Why Small Businesses Need an Accountant

We’re lucky to live in an age when there is a bountiful supply of technology around us to help with all things, particularly running a business. And whilst there is some great accounting software around, understanding your financial data and responsibility can be a real challenge.

One of the few roles an app can’t replace is that of an accountant or bookkeeper. The knowledge a financial advisor has will be invaluable for your business, whether it is big or small. They can make every step easier, and keep you from getting into trouble or confusion at tax time.

We’ve put together some reasons why you should consider an accountant or bookkeeper if you haven’t already got one.

1. Get help with your taxes from the professionals

It’s probably the main reason someone hires an accountant. Taxes can be confusing, time consuming and stressful. This is especially true for small businesses.

An accountant is your personal tax expert and can make life so much easier. We can advise you on deductions, how to prepare for tax season, and ways you can improve your business accounts. The money and time alone you will save from hiring an accountant will offset the cost of them!

2. Keep your business accurate and honest

Data is the secret to running a business that survives and thrives. Keeping accurate data is not only essential for success and strategizing your business’s next steps, but is a legal obligation when filing taxes.

Simple human error can lead to big mistakes down the road and can sometimes lead to big consequences. An accountant or bookkeeper ensures your business finances and data is always up to date, accurate and timely.

3. The bigger picture

A financial advisor is an expert in looking at the bigger picture of your business. Everything you do and every decision you make will affect your business, and not just financially. A financial advisor can help you identify whether the things you’re doing are helping or hurting your business, and how you can make improvements.

Creating a strategic plan can be invaluable for your business’s future. A business advisor is skilled at analysing your business’s data to help forecast the future and bring your business visions to life.