When you need something handled in the most professional and efficient way possible, you turn to an expert. Dealing with money is no different. There are plenty of business owners out there that have a vague understanding of accounting. One might think that they can save money by briefly learning Quickbooks and managing things themselves. The question then becomes, are you really saving money? In most cases, you are doing quite the opposite.
Missed Opportunity
One thousand small business owners were surveyed in OnPay’s 2019 Small Business and Finance Report. 87 Percent claimed they could turn to their accountant for a wide range of business advice and that they acted as a trusted advisor in many instances. Still, the statistics show that only 30 percent of all small business owners chose to have an accountant help them out on a regular business.
Costly Mistakes
It is often said that unforeseen expenses are a top financial challenge for many small businesses. Add in business and personal expenses getting mixed up and payments not being received promptly, and this combination can cause substantial economic damage to a business. Having a skilled accountant on board can vastly eliminate these things from happening. The money you will save avoiding these mistakes and penalties often time far outweighs the initial expense of hiring someone in the first place.
More Than Just Tax Prep and Bookkeeping
Accountants often offer a wide variety of services that are beneficial to a business, such as:
Helping choose a business structure.
Reporting and analytics.
Cash flow management and forecasting.
Processing of payroll and associated filings.
Tax preparation and strategies to save money.
Account receivable collections.
Many other business consulting opportunities.
Leave it to the Pros
Although you might think you can do the job yourself, please don’t! Accountants offer a wide skillset that's sure to enhance your business’s productivity and profit. Having someone you can turn to with a vast array of knowledge and expertise in the financial realm is priceless.
The read the full article: Why Should You Have An Accountant For Your Small Business?