A small business owner can hire the best consultants and buy the latest technology to make their company a success, but if there accounting systems are below par then their business is living on borrowed time.
The importance of a good accountant cannot be overstated in the current climate. If you’re on the fence about employing one for your business, read on to find out how that decision could benefit your business in the long-run.
Tax Liabilities
If you think its stressful dealing with a nagging customer or an annoying supplier you’ve seen nothing yet. Try dealing with the IRS when you haven’t completed your tax returns promptly or, god forbid, when you owe them money.
Hiring a competent accountant is your shield against falling foul of the IRS, an unforgiveable sin that could not only see your business go to the wall but could also destroy your own personal finances.
Eliminating Errors
One of the most common ways that businesses lose money is from accounting errors and managing checks. By employing an accountant or using software like that provided by Intuit Checks you can keep on top of all of your incomings and outgoings.
In doing this you’ll be able to identify costly errors and eliminate them from your daily operations.
Reducing Stress
One of the least talked about benefits of employing an accountant is the impact that it will have on your mental wellbeing. If accountancy isn’t your speciality the mere thought of contacting the IRS can seem like a daunting task.
Eliminate that stress by paying someone to take care of all the hassle involved with your accounts.
Happier Employees
Paying someone the same money each week for their contracted hours is fairly straightforward. How about maintaining their pension contributions though? What do you need to do to make sure their tax and your taxes are being paid?
What if they want to change how they are paid or how frequently they receive their checks? Are you confident enough that you can cover all of your employees’ financial needs and adapt to their changing circumstances?
If you’re not, an accountant could ensure the smooth running of your pay department which will result in happier employees.
Make Informed Decisions
You might have a hunch that the way you’re currently operating isn’t the best use of your resources, but what do you have to backup that hunch? If you’ve got an accountant you have a font of information on hand to analyse which can help you to make more informed and astute decisions rather than relying on your hunch.
Save Money
The way your business is operating may be perfectly fine, but are you doing everything you can to maximise your profits? Are there obvious areas that you can cut back in to improve your margins?
Your accountant will tell you and their insight could be worth far, far more than the outgoing of their salary.
In Summary
It isn’t a good idea to have an accountant. Having an accountant is a key facet of any successful business and if you don’t have one you need to get one. If you don’t have the resources to employ a full-time or even a part-time accountant, then look into buying a subscription to use accounting software.
In the short, medium and long term it will be one of the best decisions that you ever make.
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