When you have a small business, it’s easy to give in to the temptation of taking on as many roles as you can by yourself. You are the small business manager, executive, financing department and so on.
However, the benefits of hiring an accountant for your small business could outweigh the monthly pay required by leaps and bounds. Here’s why:
Better Time Management
Dealing with daily transactions, invoices and balancing your books will take up a substantial amount of time which you can utilise fully to grow your business to thrive and get profitable. Let accountants take care of what they do best, and you can focus on other major tasks!
Company Legal Structure
Should your business have a sole proprietor legal structure or a limited liability company structure? Depending on your desired business growth, you might be better suited for a different company legal structure. Let the accountant advise you on the available legal structures and the one that suits you best!
Buying & Selling Businesses
If you are not starting up your own, an accountant can help you to decide whether a business is worth purchasing; they will ensure that the company’s accounts have a good record and advise you with it.
If you are thinking of selling your business, your accountant will put your financial records in order for you and provide clear statements for any interested buyers.
Your accountants can make sure that your independent contractors are correctly classified, so that you do not need to worry about ATO. In fact, your incomes and taxes will also be managed by the accountant so you won’t need to worry about losing out on any tax returns or incorrect tax filing!
Forms & Applications
Forms can be confusing when you are running your business. An accountant is familiar with the business setup process and can determine when you should send in your forms, and to whom. This can save you a lot of reporting trouble in the long run. This includes all the required paperwork.
Business Strategy Development
Accountants know what insights to look out for that you should focus on. These accountants can set key performance indicators (KPIs) for you to assess how well your business is performing, and you might even be able to get yourself a neat accounting software dashboard from which you can get a good overview of your KPIs anywhere, anytime!
As your small business grows, you will need to hire a few more staff to support your business needs. The best staff to start with will be an accountant to manage your company’s financial affairs for you! Even delegating tasks to the right people is a good skill to have, so you will be taking a good step with this simple move.
Taking on a Franchise
How sure are you that the franchise you are interested in will be providing good returns? An accountant can look through a franchise contract for you, find out about the fees and percentages that will be charged to you, and give you an estimate of your earnings so that you can make an informed decision on whether or not you’d still like to take on a franchise business.
Cash Flow Management
Accountants are better equipped with the knowledge of how revenues and costs vary along with the seasons, and they can advise you on whether you should make that next big purchase or spend slowly for a certain duration. Let them make payday easier for your business and you!
Who better than accountants to tell good debts from bad ones, and find you the best loaning strategy for your business? Accountants can make informed decisions on whether loans should be taken for a certain business investment and develop a strategy for you to pay it all back too!