Whether or not you are just starting or have been in business for a significant amount of time, good accounting is crucial to the growth and longevity of your business. That’s why hiring an accountant to manage you company’s finances should be one of the first steps any startup should take.
There are multiple benefits of consulting with a competent bookkeeper. To name a few…
Reduce the Risk
As an entrepreneur you are already wearing lots of hats. You are the manager, tech professional, collections clerk, marketing specialist, receptionist, HR representative, and so much more. Don’t also expect yourself to manage the finances, bills, and invoices. You may be doing yourself, and your business, a disservice by expecting too much from the little time you have each day. Reduce the risk of hurting your credit, making errors on your taxes, or forgetting to invoice a client by hiring someone who can manage this for you.
Make it Meaningful
If an ice cream truck driver threw lights on its car and tried to pull you over for speeding, would you listen? Probably not. However, if a police officer had those same lights and tried to pull you over for speeding you’d most likely listen. So what makes these two scenarios so different? Their titles, experience, and credentials.
The same situation applies to bookkeepers! You shouldn’t have untrained and inexperienced bookkeepers otherwise, what good are the reports they create? By doing your research and finding educated professionals, you ensure accuracy and make the bookkeeping meaningful.
Add Valuable Advice
As a business owner you often evaluate your success based on how busy you are and customer reviews, but there is more to success than that. An accountant can bring a new perspective and valuable advice to the table. By hiring a professional, you have the ability to consult with someone who knows the ins and outs of your business from a financial viewpoint. Because money talks, this can make a drastic difference in the way you run your business and can help improve case flows
Stabilize Your Finances
Entrepreneurs often find themselves living from check to check, but it doesn’t have to be that way. Competent bookkeepers can help you know when and where your money is coming from as well as when and where your money is going. With this information they can forecast business revenues and create a personalized plan so that your finances are stabilized. You deserve this peace of mind
Get Answers to Questions
When you have a professional doing the bookkeeping, you have the opportunity to request reports. These reports are more than just numbers used to fill out your tax return, they provide answers to your questions. Each time you wonder how much you’ve spent on advertisement, the cost benefit of hiring a new employee, or if buying a company car is worthwhile, you can pull reports, look at patterns and consult with them. Your questions can finally have answers.
Save Time and Money
Although you may think the most cost-effective approach is to handle everything yourself, the fact of the matter is, hiring out the work can actually save time and money. When a professional oversees the financial aspect of your business, there is a reduced level of risk for mistakes, more knowledgeable procedures, and timely reports. You are more likely to avoid inaccurate tax records, late payment fees, and naive mistakes.
Additionally, your time is money. So why spend it sitting behind a desk punching numbers into spreadsheets when you can be chasing leads and building revenue?
Bring someone on board who adds knowledge and value. Bring on an accountant.