Written By: MB Group
If you’re like most business owners, you’re consistently looking for ways to increase profits, lower tax liability, drive more efficient growth, and find more time for life. Fortunately, you don’t have to look much farther than an accountant! Simply put, there are a vast range of reasons to hire an accountant, and the experts at MB Group have provided a few of the top answers to “Why should I hire an accountant?”
Time isn’t just money — it’s a vital currency necessary for your small business to grow and develop. Without dedicating time to your business, it’s virtually impossible to succeed. And when you consider work-life balance, most business owners struggle to find enough time in the day.
However, when you partner with an accountant, you can remove a gargantuan business management aspect off of your plate: finance. Accounting tasks that include bookkeeping, tax returns, establishing financial targets, recording receipts, and other simple responsibilities can all be shifted to a dedicated professional. This way, you can dedicate more time to growing your business, team building, spending time with your kids, playing rounds of golf — or all of the above.
While tax returns may seem relatively easy, they are usually not. In fact, the most successful businesses don’t wait until tax season to begin preparing: they plan all year long. One of the top reasons to hire an accountant is that you'll enjoy a professional utilizing their expertise to help you minimize your tax liability. In addition, your accountant can provide invaluable advice on purchases and decisions you make throughout the year that may or may not affect your tax liability. In the end, your accountant can help you slash your tax liability to free up funds that can be used to reinvest in your business or yourself.
One reason to hire an accountant is to keep a solid grasp on your business financials at all times. By working with an accountant, you’ll have an expert set of eyes tasked to remain focused on your monthly reports, which can result in valuable insight and business intelligence. An experienced accountant won’t only create valuable reports, but they will be able to interpret these reports to help you make better decisions. It’s simple “if you don’t measure it, you can’t manage it,” but when you work with an accountant both are much easier.
By partnering with an accountant, you’ll enjoy an experienced professional dedicated to keeping themselves clued-up on the financial well-being of your business. As a result, they are much more likely to recognize unnecessary outflows of cash that you may miss as you look to grow your brand. For instance, an accountant can easily spot regular payments made to suppliers that you may no longer need to make.
These payments can easily be overlooked by you and simply accepted as an expenditure — but not by a dedicated accountant. In either case, an accountant will vigilantly watch cash inflows and outflows, ensuring you’re receiving monies owed and not overpaying or paying monies undue.
Your ability to manage your cash flows can either make or break your business. If you peel the layer of any healthy and successful business, you’ll find a business owner who has a steady hand on the cash-flow wheel. By partnering with an accountant, you'll be able to confidently answer some of the most critical cash flow questions that can dictate key business decisions. For instance, an accountant can use cash flow statements to help you answer:
All of these answers are directly related to your cash flow picture and can be located in financial reports. Your accountant is there to help you plan ahead, maximize profitability, and avoid any unwelcome surprises.
While there are countless tangible reasons you should hire an accountant, one of the most understated reasons is the superior peace of mind. By working with an accountant, you’ll have an experienced professional handling one of the most confusing aspects of business: the financials. This way you can enjoy a greater peace of mind and spend more time doing what you do best.
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