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7 Benefits of Hiring a Business Accountant

Introduction

Thinking about hiring a business accountant for your business? There is always the question of whether you actually need one or not.

Business owners in general are an independent lot. Owning your own business demonstrates that characteristic.

Folks who are of the self-sufficient ilk are sometimes reticent to admit their need for help, or they simply prefer to keep their business matters private.

Others just do not want the exorbitant expense they erroneously presume hiring an accountant will incur. We say ‘erroneous’ because accountants more than offset their fees in value they bring to your operation.

TW Accounting Byron Bay offers the following points to consider if you are in a quandary about the benefits of hiring a business accountant. Review them and give us a call if you think we should partner with you to make your business the best it can be.

Third Party Witness

One of the most valuable benefits of hiring a business accountant is that they are essentially a strong, third party witness of your business financial condition. They have direct, firsthand knowledge of the money flow your business produces.

In the business world, the say-so of a third party is extremely valuable. Don’t think so? Ask banks and other lending institutions. Verification is one of the first things they ask you for when considering a loan, or not.

It is one thing for the business owner to proclaim business success. That can too often be dismissed as the owner being braggadocious.

If that business owner has an independent third party attest to that success with the records to back up the claim, it carries much more weight.

Additionally, investors expect to see solid evidence of the financial condition of any business before they lend or invest. Owner-maintained financial records without verification are usually suspect without additional investigation from interested parties.

Organization

Another benefit an accountant brings the businesses they serve is financial organization. Business finances have an ugly tendency to become jumbled and disorganized.

Some accounts may be paid twice while others go unpaid well past their due dates. Accountants bring an ordered approach to managing multiple accounts and the money set aside to run them efficiently.

The flow of debits and credits gets sorted out and assigned a category within the overall budget. Categorizing and allotting funds for solid financial management enables you to get a clear picture of what happens with the income the business generates. The business owner can see at a glance every income and expenditure item.

Accurate, On-time Reporting

Business quarterly reports can be burdensome and time-consuming. Busy owners who are not as calendar-conscious as they should be can easily forget to file these time-sensitive reports.

Reports that are put off until the last minute and hurriedly completed are more apt to contain errors. Issues like overpaying your tax obligation can wreck a business budget, but underpaying or under reporting is sure to garner fines and penalties.

The accountant’s only job is watching the business money flow. Owners have too many other roles to fulfill with running their businesses. It just makes good management sense to delegate this important business function to those who specialize in it.

Saves Owner’s Time

Which is quickest, giving your books to someone else to complete and file or doing it yourself? Keeping accurate, daily financial records is an innate part of running the business day-to-day. There is no way around it.

Compiling those daily money trail records for the week and then for the month for your accountant is fairly simple. Handing them to the accountant once or twice monthly is the quickest, most efficient way to have them completed and filed on time.

The time you would otherwise spend doing the business books and filing reports can be better utilized in other areas of the business that need your attention.

Money Management

Many businesses have a substantial amount of money flowing through them. Often, some departments do a better job of handling money volume than others. This can be a real drain on company profits.

Accountants can help in this area as well. They can give your overall business budget close scrutiny. They can identify potential problem areas and offer solutions.

Accountants are adept at analyzing how business revenues are being allocated and spent then finding ways to curtail unnecessary expenses.

Available Tax Help

How many business owners are thoroughly familiar with current tax law? How many can afford to take the time away from running their business to study all the new updates to tax law?

Here is yet another advantage of hiring a business accountant. Since taxes are an intrinsic part of money management, it is their job to stay current on tax matters. It is also the only way they can keep their clients up to date with tax responsibilities.

Scalable

To outright dismiss hiring a business accountant because they are “too expensive” is a bad business decision. Accountants do not use the one-size-fits-all approach toward servicing their clients.

Most accountants are willing to work with business owners to furnish only the particular accounting-related services the business needs or can afford. Other services can always be added as the need arises or the budget permits.

Partner Benefits without Splitting Ownership

Hiring accounting help can give the business owner a much needed boost. It can free up time, create a much more streamlined money management approach, and increase overall profitability and productivity for the company.

It is like having a partner without the owner surrendering any portion of business ownership. Accountants can come alongside the harried business owner and relieve a huge portion of the burden inherent with running a business.

While you pay the accountant for their services, it is not like taking on a new employee or adding a whole new department. You do not pay company benefits or any of the other employee-related costs.

Conclusion

Whether yours is a new, small or large business, hiring a business accountant can make a major difference in whether you run the business, or the business runs you.

If you are really serious about business success, you are going to need some good help. Accountants are one of the most cost-efficient sources of good help you can find.

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