Tax season is the time of the year when most people realise they should have hired an accountant.
But as a small business owner, it’s important you realise that it’s not the only time you can take advantage of their service to make your finances hassle-free.
A good accountant can provide you so many things, such as giving you insights of things you may have overlooked and improving your financial technology, such as providing your company with accounting software such as Xero.
However there are other things you’re missing out when you don’t have an accountant…
You’re wasting time and money.
Time is one of the most precious resources you have for your business.
If you don’t have an accountant, chances are you’re wasting a lot of time in your finances, which in turn costs you a lot of money.
Some people don’t notice they’re missing a few weeks off of their payment terms.
With their cash flow back loaded in the month, they use credit cards when a debit payment would have solved the problem.
Aside from financial errors, you also waste time doing the books yourself.
You end up wasting 10 hours a month trying to sort everything yourself.
Time you could have spent on more important aspects of running your business.
Having an accountant at the right time will help you maximise your time, or even get your time back.
For ongoing financial reporting.
Technology has made the job of accounting a lot easier.
New apps and programs don’t only provide reliable accounting, they assist in helping accountants perform their duties better and faster.
They also allow accountants to have more time to take care of other important tasks about your business’ finances.
As soon as they get your bank reconciliation and receipt collection sorted out, they can start adding value.
This can be very important for aspects like inventory optimisation, financial forecasting, cash flow management, CFO services and more.
Reports of these things will only make your life easier.
Tax is not the game, it’s the score.
When you have an accountant year round, you’ll no longer fear the tax season, as all the work has already been done.
Running a business is not a sprint, it’s a marathon.
So if you want to save time off your race, you need to pay attention the whole time, not just in the last mile of the marathon, right?
Hiring an accountant at the last minute to try to get by is just foolish.
Having an accountant will keep your business on the right track all year round, help you find savings throughout the year, and most importantly, help you come up with the most valuable tax statement possible.
A good accountant hired throughout the year will have enough time to understand the business you’re running and help you make the most important decisions for your business.
A couple of years ago, New York Times listed poor accounting as the leading reason that businesses fail.
If you can’t get a good grip of your business finances now, no amount of tax work will save the business that you spend so much time, energy and money to build.
Your accountant doesn’t have to work full-time for you, but you need their support all year round, that’s why you need to build a good working relationship with them throughout the year.