with regular business reviews and financial reports that your business will rely on in making important business decisions. An accountant can also help you assess the viability of such decisions, keeping you well guided along your journey.
Gain access to other industries related to your business giving you greater chances of meeting new people who can be a part of your network and help you with other aspects of your business.