5 Benefits of Hiring an Accountant for Your Small Business
Author: Russell SmithAugust 8, 2016
From bookkeeping to business advice, discover why you should consider bringing an accountant into your small business.
When people think accountant, they often think calculators and receipts, but there is so much more to an accountant than that.
Today, we look at the surprising benefits of accountants and how the can impact your small business.
Accountants Can Save You Time
Time is not just money.
Time is something that is required for your small business to develop. Without time, you can’t move forward, you can’t expand and you can’t beat the competition.
The problem is, time is also something in short supply for a business owner.
With so many tasks to carry out, all while keeping the family happy, it can be a struggle to find enough hours in the day. However, there is one aspect of business management that is going to divert more time than most: finance.
These include both simple tasks — bookkeeping and recording receipts — and more complex tasks — tax returns and setting financial targets.
These types of accounting tasks are imperative to business success and stability, but they also absorb a lot of time.
Hiring an accountant for your small business allows you to delegate these time-consuming tasks and focus on what is really important: growing your business and spending time with loved ones.
They Are Able to Help You Manage Complex Accounting Tasks
It takes years to qualify as an accountant, which says something about the complexity of the job. Some accounting tasks are very simple, but many others are incredibly complicated.
Most small business owners won’t have an expansive knowledge of accounting procedures and practices, yet they are still required to manage such tasks.
This isn’t much of an issue for very small businesses — one person dealing with a handful of clients — but for larger SMEs, with a big base of clients and perhaps a couple of employees, complex accounting tasks are all just part of business life.
If your small business is in this position, it is likely you’ve come across an accounting problem you have really struggled to understand. Perhaps you overcame it. Or perhaps you thought you’d overcame it, but in fact, make a mistake instead, not so good on you.
Accounting mistakes are bad, they can cost you thousands in revenue and might even be the end of your business.
Happily, though, there are accountants for small businesses out there ready and waiting to help you solve these complex accounting problems and ensure no mistakes are made. If you have found you’re struggling to deal with your finances, then get in touch with us immediately.
An Accountant Can Keep Costs Down
An accountant’s job is to keep themselves clued up on the financial well-being of a business. As such, they are more likely to notice when money is being spent unnecessarily.
While you are looking for opportunities to expand your brand, jump on the latest marketing trend or searching for your next client, you may be missing some costly, but ever so subtle, financial drains.
For example, while your attentions are focused elsewhere, it is likely you’ll forget about the regular payments being made to suppliers or to lenders. Payments that you haven’t reviewed in awhile, but just accept as an expenditure.
An accountant won’t forget about these expenses. Instead, they’ll be vigilantly watching them, ensuring you aren’t ever overpaying for resources: A common mistake we see in small businesses.
They Are Experts in Tax
Tax returns may seem pretty straightforward, but they aren’t.
There is actually a multitude of ways you can reduce your tax bill, methods that can both be utilised on tax return day and run throughout the year.
As a small business owner, it is unlikely you have the time or the expertise to utilise such methods, yet their ability to reduce costs should not be underestimated.
Accountants can often help slash your tax bill, more than paying for themselves while also freeing up money to either be invested in your business or yourself.
Accountants Can Offer a Wealth of Small Business Advice
Accountants aren’t just glorified mathematicians.
Experts in business, they are able to offer your advice on everything from financial acquisitions to day-to-day business operation.
Often, business owners only use accountants for their financial services but think about it.
At Russell Smith Chartered Accountants, we’ve worked with hundreds of small businesses over the course of twelve years. We’ve seen businesses rise, we’ve seen them crumble and we’ve worked very closely with the people behind these companies. We know how successful businesses run and what know what pitfalls you should be looking out for.
You must also consider, accountants are financial experts, they can look at the numbers and offer advice to help your business succeed long term. While we can simply solve your current financial issues and help you sort your tax returns, there is so much more we can offer.
Accountants can help boost growth and build a more stable foothold for your business to work from.
We are more than just number crunchers.