Running a small business means wearing a lot of hats which can often lead to important tasks not getting the attention they need. One of these often-neglected areas is a business’s finances. Too often business owners find themselves reaching out to a financial professional when there is a problem or a pressing issue – an urgent tax issue that needs to be resolved or a loan application that needs to be completed.
Accountants are, however, a critical and invaluable addition to your team as they will give you the financial insight you need to evaluate the success of your business and provide financial data you need to make informed decisions. As the business transitions through growth phases towards maturity, our Fractional CFO services provide the expertise and attention of a CFO without the salary.
Below are four reasons your small business needs an accountant.
1. Save Time
Chances are, you aren’t a financial expert. So, all the financial tasks related to running a business – payroll, taxes, accounts payable/receivable, etc. – take you more time than they would someone who is trained and skilled at them. Hiring an accountant frees up your time to do the things that made you want to start a business to begin with.
Applying for loans and pitching investors can be a natural part of a business’s growth trajectory. Working with an accountant means all those necessary financial documents are available and ready so you can get funding secured quickly.
2. Save Money
An accountant will spend time looking at your financial statements and understanding how cash is spent in your business. They will be able to spot opportunities for savings and see where money is being spent wastefully or inefficiently.
3. Save Time and Money on Taxes
Taking tax preparation off your to-do list and handing it over to a qualified financial professional will not only save you time but could end up saving you a lot of money too. An accountant will ensure you are in compliance with all tax laws, saving you from penalties and potential legal issues that could threaten business continuity. As tax laws are constantly changing, an accountant will stay on top of these laws to help you save on your tax bill. Additionally, they will see to it that you are claiming all deductions and credits you are entitled to, maximizing your tax benefit.
4. Make the Best Business Decisions
Sustaining and growing a business takes money. Whether you are adding staff, purchasing a new building, or developing a new product, an accountant can assess and evaluate the return on investment to help you make the best decisions for your business. Accountants can be valuable advisors in all areas of your business including: sales and marketing, human resources, and operations.
With our Fractional CFO services, there’s no need to add headcount to your company. We give you the peace of mind and expertise of a staff CFO without the cost, so you can take care of business while we take care of the books. Contact us today for a consultation.