When 45% of new businesses fail within their first five years, making the right business decisions from the beginning is going to help you out in the long run.
One of the best things you can do for your new business is to hire a business accountant. A lot of small businesses don’t think this is necessary, or not worth the cost. But this decision can help your business in so many ways, drastically improving its chance of success!
Keep reading for five reasons you should hire a business accountant.
1. Save Time
When you’re running a small business, every employee contributes a lot to the workplace.
So when you’ve got someone having to manage the finances for your business, it takes a lot of time away that they could be using in other ways. And the amount of time that it takes an employee to manage your finances is much longer than it would take a professional.
Hiring a business accountant lets your employees focus all their time and energy on your business. This leads to more efficiency and productivity.
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2. Avoid Errors
Those working at a business accounting firm have expertise from years of training. They can manage finances far better than you or your employees can.
This means the financial management is going to be of a much higher quality than when you handle it in-house. Whether it’s payroll management, financial planning, or tax-related, you can rest assured that your finances will be error-free.
3. Better Accounting Software
A business accounting firm is going to have the resources to invest in a much better accounting software system than you can. So hiring a business accountant means you benefit from access to improved software and technology.
This improves the quality of your financial management.
4. Reduce Tax Burden
A professional accountant knows tax codes inside and out. They keep up with the constantly-changing regulations and will ensure your business is compliant. They’re also able to maximize filing for returns and reduce the amount your company has to pay.
This ends up saving your business a lot of money.
5. Better Business Standing
There are deadlines that taxes and other financial information need to be submitted to the IRS. When you’ve got a business accountant, they ensure you’re meeting all these deadlines and don’t have any problems with your submissions.
Doing this ensures your company stays in good standing with the IRS. This is important for your business. It contributes to the legitimacy of your business and helps your chances of avoiding an audit.
Discrepancies and missed deadlines can flag your business as a problem to the IRS. A business accountant helps you avoid this.
Hiring a Business Accountant
These are just some of the benefits of hiring a business accountant to take care of your business finances.
From saving time and money to improving your business standing, a business accountant will have a positive impact on your business.
Contact us to get a handle on your financial tracking.