Small businesses typically try and minimize their workforce. This makes sense. Labor – especially skilled labor – is very expensive and constitutes a large portion of many small businesses’ outgoings. The help of an accountant, however, should never be passed up. Here are 4 reasons why every small business owner should seek the help of a competent accountant or accountancy firm.
Handling Growth Transitions
Almost every small business owner is very keen on growth. By many people’s standards, growth is the most important measurement of a business’s success. Growth, however, can be a difficult thing to deal with. As a company grows, finances become more complicated. Extra staff needs to be hired and paid, new modes of production and marketing need to be explored, and more complex taxes need to be paid. A good accountant will be able to help a business deal with the complications associated with growth.
Dealing With Complex Taxes
Complex taxation can be incredibly draining for small businesses. In the United States, 77 percent of small business owners reported that taxation was a financial and administrative burden, according to a recent article posted by Forbes Magazine. Taxation is never simple and can be especially hard to deal with for growing small businesses. One of the primary reasons for investing in a good accountant is to remove the burden of taxation compliance from members of staff that could be useful elsewhere. Accountants will crunch numbers and keep up to date with the latest tax legislation in order to keep your business on the right side of the law. They can also help with identifying areas in which you can pay less tax.
Worthwhile Advice
Accountants are financial experts. This means that they can act as sage advisors in many circumstances. Accountants have to undergo a relatively intense regime of training in order to become qualified. In Canada, there is a strict set of standards and evaluations for people wanting to become Chartered Professional Accountants. Any qualified CPA will have enough experience to give you sound financial advice. Companies like Dean and Associates Accountant Mississauga act as parent organizations that contain multiple professionals – allowing you to choose an accountant that has specialist financial knowledge relating to your field of business. Choose your accountant carefully: if they have experience in your field, then you are far more likely to receive useful advice from them.
Time Is Money Even if numbers are your bag, it is unlikely that your time as a small business owner is best spent pouring over numbers and data. You need to have a good understanding of your actual role in a business. Setting limits is important. Hiring an accountant is a good way of making sure that you do not waste your time crunching numbers instead of leading your business strategically. Time, as they say, is money. If you are the person responsible for the strategic vision of your business, then your time is best spent making sure that your vision is exacted.
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