How an accountant can help your small business to succeed

They say that behind every good business is a great accountant, and it’s true!

A great accountant does far more than save you money on your tax return - although that certainly is a benefit. Hiring a great accountant isn’t just about remaining compliant; it’s a big step towards improving the financial health of your business and continuously growing as you look to the future. Here's how an accountant, or we prefer Growth Partner, can help you crack the profit code. Accelerate profits and withdraw more cash without sacrificing the things that matter most.

Save Time 

An attractive benefit of working with an accountant is the relief of not having to do it all yourself. Accounting is difficult and notoriously time-consuming - there’s a good reason why qualified accountants undergo years of training. A great accountant will save you many many hours and allow you to get back to working on the business growth.

A Smaller Tax Bill

A great accountant won’t see you pay a penny more in tax than is strictly necessary. Many small business owners, despite their best efforts, end up missing out on tax deductions or incentives. The rules and regulations surrounding taxation are complex and ever-changing, so it’s best to have a qualified professional on your side who can help you to save you as much as possible.

Accurate Records 

It’s important to maintain accurate financial records to ensure that mistakes don’t spiral out of control. An accountant will ensure that your records are in tip top shape so you don’t end up with in tangled web of errors on your hands or worse, mistakes on your tax return that could come back to bite you. 

Financial Planning

Cash flow can be very tricky to handle and it’s often difficult for business owners to get a clear picture of how much money is entering and leaving each month. An accountant will help you to manage your cash flow and ensure that there’s always enough in the bank to continue operations, even when times are tough. This helps to keep your business stable and running smoothly. You’ll be able to offer both your staff and your clients a consistent and positive experience, maintain high levels of trust and loyalty with both. 

Furthermore, a great accountant helps you to plan for the future and make sage investments at the right time. They will use their financial awareness to help you to identify areas of improvement and plot for growth, so you’re not taking a shot in the dark. 

Advise on growth

Let’s dive a little further into growth. As a small business owner, you may be wondering how is best to grow your business without putting yourself at financial risk. This is where an accountant can be a valuable asset. A good accountant will take the time to get to know your business and understand your goals. They can then advise you on how to best use your resources to achieve growth and, to keep continuously growing. This may involve advice on financial planning, investments, pricing, and more. An accountant can also help you to identify any potential risks associated with growth and put together a plan to mitigate these risks. By working with an accountant, you can ensure that your small business is able to grow in a safe and sustainable way.

Marketing

It might not seem obvious at first that an accountant would be able to help with marketing, but they may in fact be able to advise you on where to spend your money and which practices aren’t generating a worthwhile return on investment. This allows you to focus on the marketing activities that allow your business to thrive and cut back on areas that aren’t serving you. Also, cash flow analysis can help you decide when to launch a new campaign and get a clear picture of the results. 

Financing 

Your accountant can help you understand your financing options and weigh up the pros and cons of each. They can help you to prepare the best possible case for potential lenders so that you get the best rates possible. All of this can be really helpful in terms of business growth. If you have existing debt, your accountant can help you to handle it in the most beneficial way possible for your business.

More time to focus on business goals

Business owners have a lot on their plate. You are often hearing many hats, responsible for managing employees, overseeing operations, and ensuring that the business is profitable. This makes it easy to get overwhelmed and lose sight of your goals. This is where an accountant can help. By keeping track of the financial details, they allow business owners to focus on the big picture. This results in you, having more time to work on the business, rather than just working in it. Working with an accountant free’s up your time so that you can focus on what's really important; growing your business.

Summary 

A great accountant is so much more than a number cruncher - they function as a partner and guide to support you to make the best possible financial decisions for your business. Whether you’re in the startup phase or looking to grow your business, hiring a quality accountant is a decision you won’t regret. 

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