With the widespread availability of accountancy tools designed to make basic accounting tasks easy for anyone to do, and with a calculator on every phone and computer, it is tempting for small businesses and individuals to manage their own accounts. However, there are a number of reasons why it is better to add an accountant to your staff rather than trying to double up on roles yourself, or asking your workers to do so.
Qualified accountants bring more to the table than just their ability to analyze your finances and many of the skills which an accountant learns are applicable to other areas of business. In this article we take a look at some of the most compelling reasons to hire a dedicated accountant for your business.
Financial Planning
An accountant will be able to look over your financial records and will be able to use them in order to advise you on how you can best manage your finances in the future. As well as having access to the right software, a trained accountant will understand how to perform the necessary statistical analyses of the data and will be able to find things in the data that the rest of us wouldn't even know to look for.
Legal Advice
Lawyers are very expensive, and the majority of small business has neither the funds to hire legal teams, nor the justification for doing so. However, when it comes to managing your company's finances appropriately, then there will be a set of rules and regulations at the state and federal level that you will be expected to adhere to. it is vital that you understand what these are, and an accountant can help to break it down for you.
Delegating
As a business owner, one of the techniques you have to master is how to delegate work appropriately. The day to day accounting tasks should have a minimal impact on the rest of your business and hiring an external accountant can help with this. However, if you have a particular employee who you think would be well suited to accounting, and they are willing to take on the role, then you should consider paying for them to study an online masters in accounting. Studying a Masters in Accounting Online is much cheaper than attending a traditional university and can be completed part time, meaning it doesn't have to stop them working.
Be Prepared
Having access to an accountant will give you peace of mind and ensure that you are prepared for any unexpected audits. You will also have a much greater chance of promptly gathering the necessary documentation for business loans and other financial transactions if you have a professional accountant to help you manage your finances and the accompanying records.
There are a number of good reasons why you should consider hiring an accountant for your business. Managing your own finances might seem like a great way to save some money, but in the long run you are running the risk of fines and other penalties if you don't report your income correctly.