5 Reasons why you should hire an accountant for your small business
These are our 5 ways you will benefit from hiring an accountant to handle the financial side of your small, growing business.
Small business owners play a huge role in South Africa’s growing economy. They create jobs, often filling the employment gap left by bigger companies and they offer the kinds of products and services, as well as a personal touch, that other companies simply cannot.
And yet for all the value that small businesses provide to their communities, their owners can on occasion be unaware of how they can actually make full use of a qualified accountant to improve the business and make it stronger.
Hiring an accountant is seen as something that only bigger businesses do. As smaller businesses don’t have huge expenses, those running the company will try to undertake the financial management on their own, and in some cases place themselves at a distinct disadvantage.
If you are a small business owner, thinking about whether or not you should hire an accountant, here are 5 reasons why it might be the best thing you could do.
1. Minimise Stress
When you are doing your own accounting and bookkeeping, you are really taking on loads of stress that can be easily avoided.
Being able to hand over the financial side of your company to an accountant who has the knowledge and experience to work your finances out on your behalf, you will be taking the pressure off of your already busy mind.
2. Business Support
Growing a business, especially if it is a relatively new one, is something that requires plenty of support and understanding. An accountant, with their experience in working with a wide range of companies spanning numerous industries, will become a great ally in terms of giving support, advice and direction, as you work on your evolving business plan.
While there are those companies that can quite easily launch with minimal financial capital, if you are not one of those lucky establishments, you will want to take out a loan. But in South Africa, funding for businesses is not always within reach, and you will be up against some stiff competition.
Having an accountant on your team, even if they are working from the side lines, increases your chances of securing the funding you need.
As accountants are working with books and spreadsheets on a day to day basis, they can see what works and what doesn’t. This makes them pretty exceptional when it comes to giving advice and when you hire an accountant for your small business, you can fully benefit from the experience and information that they have to share.
5. No Errors
From calculating the wrong amount of taxes to pay, to paying your employees late or the incorrect amount, when you hire an accountant for your small business, you won’t have to worry about making these costly errors that you might well end up having to pay someone else to fix.
At Austral Accounting, we have a range of accounting services designed with the small business in mind. You can get in touch with our highly experienced team via our website.