Days shouldn’t be spent on financial administration.
If you’re a small business owner that thinks you can save money by handling finances yourself, think again. That’s because bookkeeping and accounting are no easy feat. Everything from monitoring revenue to tracking expenses, and filing taxes is tedious and difficult work.

When not done properly, it can also leave owners susceptible to clerical errors and mismanaged funds.  So, if you’re an owner, why submit yourself to this stress when you can entrust this task to a professional accountant?

If you’re still not convinced, we’ve outlined five reasons below why you can’t afford to not hire a business accountant.


1. Tax Breaks

 

As a business owner, you probably don’t spend your days reading up on the latest tax regulations. But, failing to know what they are, how they’ve changed, and how they pertain to you can result in a significant loss of money.

That’s because regulations are updated frequently. Further, depending on your company’s financial situation and designation the benefits you could be eligible for could have changed over the course of a tax year.

We understand first-hand that keeping up with all of the latest trends is difficult for owners to do on their own. That’s why this is best handled by an accountant who is specifically trained in business taxes and spends their entire day immersed in the filings. That way, nothing gets overlooked come tax time.


2. Free Time

 

Although some owners may think that tasks like bookkeeping, filing, and invoicing can be done by themselves, chances are it’s just wasting time. Even the most knowledgeable business owner can waste hours of a day on financial administration work. This is time that could be better spent on other tasks that grow the business. So, stop wasting time in the workday and focus on something that matters; growing a successful company.


3. Growth

 

To make a business dream a reality owners likely need money. This is where an accountant can come in to help. Accountants are able to review bookkeeping records to help with financial planning. They can even look for other avenues of growth that you might not have thought of before. Ultimately working with you as a guide to formulate a realistic budget for your business.

4. Funding

Funding can take a tonne of time to secure. Banks and lending institutions have strict requirements for giving companies money. And, before they do, there is usually a bunch of paperwork that needs to be done to get approved.

To save themselves from the headache of rejection, owners should turn to a professional accountant. Accountants will be able to research and secure funding on your behalf. Everything from providing the banks with copies of financial records, to negotiating rates can be done through them.

That way, you don’t need to stress about funding and how you will secure it.

5. Errors

Mistakes happen. After all, we’re all human. But when it comes to your books, these errors will need to be caught and corrected quickly. If not, it can seriously impact your bottom line. That’s because projections, invoices, and accounts can all be marked wrong. If this occurs, it will inevitably lead to poor planning and mismanagement of funds. To help quickly spot and correct these errors an accountant is needed. That way, you don’t have to spend time on administrative work that could be done by a professional who knows exactly what to look for.

Ultimately, given how invaluable an accountant can be for a business, we always suggest using one. Someone like us at A.P. Accounting and Tax Services can help owners manage books to reach their financial goals.

If you’re an owner that needs some help with your help, give us a call at 407-328-5001.Image: Unsplash