Why Invest in an Accountant?
Are you one of those people that can service your car at home? Most don’t. Instead, they use a professional mechanic to keep things running smoothly and to advise them on potential issues. The same applies to your business’s finances.
Most businesses fail within the first 18 months the main reason being poor financial management. Despite this knowledge, many business owners still decide not to use the services of an accountant. I can not say that they are worse off not having an accountant, the extent of knowledge and experience an accountant can provide to your business can not be underestimated. But before hiring an accountant ensure that they are fully qualified. This ensures your chosen accountant meets a certain standard of professionalism, has undergone stringent training and exams, and belongs to a regulating body.
Someone once told me that it is daunting to let an outsider in on the business's financial details. I think more so if you are having a challenge managing your finances. But engaging an accountant’s assistance will help you achieve your goals and be successful. The most obvious benefit of hiring an accountant is to save money on your tax. Yes, completing your tax return can be free if you are doing it yourself, but the risks of mistakes and errors can result in additional tax payable apart from the anxiety and sleepless nights. A professional accountant can assist with dealing with SARS. You can benefit from their knowledge of how to maximize your deductions. Remember, to wait until year-end to do tax planning it is already too late.
Have you ever considered the cost of the time and effort you spend in trying to manage your finances yourself? As a business owner, you should focus on running your business, whilst an accountant can be an ongoing tactical business advisor that will assist you in maintaining your focus and simultaneously keep you on the road towards your goals.
Maintaining accurate accounting records is not only a legal requirement but can assist in accurately measuring the results and the effectiveness of the strategies you have implemented. It is vital for every business to have order and control to support the decision-making process. This should be a collaborative approach. Decisions on big purchases like buying another vehicle or employing more people should be made together based on the latest data and considering the potential consequences and implications.
Your accountant can help you with budgeting and monitoring cash flow. This will assist you in determining the best time to buy inventory or that dream factory building. The advantage of a consultative relationship will help you to scrutinize the management report and examine the seasonality of the business, look at your business objectively, without emotional attachment, and look at the big picture, to stay competitive and viable.
It is general knowledge that a cheap mechanic is most likely to be a costly mistake. You will agree that you would rather spend the money and trust your car will bring you from point A to point B after a service. The same with partnering with a professional accountant. The benefits you and your business will receive far outweigh the cost implication.
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