A lot of new businesses fail. A lot of old businesses fail. A lot of previously successful businesses fail. Why? Usually, it comes down to issues around finances – issues a good accountant will help you to overcome.
If you’re starting a new business, or if you’ve been in business for years and are trying to grow your team and scale your company, hiring an accountant can help. Here’s how.
3 reasons hiring an accountant could save your business
1 – They help you become more tax-efficient
Tax isn’t easy. Legislation changes all the time and any delays or mistakes could be costly. With an accountant filing your taxes for you, you can have the peace of mind that it is all being done correctly and on time. Not only that, but it saves you a lot of time and resources (which you can use to get back to your business) AND it saves you money. Accountants can reduce your tax burden by identifying opportunities for deductions, and they can help you avoid any government fines.
2 – They mitigate the risk of financial mistakes
Accountants know how to identify financial risks and avoid them before they become major problems. What this means for you is that you’ll never spend money you don’t have, you will save money in all the areas you can, and you’ll be more aware and better equipped to stick to a proper budget. Fewer to no financial mistakes means minimal losses and more profit!
3- They actively help you to grow your business
If you get an accountant on board whether in the early stages of your business, or as you scale and grow, they will help you to develop a plan for growing your business in the right way. Not only that, but they will also ensure that your finances are handled correctly from the beginning so that it doesn’t take over everything else in the future. As your business grows, they will start to provide advice in other areas such as budgeting and financing; payroll and recruitment, cashflow forecasting and investments, and business strategy. They will work with you to ensure you have the financial capabilities and processes needed to work towards your business goals.
Survive and thrive! Contact us today to help your business thrive too.