The Business Benefits of Having an Accountant

The Business Benefits of Having an AccountantMany people erroneously believe that the role of an accountant is limited to filling out forms and lodging tax returns. In fact, a good accountant can bring numerous additional benefits to your business, whether it is large or small. These are some of the key advantages of using an accountant.

  •  Time-saving benefits

Business owners and managers usually work to tight schedules and time constraints. A small business, in particular, has limited resources in terms of human resources. It is a good idea for businesses to have a dedicated accountant or outsourced accountant who can look after everything from bookkeeping, reporting, and tax issues so that your staff can focus on their specific roles and on the core business activities of the organisation.

  • Avoid costly errors

As accounting and taxes require specialist knowledge, using an accountant can also help your business avoid unwanted delays from mistakes and poor recordkeeping. An accountant does it correctly the first time, thereby saving your business from costly errors that can result from poor compliance and recordkeeping.

  • Tax planning

A truly efficient business is structured to minimise tax. An accountant will keep you alert to new ways to reduce your tax bill legally, by ensuring that your practices reflect constantly changing tax laws and that your business takes advantage of all allowable deductions. Your accountant can review your legal structure, operations, staffing, overheads, and other facets of your business to provide you with invaluable tax-planning advice.

  • Recordkeeping system

Your recordkeeping system should fit your business and be personalised to suit your business’s requirements. An accountant will design and tailor the right record system to simplify bookkeeping and improve accounts accuracy.

  • Business strategy and expansion

Accountants are increasingly becoming strategic advisors for businesses. Accountants speak the language of business – finance – so they can help you make smarter decisions with respect to everything from structure and strategy to operations.

An accountant can be a valuable partner for any facet of the business, providing advice on specific issues such as cash flow and cost cutting. They go well beyond tax planning to assist your organisation with specific plans for the achievement of business-expansion and profit goals.

  • Forecasting and budgeting

Sound business decision making depends on smart forecasting and budgeting. An accountant not only helps you retaining accurate and up-to-date records, they can assist with creating useful forecasts and projections, which can be vital for risk management and strategy.

  • Reduce Stress

Finally, one of the best reasons to consider using an accounting service is the reduction of stress levels.

Whether the extra stress arises from trying to work to complicated and ever-changing tax regulations or wasting time on technical accounting issues, your accountant can take care of these matters on your behalf, saving you time and money in the process.