Starting your small business is exhilarating. It can also be fraught with obstacles and hardship. Simply because it’s your first foray into the world of business. One of the things that can be a source of stress is your finances.
Finances, not a job that many people enjoy. And doing them by yourself can be a headache. But it’s challenging to work out whether you should hire a professional and whether they’ll be worth the money. Never fear! We’ll go through what accountants actually do, the benefits of having one, and whether you really need one for your start-up.
What Do Accountants Do?
Put simply, an accountant is responsible for keeping and interpreting financial records. They’re responsible for a range of financial tasks and can be used by individuals, all the way up to big business.
They ensure your financial documents are accurate and compliant with the law. They will prepare and maintain financial reports, tax returns and make sure that those tax returns are done correctly and on time. Accountants also identify issues you might be having and recommend solutions and best practices to run more effectively. A brilliant aspect of hiring an accountant is offering advice on cost reduction, profit enhancement, and maximization. But the most crucial element is that they have a legal obligation to act honestly, ensure you’re compliant with the law and avoid neglecting you as their client.
What Are The Benefits Of Having An Accountant?
If you’re still unsure whether hiring an accountant is worthwhile, here are 5 benefits of having one on board.
They Save You Time
In business, time is money. And how much of that time do you really want to spend deciphering your financial records? An accountant will take on these time-consuming jobs, meaning you can divert your newfound spare time back into your business. And more time spent on expanding your small business means faster growth and higher profits.
They Will Manage Complex Tasks
Some accounting tasks are incredibly complex. While you might be able to guess your way through them with the help of Youtube, they’ll take time, effort and will often end up incorrect. And accounting mistakes can cost you thousands. Thousands that your small business needs.
They’ll Help Keep Costs Down
Accountants know how to read financial reports correctly and often identify areas where you can tighten the purse strings a little more. They’ll also make sure you don’t pay too much to suppliers. All in all, they’ll save you a lot of money.
They’re Tax Experts
Tax returns can be a nightmare. And if done incorrectly, they can give you more than just a headache. Obviously, Accountants are tax experts and will get them done efficiently and on time. Plus, they could help you reduce your tax bill.
They Can Give You Business Advice
This is an aspect of Accountants that people don’t usually know about. But they can give you priceless business advice because they know what makes small businesses tick. And how to make them operate more productively.
So, Do You Need An Accountant?
In short, yes. But only when your finances get too big for you to handle. If you’re in the beginning throes of your small business, it’s likely that there’s only you running and operating it. And expenses and income will be small. With a bit of research, it’ll be pretty simple to handle on your own. But once you start growing or hiring more people and need extra time, you need an accountant.
But when choosing an Accountant, make sure you ask yourself, is this Accountant right for me? Because there are different types and they’re all individual people who’ll have their own personalities. You could go down the route of a Certified Public Accountant, like Miles Atnip CPAs. Or maybe you’ll opt for a standard Accountant. They all have their own advantages, so pick one that fits you and your company’s financial personality.
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