An accountant can…
1. Ensure you have enough money
It can take a long time to make a significant amount of money. Many small business owners will take a reduce wage packet and use money from their personal bank account to make the new venture work. This is great, but paying yourself a decent salary is very important for your well-being and the business in the long term. If you employ an accountant, they can take care of your finances and bookkeeping, including making sure that savings and cash flow are accurately weighted.
2. Make sure that you don’t miss the tax filing date
Not one business wants to pay out any extra money in penalties and fees for missing a deadline. Whether you own a small business or a startup, you have certain administrative and tax obligations to meet throughout the year. Your accountant will be able to help you prepare for the important dates and can advise you on tax planning solutions while keeping your tax bills to a minimum.
3. Help boost the potential growth in the business by having your books in order
Keeping track of financial data requires a huge amount of time and inclination. Furthermore, taking this financial data and using it to sustain, and even grow, the company is vital. Accountants see finances on a day-to-day basis, so it’s advisable to seek them out for guidance.
4. Keep you ready for legal obligations and aware of legislative changes
If there are any legislative changes that will affect your business, an accountant can help. If any do crop up, your accountant can help you create an action plan to best deal with the situation.
5. Help by having a real-time insight into your finances
What’s worrying is that many small businesses and startups happily move from day to day without having any real financial understanding or insight into their business. Many think that checking the bank balance from time to time is enough. But unfortunately this does not identify important business trends or give you an all-round view into financial reporting. It’s this type of information enables a company to make informed decisions – ranging from spending more on marketing next month to hiring a new employee. Your accountant can advise you on subjects like whether hiring a new employee is feasible.