Reasons why entrepreneurs should hire an accountant
Taking into account the number of start-ups that fail in the first 3 years of business and the challenges that entrepreneurs face on a daily basis, it’s evident that start-up businesses must understand the importance of working with professionals.
Start-ups should consider the services of a business advisor to be an investment rather than an expense. An accountant‘s work is not just limited to compliance work. They should be considered as a year-round business partner, who can utilise their expertise and knowledge to help your business grow.
Accountants are no longer just bean counters. They are getting involved in all aspects of a clients’ business from marketing to human resources to see the ‘big picture’ in order to give useful advice for decision making and business growth.
Here are the reasons why all entrepreneurs should work with an accountant.
- A professional reputation
A good accountant can help you build your professional reputation. It is vital that a new business strives to build strong relationships with key players in their success e.g. the bank.
- A bigger picture
Entrepreneurs are passionate and visionary; their minds are filled with ideas to help their business grow. Most of the time, they can get too involved in managing the day-to-day operations of their business, accountants can share new perspectives from a different stand point. An accountant can give professional advice and helps you understand different aspects of your business.
- Greater insights
A good accountant may have worked with various people and business, they have insights on financial information from various industries. They have been exposed to the best practices of working for other business as well as the mistakes that have led to failure. An accountant can share information on how to avoid those failures and aim for success.
- Businesses need a plan
Many new businesses fail every year because they are quick to jump in – they do not have a good business plan. A good accountant will become a valuable partner that can help develop a road map to success.
- Tax compliance
Tax rules and regulations change frequently, entrepreneurs do not have the time to be continuously updated. An accountant can help with your tax issues and ensure that your business stays compliant.
- Analyse data for growth and profitability opportunities
Some entrepreneurs do not have the accounting background to analyse the large amounts of data and how to turn the data into valuable information. Accountants can analyse the data and provide insights into the business performance and identify potential opportunities for business growth.
- Simplifying your business operations
Many accountants have integrated the latest technology to make running small businesses easier. For example, using cloud technology has become an increasing trend as it allows for easier data accessibility and simplifying your business operations.
- The work-life balance
Often, some entrepreneurs find themselves having difficulty achieving the right balance between work and life. Accountants can help you take some pressure off your shoulders and free you up to focus on expanding your business.