What many small business owners fail to realize is that accountants do much more than filing taxes. In this article, we will discuss the reasons why your business should hire an accountant.
Did you know that over 80% of small businesses fail within the first 18 months of starting One the most common reasons for these failures is poor financial management, which can be directly attributed to poor accounting practices.
Hiring an a professional accountant is no different than hiring a professional mechanic to fix your car. You are not paying them only to perform a service, but you are paying for their knowledge and piece of mind that the job will be done correctly the first time. Similarly, professional accountants do more than file taxes, or do data entry. We provide financial analysis and insight that allow you to make better business decisions and allow you to grow your business that much quicker.
Here are the top reasons to hire an accountant.
Let's face it, proper accounting is a full-time job. There are always new rules and regulations being passed down by local, state, and federal governments which require time to research and adapt to. As a small business owner that needs to focus on the growth of your business, you do not have the time to be reading up on these new laws or accounting principles that you must adapt to.
Getting this time back will not only allow you to focus on the items that are most important, but also save you a world of trouble down the line, that many small businesses face as a result of DIY accounting.
Although many businesses think that it is unnecessary to hire an accountant, what they don't realize is the time and money that it can save them. In 2013, US businesses were hit with $7 billion in civil penalties from the IRS. [1] Although your business may not currently be apart of the plethora of businesses that have received a spine, as your business grows, it is imperative that the accounting is in order to eliminate the risk of the IRS finding something amiss in an audit.
With an accountant as your financial advisor, you can assess the fiscal health of your business and navigate the hurdles as they occur in real time. You get the benefits that come from a collaborative approach as you can consult your accountant on any business decision that you make.
This allows you to calculate any potential implication or consequence that may arise with every significant move you make. By working with an accountant, you can get a macro view of your business.
Hiring an accountant is very important to help you get time back to work on your business, reduce the stress of IRS trouble, and provide you with a financial advisor. If you realize the important of getting a good accountant then schedule a free consultation with our team today.
