Behind Every Successful Business is a Great Accountant
In today’s world, the need for an accountant is a must especially if you want to establish and run a successful business as accountants are those people within an organization that look after your accounting and bookkeeping, and tax functions. These functions can be described as ‘essential’ for running a successful business mainly because these functions help businesses in making important decisions that can have a significant impact on their profitability and sustainability. This is why it is said that “Behind Every Successful Business There is a Great Accountant“
There are a lot of individuals and enterprises that don’t have an accountant but need one on a daily basis. This is because the first thing owners of most start-ups think as to how to keep expenses in control, and in doing so they may end up doing everything, including the accounting, by themselves. This ultimately can impact an entity’s ability to be profitable, attain growth and be successful in the long term.
So to all those individuals and enterprises that aren’t sure whether hiring someone to do their accounting and bookkeeping is important or not, take a look at the list of some of the major reasons for hiring an accountant with sound accounting skills and knowledge:
It is important for businesses to know the areas where they should cut their costs as well as the areas where they should spend more. Accountants with extensive accounting knowledge and experience can help you in reducing your costs by analyzing your business data and information and comparing it with the market trends as well. Some examples of this would be extraneous staff, excess inventory, and too-high overhead. Naturally, lower costs mean higher profits.
Save Valuable Time
Whether you’re a sole trader, own an SME, or run a limited company you should be focusing on tasks and operations that enable you to attract more business, generate more funds or complete the existing contracts and tenders. Signing cheques, recording transactions, filing tax returns, and preparing financial statements probably don’t fall in any of the above-mentioned categories of tasks.
Handing over these important but time-consuming tasks to an accountant will allow you the time and mental space you need to grow your business and operations by innovating new products and services, extending your market reach, and creating unique strategic partnerships. Most accounting firms will handle any level of audit, accounting, and tax needs from daily bookkeeping tasks to filing annual tax returns.
Completing Complex Accounting Tasks
As an owner or a chief executive of an entity, you will have detailed knowledge of your industry, your policies and procedures, and your customers and suppliers. Similarly, accountants understand accountancy inside and out and they use their accounting knowledge and skills to complete your complex tasks in an efficient and effective manner e.g. understanding the difference between IFRS and US GAAP.
If you’re doing your own accounting then you may have come across situations where you were required to complete a complex and challenging accounting task in a specific time period. Perhaps, you made a mistake while doing that task and now are finding it difficult to fix it or you were actually able to complete that task but it took you a long time. Just remember that there are accounting and tax firms that are there to help you with your tax and accounting.
Help you in Growing your Business
An accountant with extensive knowledge and skills can help you in a lot more ways than you can imagine. Accountants can help an entity in restricting its debt, re-aligning prices of products and services, and identifying unprofitable products/ services, business divisions, and business ventures. In short, good accountants having solid accounting knowledge and years of experience together with in-depth know-how of your business can help you in attaining growth and success in the long term.