The decision to hire an accountant/bookkeeper is an important one for a business owner to make. Not only can hiring an accountant/bookkeeper free up some time for the owner, but also accountants/bookkeepers have specialized skills and knowledge that can be a significant asset for a small business. Here are five of the ways that the specific skills of an accountant/bookkeeper can help a small business to succeed.
An accountant/bookkeeper will be able to prepare professional looking reports for the business. While this may not seem like a big deal, in many cases it is. When a small business owner contacts a bank or other financial institution to apply for credit, having a professional looking financial report can make the difference between getting approved or denied for the loan. Having standardized financial reports will also reduce the chances of governmental compliance issues, as the accountant/bookkeeper will be familiar with how the agencies want the forms to quickly access the needed information.
Taxes are not just something that a small business owner should think about on a quarterly basis. As a business begins to grow and expand, certain steps can be taken to lessen the impact of federal and provincial taxes on the business. By lowering the amount of taxes that a small business should pay, the owner can use the savings to grow the business even more quickly. A properly trained accountant/bookkeeper that is familiar with the business can help the owner to find ways to save money on taxes now and in the future.
Though a business owner may be an expert in his or her industry, chances are he or she is not an expert on taxes and financial reporting. However, an accountant/bookkeeper is an expert on these issues. Just as business owner must keep up with changes in his or her industry, an accountant/bookkeeper spends time staying informed of changes that impact the field of accounting. By turning over the oversight of taxes and financial reports to an accountant/bookkeeper, a business owner will have more time to effectively manage the business into the future.
Accountant/bookkeepers are just as concerned as business owners about accurate records. Accurate records make filing tax statements and other financial reporting documents easier while greatly reducing the chances of making a mistake. An accountant/bookkeeper can recommend record keeping procedures and even software that will reduce the amount of time it takes a business to maintain records and reduce the amount of time that it will take the accountant/bookkeeper to process these records.
An accountant/bookkeeper offers a business owner access to a perspective from outside of the business. This can be important in many ways. An accountant/bookkeeper may spot business trends that the owner is missing or uncover potential problems or overlooked opportunities. The accountant/bookkeepers outside perspective may be one of the biggest assets that the accountant/bookkeeper can provide a small business owner. This is due to an accountant/bookkeeper’s background of working with other companies and knowing what has and has not worked in the past. While this is generally not an official duty of an accountant/bookkeeper, some informal advice or suggestions from an accountant/bookkeeper can lead to large profits for a business owner.
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