When you’re starting a business, there are a lot of important decisions to make. One of the most important is whether or not you should hire an accountant. Many small businesses think they don’t need one, but the truth is that most of them do. In this blog post, we will discuss the benefits of having an accountant and why 89% of small businesses say they are more successful with one by their side! As a small business owner, you have to wear a lot of hats. You are responsible for everything from marketing and sales to product development and customer service. It can be tough to keep track of everything, let alone stay organised and efficient. This is where an accountant comes in.
An accountant can help you keep track of your finances, prepare financial statements, and file taxes. They can also offer advice on how to save money and reduce expenses. In short, they can take a lot of the work off your plate so that you can focus on other aspects of your business.
Not convinced yet? Here are some statistics that might change your mind:
– 89% of small businesses say they are more successful with an accountant by their side
– 83% of small businesses that use an accountant feel more confident about their finances
– 79% of small businesses say they save time with an accountant
As you can see, there are many benefits to having an accountant on your team. If you’re still not sure if it’s right for you, we recommend scheduling a consultation with one. They will be able to assess your needs and give you personalised advice. In the end, only you can decide if hiring an accountant is the right decision for your business. There are a few different ways to keep your books, and you don’t necessarily need an accountant. If you have a small business, you can probably get away with doing it yourself. There are several software programs that can help you with bookkeeping, and they’re not too expensive. Of course, if you have a larger business, or if you’re not comfortable doing your own bookkeeping, then you will need to hire an accountant. An accountant can also help you with tax planning and preparation, which can be extremely helpful.
So, do you need an accountant? It really depends on your situation. If you have a small business and you’re comfortable doing your own bookkeeping, then you probably don’t need one. But if you have a larger business, or if you want someone to help you with your taxes, then an accountant is a good idea.
Your accountant will also prepare and file your taxes. They can recommend you on how to structure your business to minimise your tax liability. And they can help you plan for upcoming expenses so that you are not caught off guard. But the most important thing an accountant can do is provide advice and support. An experienced accountant will have seen a lot of businesses, both successful and unsuccessful. They can offer insights and advice that you may not have considered.
If you are thinking about starting a business, or if you already have a business, it is important to find an accountant that you trust. A good accountant will be worth their weight in gold. Austral Accounting has a team of experienced professionals that can help you with all your accounting needs. Contact us today to learn more. We would be happy to answer any questions that you may have. Visit our website or give us a call today.
Austral Accounting will:
Set up and manage your bookkeeping software. Bookkeeping software can be a great tool for businesses, but you need to make sure that it’s set up correctly. The correct chart of accounts will help your accountant categorise and optimise transactions faster!
Create information out of the bookkeeping data. The data from your bookkeeping will turn into informative statements that help you run a successful business. This includes financial reports, cash flow analyses and profit loss statements which are all based on the information compiled in previous steps of accountancy-Bookkeeping start here but an accountant makes it more than just numbers by turning them into useful intelligence for running things smoothly
Advise you on your business entity/structure. A business’s structure can have a significant impact on their operations and profitability. If you’re new to the world of entrepreneurship, it might seem like there are limitless possibilities when considering how your company will be structured; however – in reality- only two types exist which offer distinct advantages as well disadvantages depending upon what type is chosen for each enterprise: sole proprietorships vs corporations with limited liability or corporate organisations. The decision between these options should come early during planning stages because once made final any changes require an expensive rewrite altogether!
Help you make critical business decisions. The key to running a successful business is understanding that you can’t do everything at once. Your accountant will help ensure your decisions are profitable and support long-term vision, so they don’t distract from what’s important in this moment – making wise use of both time and money!
Manage expenses and save you money. Accountants can help you find ways to save money on the things that matter most. They’re used by many different businesses, so they know how each industry operates and where someone might be wasting their time or resources compared with other companies in similar trades.
Design your strategy and business plan. If you’re an entrepreneur, then your accountant is a great resource to help develop and manage the plan for growing businesses.
Help you raise money and engage with your investors. If you are considering raising money to fund your business, having an accountant on your side is vital. A good accountant will help you prepare for due diligence and all other aspects of the fund-raising process. They will help you present the best case for investment, structure the business so that it is ready to receive investment, and help you manage the money once you receive it.
Manage your compliance needs. The process of running a business requires complying with a long list of regulations.
There are a number of reasons working with an accountant can help your business be more successful. They can help you save money on taxes, manage your finances more effectively, and offer expert advice when you need it. If you’re not sure whether or not working with an accountant is right for your business, consider these three things:
Do you have the time to manage your finances? If you’re like most small business owners, the answer is probably “no.” An accountant can take care of all the financial details for you, so you can focus on running your business.
Are you comfortable dealing with numbers and financial statements? If math isn’t your strong suit, then an accountant can definitely help. They’ll make sure your financial records are accurate and up to date, so you can make sound decisions for your business.
Do you need help with tax planning? This is one area where an accountant can really save you money. They can help you take advantage of all the deductions and credits you’re entitled to, so you can keep more of your hard-earned cash.
If you answered “yes” to any of these questions, then working with an accountant may be a good idea for your business. When it comes to making financial decisions, it’s always better to have someone on your side who knows what they’re doing. So, if you’re not sure whether or not an accountant is right for you, ask yourself these three questions.