To take your business to the next level you need more than passion. A trustworthy team of people is mandatory for your business to succeed. A key role that is commonly overlooked is the role of a business’s accountant. Inexperienced entrepreneurs often limit their accountant’s role to creating and submitting their accounts and tax return.
However, an exemplary accountant will provide you with a wide variety of value-added services that will help you comply with up-to-date regulations, save money, reduce workload, allow you to make real time decisions, plan ahead and show you a few things on the way.
This article details the top 5 crucial actions that having a great accountant will enable.
1. Get all your deductions
You can complete your 2021 financial year tax return now, and people are looking to move fast. Most business owners are frantically thinking about how they can maximize on their deductions, but they have missed the boat for the previous financial year. It is always good to start thinking about these things now so that you can act accordingly.
An accountant can support you by easily identifying these potential deductions throughout the year and advise you on how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses, and home office space. Everyone who’s eligible should be claiming these deductions!
2. To help you reduce your workload
Once your business takes off, you’ll need all your time to run day-to-day operations, rather than be occupied with things like bookkeeping. Similarly, as the business finances become more complex, you’ll almost certainly need a specialist to take charge of them. Hiring an accountant will help you manage operations by recommending process improvements, take over the financial and tax obligations and introduce you to tools that can help you save time while also saving you money.
3. Make real-time decisions
It seems to be a common theme that business owners cannot easily calculate the potential consequences and implications of making a big office purchase or hiring more employees. With a great accountant, your numbers should provide visibility, enabling you to make these decisions with confidence.
4. Plan for the future
An additional benefit of hiring a great accountant is getting advice on how to plan. Together, you can pull reports from past months and analyse the past performance of your business. Doing this will allow you to forecast and budget, which are extremely important for business position analysis.
Your accountant is not fully occupied by the day to day of your business, they can take a step back and objectively look at the big picture to find the best way to support the longevity of your business.
5. They Can Teach You Best Practices
Accountants are well rounded and have exposure to multiple different industries. With this, it allows them to know what works and what doesn’t. With this, they can bring things to your attention that you may not know even existed! They will teach you best practices with things like your expense tracking and bookkeeping, but their additional value adding capability is endless.
There are so many things to consider when running a business. In saying this, it’s crucial that you prioritise key players that will not only value-add but will also aid in the success and growth of your business. One of these keys to success is an accountant they are responsible for so many things and can help you with compliance, saving money, reducing workload, make real time decisions, plan ahead and show you a few things on the way.