Many business owners see an accountant as someone who keeps track of accounts payables and receivables, and makes sure that the business taxes are paid. However, a good accountant can be so much more. They are like a business partner, where they help your business become more financially efficient and take advantage of tax laws.
An experienced accountant is very valuable as they can help you make the right business decisions by providing strategic and financial advice while reducing your risk for your company. An accountant can be someone who wears many hats for your business, such as:
Business analyst: An accountant is trained to identify specific business challenges and provide solutions. By understanding your business and industry they become valuable as they can provide you with advice on the best financial strategy to take. They will help you create accurate financial information which will help you in analyzing your business performance. You can also assess what you have achieved as well as provide accurate forecasting for future growth.
Financial operations: An important part of an accountant’s job is to set up an accounting system including providing you with financial analysis and data. But, most importantly, your accountant can provide you with financial advice that can help you manage your business better - such as budgeting and cash flow forecasting.
Tax advisor: No matter how good you are with your company’s financial operations, there will be times when you will need the help of an expert. By taking advantage of an accountant you can be better prepared to deal with the complexities of small business taxation. They would be able to provide your business with advice and help restructure your business operations so that you can minimize your taxes and increase your profits.
A professional accountant adds tremendous value to your business through finding ways to:
• save money,
• lower your tax rate,
• increase profits
• and provide you with the financial information so that you can grow your business.
They can also help you analyze the numbers and use them to make more strategic decisions. Unfortunately, many small business owners fail to realize that working with an accountant is one of the most important business decisions that they should make - and not only during tax time.