Why Pay for Accountant Services? Five Compelling Reasons.

 

Image by Steve Buissinne from Pixabay

You've got your fledgling business up and running, or you've been running your own company for years.  You know arithmetic.  Your books aren't that complicated, right?  Why would you want to pay for a professional?  

Actually, there are lots of good reasons to hire accountants services.  Here are five you should consider.  

Taxes are Complicated

Are you sure you are getting all your deductions?  Are your deductions or charitable donations sending up any red flags that might cause an audit?  Are you prepared if an audit does happen?  Have there been any regulatory or legislative changes?  A whopping 74% of small business leaders don't know how ghost assets impact their books.  Do you?  An accountant will keep track of all these things and more, and the service can pay for itself many times over.    

Informed Decision Making

Is now the time for that hire you’ve been thinking about?  Photo by Ketut Subiyanto from Pexels

Is now the time to buy that new piece of equipment or hire for a new staff position?  Can you expect more or less growth in the near future?  What seasonal changes impact your business?  Without someone dedicated to looking after the books, it can be hard to answer these kinds of questions.  But with professional accounting services, you can make great decisions and plan for the future with all the information you need at your fingertips.  

Financial Reports

Your business is accountable to many people, including its partners, investors, and even workers.  You need to be able to demonstrate that accountability at any time through professional financial reports.  Even a startup needs initial financial statements.  Investors will be much more comfortable investing in your business when it is apparent you are invested in clear, transparent, and professional financial reporting.  

Free up Time and Energy

Focus on growing your business, let someone else keep the books.  Photo by LinkedIn Sales Navigator from Pexels

You and your staff need to focus on doing what you do best.  Your time and energy, and that of your other staff members, is best spent improving your products, getting new customers, marketing your services, etc.  Ideally, every worker should spend most of their time doing what they do best, including you.  Don't take yourself or your staff away from their key roles to keep the books.  Hire someone who is specifically trained to do it efficiently and has all the updated knowledge to provide you with the best advantages!  

Increase your Income

Are you getting stiffed by a client?  Did a particular debt get paid, or did it gets lost in the shuffle?  What is a sound investment at this time versus a foolish one?  A good accounting service can improve your debt collection, oversee your accounts receivable, and give you sound advice on investments.  Are you charging the right amount for each of your products or services?  Can customers get them cheaper somewhere else, or are you charging far less than the competition?  Your accountant can keep an eye on market rates and help you to set yours accordingly.  

Overall, hiring accountants services usually provides a sound return on investment.  Barely half of small businesses make it past the five-year mark.  You can be one of them or keep your business strong and growing with the help of accountant services.