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You may think that you can handle your accounting yourself, and for certain things, you sure can. But when it comes to those tasks that are more complex and it can take a big portion of your time (such as taxes), handling your accounting yourself may not be the best idea. You should consider that the hours you are putting into your accounting tasks means less hours that you could be earning money for your business.
Accounting is often referred to as the language of business. The reason many businesses fail to succeed is a lot of times due to failed accounting. We understand that cutting costs and maximizing profits is a big priority when first starting up. Not hiring an accountant can be a big mistake. You may think that you can handle your accounting yourself, but this is only somewhat true. There are many aspects of basic accounting that can easily be handled by a business owner. However, some of the more complex tasks such as taxes, depreciation, and analysis of financials shouldn’t be handled alone.
Think about it this way, the more time spent on accounting means less time is spent running your business. While not hiring an accountant can save you a little in the beginning, it can end up costing you a lot long term. Without a full understanding of this field, it’s easy to make mistakes that could lead to unfortunate outcomes. The same way your car needs the attention from a mechanic, your business needs the attention from a professional.
You might be wondering how an accountant can help you with your business. Here are some of the services that can be provided to you and your business:
- Ensure that your business is following government regulations and requirements
- Interpret and explain your financial statements
- Payroll
- Tax Planning: Payments, Returns, Forms etc.
- Business Plan
- Business Budget aligned with business goals
- Succession planning
- Asset protection
- Valuing your business correctly
- Avoid or get assistance on an Audit
Now that we’ve addressed some of the services you accountant can provide you, let’s reflect on some outcomes your business can have if you try to handle these tasks without a professional:
- Unreliable financial reports
- Miss tax deadlines
- Not claiming all your income
- Incorrectly filling your taxes
- Ineffective Business Plan and Budget
- Not being prepared for an audit
- Penalties
Once you’ve made the decision to hire an accountant, you need to find one that’s right for you. We advise that you do your research. Visit their website or give them a call to determine if they have experience working with your type of business. Find a professional that you can build a relationship with over time and be there when you need advice.
Having an accountant is beneficial throughout all parts of your business. Not only can they offer a plethora of services, it makes achieving your goals easier and saves you time, energy, and stress.
If you have any questions on how we can help your business to grow and succeed, contact us here.
https://smallbusiness.chron.com/dangers-inaccurate-financial-reporting-79357.html
https://www.xero.com/us/resources/small-business-guides/accounting/when-to-hire-accountant/
https://www.huffpost.com/entry/common-tax-mistakes-to-avoid_l_5e00e25ae4b0b2520d0e88b4
https://www.investopedia.com/top-tax-filing-mistakes-and-how-avoid-them-4232870
https://www.thebalancesmb.com/accountant-help-small-business-2951868