A recent survey has shown that 71% of small businesses are currently using the services of an outside accountant and 66% began using them during the start-up phase or within six months of establishing the organization.
Larger companies often have in-house accountants; however, this is an expense that most small businesses cannot afford. Of course the owner of the business can’t afford to spend all of his or her time on accounting either. In order to achieve success, someone has to manage the books in addition to handling taxes and ensuring the financial records are well kept.
It is because of this that so many small businesses call upon the services of an outside accountant.
“How can small business accountants help me?” I hear you ask.
- Bookkeeping Basics. Accurate financial records are essential. Every financial event related to your business should be tracked. Without that, it’s almost impossible to make sound budget or growth strategy decisions. Improper bookkeeping can also cause a major financial crisis and even bankruptcy.
- Taxes. Being aware of the ever-changing tax laws is almost a full time job. Small business accountants keep up to date with all of the rules and regulations and have the appropriate tax knowledge that can save you thousands of euros over time. They can also save you plenty of stress and headaches by warding off tax troubles. You won’t have to worry about making errors on your tax forms or missing out on important deductions when filing taxes either.
- Valuable Advice on Long Term Business Strategies. Small business accountants can act as an advisor and assist in appraising viability of future projects as well as financial forecasts.
- Saving Time. It may be a cliché, but it’s true. In business, time is money. By utilizing outside accountants, you can breathe easy knowing that an expert is managing the finances, allowing you to focus on what you do best.
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