We all know what an accountant is supposed to do, right? They take a look through your accounts, ensure they are in good order and make recommendations based on their findings.
Either this or they help you to fill out tax returns, advise you on your tax obligations, or advise you on how to achieve your personal finance goals.
In fact, it turns out there are quite a lot of different things that an accountant does for you, and if you are a business owner who is serious about being successful, seeking a good one out should be a top priority for you.
With all that said, many people still decide to manage their own finances, doing their own bookkeeping, filing their out tax returns, etc, etc.
We get it, you want to save yourself some money, but in reality you are actually missing out on all the ways that an accountant can save AND make you even more.
Different ways an accountant can make you money
They will streamline your accounting services
We all know that time is money, right? Well, using an accountant will free up your time, taking away tasks such as generating and interpreting financial statements, and leaving you free to run your business.
Even better, with a highly trained professional on the job, all of these tasks will now be done faster, and more accurately than ever before.
You might find it difficult to give up control of this task if you are someone who likes to be in control of each and every detail of your business, but this really is one of the best things you can do for the good of your company.
They will protect you from tax problems
A tax return accountant really is a blessing to have in your corner, saving you one of the most annoying and potentially hazardous task that any business owner is required to perform.
Not only will this save you time, and therefore money, but a tax accountant can often find ways to reduce the amount of tax that you have to pay. There are all sorts of incentives out there for businesses if you know where to look, and tax accountants have been trained to know exactly where to look.
Avoid financial penalties
With the legislation surrounding account submission and tax returns constantly changing, it can be incredibly difficult to keep up on your own.
Fail to do so though, and you will swiftly find yourself in some seriously challenging legal waters and could be hit with a large fine or similar sanction.
Unlike you, it is an accountants job to stay full up to date with all the latest rules and regulations and help to ensure that their clients do not fall foul of them.
Help you secure funding
If you need a loan or are seeking outside investment, an accountant will oversee your account and application preparation to ensure that you give yourself the best possible chance of being successful.