Your physician is the foremost authority on your health and wellbeing. You rely on your mechanic to maintain the quality of your vehicle. But to whom should small business owners turn when they require strategic or operational business advice? Their bookkeepers.
If you’ve built a small business from the ground up, you likely have intimate knowledge of your industry, customers, and products or services. When it comes to the intricacies of taxes, accounting, and finance, however, it never hurts to consult with a seasoned professional. An increasing number of accounting professionals are also responsible for cash flow projections, billing, and human resources. Many of them ultimately assume CFO-like roles.
How can small business owners utilise their relationships with accountants, and what do accountants mean for their businesses?
Many business owners believe that hiring an accountant is merely an additional expense for their company, but while this may be true in the short term, it will save you a significant amount of money in the long run. Working with The Pro Accountants, you get a professional, experienced accountant who will reduce your likelihood of making costly mistakes with your tax and financial records. And as your bookkeeper, we will be able to provide you with sound advice before making any business decision, which will enable you to save money and gather more information to guide you toward making the most cost-effective decision.
Time is your most valuable asset as a business owner, and with so much to do, you will want to save as much time as possible so that you can focus on growing your company and completing essential business tasks. You will be solely responsible for a number of administrative tasks that can be very time-consuming and inhibit your ability to complete other business-related tasks if you handle your own accounting. From learning how to use new accounting software to keeping records, doing your own accounting can consume a lot of time and leave you struggling to complete other tasks, so hire our professional accountant to handle it for you.
When launching a new business, accountants are frequently a valuable source of advice. Choose an accountant who has experience working with small businesses in your industry, so that they can deliver you with customised financial advice based on their own experiences with similar businesses. When you’re on your own, making significant financial decisions can be risky, as there’s a lot of trial and error involved. However, when you have an accountant, you can seek their advice and use it to drive the decision-making process and achieve better results.
Some accountants are also responsible for payroll and ensuring that employee pensions are set up. For instance, your accountant will be able to ensure that your employees are paid the correct amount and on time, and that the correct deductions are deducted from your accounts. When you do everything yourself, there’s a lot of room for error, and if you’re busy, employees may pay too much tax or wait to be paid. A reliable payroll system is one of the best ways to reduce employee stress and keep your employees satisfied.
Business Plan Assistance
If you are in the earliest stages of launching a brand-new business, your accountant can be an invaluable resource for drafting a business plan. Even if you know what you want to stock, who your competitors are, and how you want to market your business, if you don’t know how much money you should make over the next five years, your accountant can be of assistance. They will be able to draw on their prior experience working with businesses similar to yours in order to provide you with knowledgeable guidance when drafting the financial segment of your business plan and establishing realistic profit and cash flow goals.
Enhance Business Finance Acceptance
If you intend to apply for a business loan, the lending institution will want to see that you can manage money wisely; having a competent business accountant on your side could help sway their decision. In addition, your bookkeeper will be able to provide you with invaluable advice regarding the best business financing options to pursue based on the needs and circumstances of your company. They will have extensive knowledge of the financing options for which you are most likely to be accepted and will be able to assist you in putting together a strong application.