5 Reasons Why A Business Accountant Is So Important

Posted on January 17, 2014 by goodaccountants.com

business accountant

When running a business it is quite tempting to cut down on costs and save up by managing the finances yourself. Most business owners do this and sooner or later they realize that it was wrong to do this. Financial aspects and matters of a business are delicate matters and they require a dedicated person to handle them. One person whose sole job is to manage, record, and give advice to the business owner about finances, should be there. It goes without saying that a business accountant is crucial for a business’s success and growth.

Why is a business accountant important?

1. An Accountant Helps Manage Expenses

This is by far the most essential role a business accountant plays. They help owners keep an eye on all the outgoing and overheads. Having a business accountant to do this can help business owners save a lot of time which they can use to work on growth and expansion.

Particularly in the first few months, a business accountant is vital for a business and they help it survive and excel towards maturity.

2. An Accountant Helps Cut Down Costs

Hiring a professional business accountant obviously means you will have to spend a substantial chunk of money. Look at it as an investment in the long term profitability and life of your business. Accountants are aware of the best legal loop holes from which businesses can benefit immensely to cut down on costs. They are also skilled at advising businesses from year-end accounts to tax returns and preparations which can significantly help you save large amounts of money.

If hiring an accountant as a full time employee is difficult for you, you can decide on a pay-for-services model initially, to keep track of how an accountant’s services can possibly excel your

business growth in the long-term.

3. An Accountant Gives Professional Advice

small business accountant

A good business accountant does much more than just keeping records. Knowing your business’s finances to the core, they can offer you valuable advice. Professional business accountants are experts at offering an unbiased and objective view of your business.

A business accountant can serve as an invaluable asset for startups and small business owners by offering the right financial advice that can help you stay in business for the long term.

4. An Accountant Will Save Your Time

Look at all the things an accountant can help you accomplish, and then look at your duties and the time constraints. It is often quite tempting and motivational for business owners to manage their own accounts but it is always advisable to delegate things to reliable specialists if you are serious about your business. This gives you a lot of time which you can spend on other business growth aspects.

5. An Accountant Helps You in Audits and Legal Issues

Getting audited and checked by government authorities is a nightmare for businesses whose accounts are managed by the owners. A professional business accountant will handle all your audit related issues in a better way. Given that they are efficient and well aware of all the records, you don’t have to worry about tax season or audits. Skilled accountants also offer you great advice on legal financial issues.

Finding the best suitable business accountant might seem like a difficult task. Once you do, your business is bound to prosper!

Why You Must Find an Accountant to Create a Successful Franchise

Posted on September 15, 2013 by goodaccountants.com

Starting a franchise can be an exciting venture, but one of the biggest factors for failure is franchisees who don’t understand the financial side of things. While you may have an understanding of how to work with figures, there’s a lot more to it than that. Most franchisees don’t understand the terms and language that accountants are familiar with, not to mention all of the complicated tax regulations. A one-time course in accounting doesn’t cut it either.

In order to have the best odds for creating a successful franchise, it’s essential to find an accountant who specializes in a franchise business. Accountants often specialize in certain industries; they are well aware of all of the ins and outs in regard to the financial side of the industry and can be a trusted adviser in helping you and your franchise achieve and exceed your goals.

Accounting experts with industry experience can save you time, money, and help clear up any confusing when it comes to managing finances and prevent you from making detrimental mistakes that can lead to business failure. They can help you to manage cash flow as well as plan for growth, assess risk and much more. The long term strategic advice provided can be invaluable, including such things as budgeting and forecasting or franchise startup advice.

So how do you find an accountant who is the most qualified for your franchise? You can do it the hard way and speak to other businesses and colleagues to gather a list of candidates, or place an ad; of course you’ll have to then schedule an in-depth interview and conduct extensive reference checks.

To find an accountant that has the knowledge of your particular type of franchise can seem rather overwhelming as the time it takes can be time you don’t often have.

Fortunately, you have another option. Just by calling the consultants at GoodAccountants.com, you’ll be matched with the most qualified accounts that are ideal for the needs of your type of franchise. There is no cost for this valuable service, saving you time, headaches and the stress it takes to locate this often-elusive candidate on your own.

How Accounting Services Can Help Your Business

Posted on November 3, 2012 by goodaccountants.com

Many small businesses owners start out by handling all of the financial matters of the company on their own, and initially it’s easy enough to handle. You may not even think about needed accounting services, but as soon as your business begins to grow, it can quickly turn into something that is overwhelming; trying to take care of the taxes and all of the business finances while running day-to-day operations requires more hours than there are in a day.

Saving money

Accounting services can save you lots of money by increasing your business efficiency and allowing you to concentrate on business expansion and profit generation. It allows you to make more sound financial decisions that will be better for your business in the long run. In addition, you’ll be able to assess productivity and business solvency enabling you to be more proactive about making necessary changes.

Employing an accounting firm to handle you’re the finances of the business rather than having to employ and train your own employees is usually a lot more cost effective, especially for a small business.

