When you get your small business up and running, you may not think that you need anyone to help you. After all, you’re the one with the ideas, the energy and the perseverance to see your company through to success. While you may not need to hire a wealth of employees, hiring at least one or two could be the smartest move that you make. Here are five reasons why utilizing the services of a professional accountant could be beneficial:
It’s not unusual for new business owners, or even those working from home, to neglect creating a sound business plan. An accountant can help you with this important step, constructing a plan that will help you make important business decisions in the future. An accountant can help you predict whether or not the things that you are contemplating will bring success or failure to your business, and can help tweak your plan as your organization grows.
Do you know how many assets you have? If you don’t, you better hire an accountant. Your accountant can not only become familiar with the assets in your business, but can handle them in a way that is more beneficial to you and your company. Once your accountant takes stock of all of the assets in your company, he or she can tell you where to invest your money and how to make more. Your accountant may also be able to guide you when it comes to insuring your business and its assets once the true value of your company is known.
While you may have filed your own, personal, taxes in the past, business filings are ripe with rules and regulations that you may not understand. Not only can an accountant make sure that your business tax filings are legal, but that you are getting as much money back as you deserve. Many new business owners become easily confused when it comes to what counts as a deduction, especially when working from home. In order to avoid drastic mistakes, for the good or the bad, it’s important that you allow a professional to file your business taxes for you.
Professional accountants have to stay up-to-date on the latest innovations in software and technology if they hope to stay ahead of the game. As a small business owner, you can use this to your advantage. By hiring the services of an accountant, you can be sure that your financial records are meticulously kept with the best software available. Instead of having to pay attention to the latest updates, you accountant can do it for you.
Accountants are often much respected in the business community. By hiring an accountant, and working closely with him or her, you will have doors open to you that may have otherwise remained closed. Accountants have their own customers with whom they can put you into contact, and associates that you may find helpful as your business grows.
While there are things that you can take care of within your business, there are tasks that you should leave to the professionals. By hiring an accountant, you can rest assured that your business will not only be legally following federal and state guidelines, but that your business will grow as large as possible.
Editor’s Note: Michelle Poland writes for finance blogs. If you’re interested in pursuing a degree in accounting but you don’t want to quit your job, check out the Masters of Accounting from the University of New England.