When you started your business, you may have been looking for ways to save as much as possible. Perhaps you’ve considered hiring an accountant but can’t seem to justify the extra expense. However, you could actually be saving your business money in the long run. Below are 4 reasons why you should hire an accountant for your small business.
1. SAVE MONEY
Accountants are experts in taxes. That means when tax time rolls around, you’ll be able to save money through tax breaks and deductions. In fact, in a survey of about 400 small business owners, over half of them believed they overpay in taxes each year. That same survey showed that accountants are the most important professionals for small businesses — ahead of attorneys.
2. REAP BENEFITS FROM GOOD BOOKKEEPING
There are likely lots of other things you’d rather do than perform the mundane tasks of collecting records, reconciling accounts, and everything else involved in bookkeeping. Hiring an accountant can save you from this work and allow you to focus more on running your business. There are accountants that offer tax preparation, bookkeeping, and payroll all in one place. This way, you don’t have to outsource important tasks to multiple professionals.
3. REDUCE YOUR CHANCES OF BEING AUDITED
Doing taxes on your own can set you up for many mistakes. If you’re not an expert in taxes, then it’s best to leave it up to the professionals. Otherwise, you might be putting your business at risk of being audited. Tax law is complex and changes each year. An accountant with an expert eye can catch miscategorized expenses before the IRS gets hold of your return.
4. IMPROVE YOUR FINANCIAL HEALTH
Working with an accountant can help you keep track of finances and help make better financial decisions. You’ll be more aware of possible unnecessary expenditures. Your accountant can also help you with financial forecasts, which can help you determine what decisions to make next for your business.
If you’re hesitant to hire an accountant, consider these benefits. You’ll likely be eager to reconsider.