Taxes

Accounting services can also save you money on your taxes, as well as a big headache. Businesses of all sizes can often have complicated tax issues, and trained experts are required to keep up with ever-changing tax laws. Staying updated on all of these laws are time consuming but also vital to a successful business. By utilizing the professionals you’ll find at GoodAccountants.com, you’ll be assured that your business is not assessed with penalties or interest, and you’ll receive advice on tax breaks enabling you to save even more money.

Professionals

Hiring professionals such as the accountants and accounting firms you’ll find through GoodAccountants.com will allow you to utilize the most qualified and experienced in your industry to handle the accounting for your business- without having to weed through hundreds of candidates and hiring someone on staff. With the peace of mind knowing that your company’s finances are being taken care of by knowledgeable and reputable professionals, this is one less worry off your mind.

You now have more time to focus on your business and make income from it.

Payroll

In addition to handling taxes and other finance related tasks, accounting services can be utilized for payroll as well. Outsourcing payroll can often be more cost effective than doing payroll on site, with fewer employees needed it saves money on salaries as well as benefits. Payroll is also more secure when done by an outside source, with less people within the company having access to it.

Top Reasons You Should Consider A Business Accountant

Posted on November 2, 2012 by goodaccountants.com

Being in business requires a person to learn and master many skills. They will need to master people skills, verbal skills and time management just for starters. In addition, they’ll need to know something about laws, taxes and different property codes, all depending on the type of business they are in. A wide range of knowledge can be a great thing but it often doesn’t allow a person to be an expert in any one given area. If a business is only able to hire one expert it should be an professional business accountant.

An Excellent Accountant Can Save Your Business Money

It may seem strange to think that hiring another person will actually save your business money but in this case it is absolutely true. A good business accountant can help your company save money by providing tax advice. There are many ways a company can save thousands of dollars when they do their taxes and having a professional help you navigate through Uncle Sam’s backyard can really pay off. In addition to giving advice on taxes they can also provide advice on bookkeeping.

You may be using a specific way to keep track of expenses and income only to find that it is flawed. Perhaps too much time is taken to input money or the system is too complicated. When working with an accountant their professional eye can pick up on nuances you might have missed. They may be able to help you select software or implement time saving strategies to help you keep and maintain your books.

Guidance With Business Planning And Cashflow

Managing cashflow is a term that is often completely misunderstood and when it is, it can run your business into the ground quickly. Having a professional business accountant on board to help you analyze your cashflow can help you navigate through tight times better. They can often spot problems well before the average business owner and come up with solutions to keep an ideal cashflow rock solid.

One of the best things about using an accountant is that if they work with businesses, then they see them at all stages. The wisdom gained by looking at many different types of businesses in different stages and various financial situations is priceless. This kind of experience makes it possible for a good accountant to come up with a wide range of solutions for a host of different problems. The wisdom from their experiences can help with planning what the business should do and how the assets should be managed.

Discovering the right accountant for your business doesn’t have to be difficult. Often online searches will turn up countless prospects. There are even directories like Goodaccounting.com that can get you in touch with many professionals able to offer the service you are looking for.

How to Find an Accountant

Posted on September 16, 2012 by goodaccountants.com

Many people wait until the last minute, or an emergency, before realizing they need an accountant, but it’s best to be proactive and find an accountant before you’re in desperate need or his or her services. Hiring an accountant can be one of the most important business decisions you’ll have to make, and should not be rushed. Consider all of these important aspects when embarking on your search, and increase your chances of finding the right accountant that you can build a long term relationship with.

Referrals

Word of mouth is always the best way to find an accountant that is reputable, but preferably, you should ask for a referral from people who are in a similar life situation and have similar financial needs. If you know someone in the profession, but they aren’t suitable for your particular financial situation, they can be an excellent source for finding an accountant who is. Ask lots of questions and find out about the accountant’s performance as well as working style to consider if he or she would be a good fit.

Advertising

An accountant that needs to advertise may not be the best way to find an accountant unless they are just starting out or recently relocated to a new location. A busy accountant means that they provide good service. If you don’t know anyone personally who can recommend a good accountant, try talking with other business owners in your industry, or your industry association if there is one.

Narrowing the options

Once you have a short list of potential accountants, schedule an initial meeting to compare qualifications, experience and services offered. Meet the accountant at their office or place of work to get the best idea of their professionalism and personality. Personality and work style are both crucial factors for good long term fit. One of the most important questions to ask is, “Why should I use you?” You’ll also want to find out how the accountant calculates their fees.

Be sure to conduct an in-depth interview of each potential candidate. You’ll want a good fit personally and professionally with the accountant that you’ll be entrusting a lot of private information with, and possibly even your life savings. Find out about their life experiences and even hobbies, in addition to their accounting experience.

If you want to find an accountant that is right for your business, it’s important to take the time and ask the right questions in order for your company to truly succeed.

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