5 Essential Benefits to Hiring An Accountant for Your Small Business
Updated: Oct 10, 2020
Should you hire an accountant for your small business? Learn 5 essential benefits to hiring an accountant for your business:
1. Bookkeeping Professionals
An accountant will source all your documents: receipts, invoices, and other documents that record business activity to post accounting transactions. At the initial stages of your business, it may seem simple to manage your own accounting, however as you advance and grow your business it gets complicated. Preparing source documents for all client transactions, operations, and other business events is only possible with a qualified accountant. An accountant may also assist you in migrating your accounting record system from a local to remote server.
2. Taxes
Accounting professionals are equipped with the tax law knowledge for your business. In addition, your accountant will know many tax breaks as they happen to help you get the best claim value reward for your business. An intricate part of owning your business is paying salaries, you may draw a salary, and this will require withholdings for Social Security, Medicare, federal income taxes, and state income taxes if your locale requires them, this may add complications to your taxes which your accountant can advise you on.
3. Saving Time
How much is your time worth as a business owner? As a business owner, your time is valuable, we want you to focus on running your business, on meeting customers, on closing deals, and/or improving your business. The time spent on managing your accounting is underestimated, it is time consuming. Finding an accountant who can keep your accounting system on track can free up your time and help you make better decisions. Hiring an accountant for your small business will also help you with work-life balance.
4. Save Money!
According to the National Small Business Association, one in three small businesses report spending more than 80 hours -two full work weeks – each year on federal taxes; that is federal taxes alone, does not include other daily accounting activities. Outsourcing your accounting services can be incredibly cost-effective. Some business owners are reluctant to spend money on services other than those related to attracting customers or increasing profits. Business owners often find themselves in hot water for making small accounting mistakes that turn into major matters of contention, such as getting audited. Accountants are up-to-date on the latest tax information so they know which tax deductions you are entitled to. A reliable accountant will also analyze your taxes and look for areas of opportunity for the coming year to help you keep more money the next time you file taxes.
5. Business Support
Your accountant will provide you with objective advice on the best ways to grow your business; from a simple office upgrade to hiring more employees. Moreover, accountants manage many different categories of business and they can connect you to their network of business owners. An accountant on your side will help you make better financial decisions.
Overall, the biggest benefit of hiring a professional accountant for your business is peace of mind. You will know that your accounting and taxes are done properly. You will also have a trusted advisor for your business. Most importantly you will be able to allocate time to what is most important to you as a business owner.
If you are a business owner who would like to dedicate less time to accounting duties and more time to business operations contact us and we will focus on helping you reach your business/personal goals through our accounting services.