For small businesses, doing their own accounting is a great way to save money. This may be why only about 30% of all small businesses hire accountants. Although you should weigh up the pros and cons yourself to see if this is a good option for your business, there are lots of benefits to hiring an outside accounting firm. Here, we will look at the most compelling reasons why you should hire an accountant for your small business.
It Saves You Time and Stress
If you have received a request to be audited or have been audited in the past, you know the amount of stress small business owners are usually under as the time for the audit nears. Many business owners who have been audited say that is a nightmare when that notice comes in.
Even when you decide to do everything yourself, there will always be the anxiety over not knowing if you did everything right. This is in addition to the time it will take to do the books yourself – time you could be using to attend to other business matters. Having an accountant eliminates this anxiety, saves you time and ensures everything is done right the first time.
Accountants Can Provide Consulting and Insight
Accountants can do a lot more than support your business’s financial health. A lot of business owners agree that their accountants have become trusted advisors who they can discuss business strategy or who they can turn to for business advice.
The accountants who serve this function are those who have worked with numerous other businesses from other industries. Because of this, they will usually have insight into your market as well as what it takes to make a business successful by offering great advice on strategy or new direction.
For an accountant to offer the best advice, they must have an in-depth understanding of your business and market. Having worked with lots of different businesses in a diverse array of industries, Azets, a leading accounting firm SME clients, in the UK, uses insights they have about your business and industry to offer you personalised, practical advice that will help your business thrive. Businesses looking to streamline their accounts should try out Azets accounting services.
Accountants Can Help with Other Finance-Related Tasks
Although a lot of businesses hire accountants to do their taxes, accountants can do a lot more. They can help with payroll, financial projects, and tips on how to increase cash flow.
Because you already run a small business, your focus may be on offering the best products and services and dealing with your customers, but not dealing with financial details and the stress that comes with that.
By letting your accountant handle all your finance-related tasks, it frees you up to focus more on running your business.
Accountants Can Provide Personal Support
Because an accountant knows their business better than almost anyone else, many small business owners find themselves turning to their accountants for business-advice. The main reason cited for this is that accountants can take a neutral stance because they do not have any stake in the business.
They do not have the biases that family members, financial advisors or friends might have and they have no entanglements with your employees. All they want is for your business to be healthy and successful and that is where their commitment ends.
Understandably, small business owners might not want to hire an accountant for various reasons. However, there are so many benefits they offer small businesses and so many compelling reasons why you should hire an accountant as soon as you can.
