As entrepreneurs, we love being in control which means doing everything ourselves. This is a recipe for disaster, and it is one of the greatest downfalls for small businesses. The key focus of every entrepreneur should be to grow their business and taking on administrative tasks shifts your attention from your core focus. Yes, you can get away without an accountant in the start-up phase of your business, but as the business grows, you will likely be handling more invoices, dealing with more accounts payable, more staff to pay and most importantly SARS. You also need extra support to guide your business decision making and who better to assist than an expert?
Having an internal accountant comes at a cost not affordable to most small businesses, however, you still need an accountant. A good accountant will not only meet your compliance needs as a business but will provide you with the following:
The relationship between you and your accountant will prove to be a very important one and over time they will become your trusted partner. One of the key roles of an accountant is to give you the advice you need to structure and run your business in the most tax-efficient manner. Your accountant can advise on everything, from the most economical way to acquire assets through to how to manage your staff in order to optimise tax advantage. As a rule of thumb, your accountant should be able to at least save you the cost of their fees through the advice they give.
Most decisions, if not all, that you will be making in your business affect your profitability, therefore in order to make any business decision you need to have access to up-to-date financial information. An accountant will make sure that you have all the right financial information for your purposes. Not only that, they will be able to assist you by interpreting your numbers and assist you with forecasting and providing guidance on other financial matters affecting your decision.
Having a bookkeeper is great in your business, but bookkeeping is only a start towards having a good financial management system. An expert accountant will work with your bookkeeper and will assist you with full management reporting packs designed to help you with your compliance needs and decision-making needs. They can offer guidance in the design of your finance-related internal controls and they can help you to ensure that you have systems that are easier to administer and less costly.
All of the above can be obtained at a monthly accounting service package which is a fraction of what it could cost if you were to bring these services inhouse. If you are careful in picking the right accountants, you can find ones that are able to provide you with expert targeted advice that can really make a difference in your profits and in how you run your business.
The Accounting Village has a team of expert accountants who are dedicated to making your business a success. For more information on our services and pricing click here. You can also get in contact with us here to start your journey towards peace of mind outsource your accounting services today.