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ARE YOU A NUMBER-CRUNCHING TYPE OF PERSON?
While there are definitely people who like– even love– playing with numbers, facts and figures, there are many more who don’t have much appreciation for that sort of thing. Many small business owners want to focus purely on their actual business and the growth thereof, and aren’t terribly interested in accounting.
Lucky for them, there are Professional Accountants to help.
MORE THAN A TAX EXPERT
Some might feel that having an Accountant take care of their financial matters isn’t their best option. They want to do everything themselves, because their small business is, in essence, their baby. It is hard to trust someone else with your baby. Having an Accountant take care of your finances, however, is really not so different from delegating a given task to any other employee, and a Professional Accountant is there to make your life easier, allowing you to focus on the things that matter most to you.
Many owners of new small businesses are not fully aware of all the potential pitfalls that await them and may be unfamiliar with all of their financial obligations. An Accountant can help you navigate the rough waters of your business’s early days and help you get on course. They are more than tax experts.
That said, they are tax experts, and having one to help you plan out your current or upcoming financial year can help reduce the taxes that you will be expected to pay. Working at your side over the course of the year, your Accountant will be in a strong position to quickly and easily file your taxes, ensuring that you don’t pay more than you are required to.
Taxes aside, however, an Accountant can help you in ways that you might not have considered yet, especially if you are just starting your business. They may, for example, have some advice that will help you start off right, laying the groundwork for any future plans you might have, especially in regard to your company’s growth and expansion. If you are unsure of the ownership structure that would be best for you, they can give you the insight needed to make a decision.
An Accountant who is with you at the start of your business can also aid you in setting up your accounting system, which will aid in your end-of-year financial reporting. You will find it much easier to avoid potential issues than to try to fix them at some point down the road.
AN EXPERIENCED VIEW
If you are a new business owner, or if you are still relatively inexperienced, an Accountant will be able to offer you an informed view on your financial transactions and any decisions affecting the money flow of your business. They can look for things that you may have overlooked or not been aware to even look for. If they have had experience in helping other small businesses grow, that will have knowledge into the process of developing your enterprise.
An experienced Accountant that has worked with other companies will also likely have knowledge of, and contacts in, numerous other industries, which may prove valuable to you as you grow and expand, granting you a broad base of knowledge and expertise to draw upon.
You will find that, even outside of doing your taxes, a Professional Accountant will have a great deal to offer you in the development of your business.
***This blog is for information only and not to be used as tax advice or planning without first seeking professional advice. Information is subject to change without notice.