For a small business owner, risk is inherent in every decision. That’s just a fact. What determines success, however, is knowing which of these risks are worth taking!
For example, risks such as introducing a new service or recruiting an employee that doesn’t tick all the boxes could result in unexpected benefits. A lot of businesses have done this and reported success. When it comes to accounting practices, however, risk rarely pays off.
There’s a reason that accountants exist and it’s not just to tell you to play it safe with your books.
Here are the 5 main benefits of hiring a small business accountant!
1. They save you money
Yes, hiring an accountant costs money, but they can help you cut other costs and increase your bottom line in ways that you just can’t.
As a numbers whizz, they can look at your processes and business as a whole to check that it is cost-effective. If it’s not, they can identify wasteful areas and opportunities for you to save money directly. Then there are other areas where they can help save you money, such as making your business more tax-efficient, keeping you compliant to avoid fines or charges, and preventing you from making expensive mistakes.
2. They give you more time
You went into business to do what you do best, so you shouldn’t be wasting your time trying to keep your books up-to-date. Hiring an accountant gives you back this time and after all, time IS money.
With this time back, you can now focus on your business, especially the high-value areas that will grow your business and increase your profit margin.
3. They make you look good
Every process you have reflects your business, so you need to be projecting a professional image. If you’re slow to pay invoices or your clients and vendors have to follow up with you to discuss financial matters, this doesn’t look good.
With an accountant handling your accounts and books, every process will be prompt and organised.
That’s always a good reputation to have!
4. They help you sleep at night
Peace of mind is priceless and that’s what an accountant gives you. Complete peace of mind that your finances are in good hands and that your business is doing well.
Many small business owners lose sleep over business worries. They lay awake panicking about having enough money to pay wages or how to recuperate cash flow after losing a client. They toss and turn about what they don’t know, whether they are compliant and if the taxes are right. With an accountant, you can always be sure that you have a consistent cash flow to cover all expenses as well as money in the bank for a rainy day (or pandemic). Not to mention that tax time becomes a lot easier too!
5. They offer so much more than accounting advice
A good accountant will offer much more than financial advice; they have a wealth of knowledge about running a business as a whole and can actively help you reach your goals.
Since they have a lot of valuable information to share, they can easily become your trusted business advisor. Whether it’s helping you adapt your strategy and business plan, anticipating challenges and preparing for them or navigating complex financial and business decisions, an accountant can work with you to identify the risks worth taking and to grow your business into one that will provide the future that you want.