For many small business owners, the idea of giving an accountant access to their data and allowing them to have a certain degree of control of some of its financial aspects, doesn’t appeal to them, and they may attempt to struggle with their accounting themselves.
However, hiring an accountant is always a smart move for any business (provided you hire a good one, of course!), and here are 9 reasons why:
For bookkeeping purposes
Bookkeeping can be time consuming, and when you factor in running business accounts, ledgers, cashbooks, daily transactions and expenses, it can take up a huge chunk of your time. Not only that, but it can get complex as a business grows, and having a qualified accountant onboard to help you handle it, is a no-brainer.
To help you create a business plan
A truly accurate business plan (and let’s face it, why would you want any other kind?)is only possible with expert financial help, and where better to get it from, than an experienced accountant?
An accurate business plan is about so much more than merely tinkering around with a few numbers; it requires dedication and a lot of expertise, such as that that only a financial expert such as an accountant can provide you with.
Handling your taxes
Taxes are an extremely important aspect of any business, large or small, and not only can having an accountant help you file accurately and on time (reducing the risk of often hefty penalties), but it can save you money. If you’re not a qualified tax expert, then you may not even be aware of all the deductions that might be available for you, and these can end up saving businesses hundreds of thousands of dollars every year.
Valuing your business
If you’re about to liquidate your business assets or put you’re your business up for sale, then you’ll need a professional valuation that takes every relevant aspect into consideration. Rather than hiring an auditor under these circumstances, simply hire an accountant.
Helping you make critical business decisions
Many decisions that you’ll need to make as a business owner depend upon access to quality information, and by hiring an accountant, you can have exactly that. Failure to truly understand your businesses undertakings – in the way that often, only an experienced accountant can – can result in poor financial decisions that could end up costing you and your business, dearly.
Handling complex business software
With the advanced financial and technical skills that an accountant has, they can effortlessly integrate your business with the latest technologies and software.
Saving you a whole lot of time
Time is precious for many business owners, and without accounting knowledge, you can waste a lot of it by struggling to keep up with your financial reporting and tax obligations.
Streamlined business growth
No business can successfully grow if all of its departments don’t work in unison, but with an accountant on your team, you can ensure that all aspects of your business are running harmoniously for positive growth.
Keeping costs to a minimum
Without the necessary financial skills of an accountant, a business can quickly begin to both endure, and incur high costs that for many, spark the beginning of their downfall. To minimize your costs and keep your business not just afloat, but propelling forward, hire an accountant.
If the growth of your Melbourne business is important to you and you haven’t yet hired an accountant, consider doing so as soon as possible so that you can begin reaping the rewards, sooner, rather than later.
At Forefront Business Solutions, we are Melbourne-based CPA accountants and business consultants that help small and medium-sized business owners increase their profits. We do this by not only legally minimizing their tax, but assist them in creating effective marketing, sales, and profitability systems in their companies. We offer a complimentary review of your taxes and business profitability. If you are looking for an accountant in Melbourne, contact us to arrange your free Strategic Profits action plan.
If you are looking for small business accountant in Melbourne, please visit the website https://forefrontbizsolutions.com.au
