Accounting plays a critical role in running a business because it helps you track income and expenses, ensure regulatory compliance, and provide quantitative financial information to investors, managers and government that you can use to make business decisions.
Most successful entrepreneurs and business owners who have worked with accountants will tell you that they are an absolute must.
Hiring a professional in the early stages means that you benefit from professional financial knowledge and advice right from the start. Your accountant can explain the available legal and business structures and help you choose the most suitable one for you. Isn’t that great?
From business plans to credit applications and tax audits, an accountant will make your life easier at every turn. They will relieve the burden of financial matters off your shoulders, freeing valuable time and allowing you to concentrate your energy on running and growing your business. Importantly, they will help you get a complete picture of your business, which is crucial for sustained growth.
- Get your time back
Many CEO’s fall into the trap of being the ‘numbers’ person. They bury their head in Xero, raise invoices, follow up PO’s, reconcile payments, and chase accounts receivable. But shouldn’t you be focused on business growth instead? If you own or run a small business, having a dedicated accountant onboard will give you a lot more time to concentrate on the part of your business that you love. They will also add more value since being an extension of your business means they are keeping a watchful eye on the numbers that keep your business ticking up and ticking over.
- Your accountant will assist with your financial needs as you grow.
Your accountant will take on responsibility for all your accounting tasks, no matter how small, repetitive, tedious, or complex they may be. That even includes bookkeeping. They can help you set up an accounting system, manage financial documents, audit your books and set financial goals for your business.
In addition, professional help can keep you from making expensive mistakes that quickly happen when non-professionals try to manage their accounting. It’s the reason there is a profession with professional standards, continued professional development and years of study. Your dedicated accountant will add professional order to your day, and you will probably sleep better at night.
- Ever dread EOFY or tax time? Not anymore!
You will want to hug your accountant when it comes to EOFY as they run all your checks and balances and save you a heap of money at tax time. There are specific benefits for which you can take advantage depending on a series of factors, like how many employees you have. An accountant understands all of that.
From business taxes to personal planning, they can even provide insights and advice that can help you save for retirement (which can be difficult for sole traders if they don’t know their options). Tax laws and regulations vary depending on how your business is organised, and an accountant may have insights that can spare you hefty business penalties in this regard.
- Avoid getting yourself into trouble
With a dedicated accountant, they will also make sure you are not unwittingly breaking any finance or tax rules to risk a future tax investigation. Your accountant acts as a second pair of eyes on money’s in and out. They will give you essential advice to help you make better financial and business decisions, ensuring that you comply with the law, filing taxes on time, and avoid cash flow problems.
- It’s way more cost-effective than you doing your own accounting
The perceived cost of hiring an accountant is the main reason why many entrepreneurs are reluctant to commit. That’s a mistake because appointing a qualified offshore account is exceptionally cost-effective.
If you add up the hours you may be spending on the accounting at your CEO rate, you may find you can have a full-time qualified accountant doing the work for you. Plus, that accountant will examine every part of your business to ensure it is as cost-effective as possible. They identify wasteful spending and ways to save money. As a result, having that outsourced accountant becomes cost-neutral super quickly.
So, you may not have the volume of transactions to hire an accountant full-time. That’s not a problem if you choose a good accounting firm with which to partner. Here, your accounting resources will be scalable to suit you as you grow. You could start with a part-time accountant (or even pay for hours) and over-time push up to a full-time equivalent. The good news is that they will take your business in a more profitable direction.
There will come a time when you really should outsource or delegate all of your accounting. If that time is now, let’s chat about getting you your own dedicated accountant. As an ISO9001 certified outsourcer, we will assign you a qualified accountant who operates skillfully at the highest level and who is managed by a local accountant.
We offer low prices with fixed monthly costs which means no hidden fees and no nasty surprises! From Bookkeeping to Tax to SMSF Admin and Audit, we offer the full suite of Accounting and Finance services to free up your time and give you peace of mind. Let’s chat!