So you’ve established your own business, and just like other small businesses, you want to ensure that you maintain lean operations as you have limited resources.
However, one of the most common mistakes that small business owners make is that they sometimes tend to overdo it. They take on too many roles within the business to save money, not knowing that this isn’t a practical approach at all.
By getting pulled in so many directions, they lose focus on the most important aspects of their business. While these non-core tasks are important for the smooth running of the business, your main responsibility as a business owner is to grow your business.
The best example of an ancillary, yet essential business activity, that many small business owners get caught up with is accounting.
If you think small businesses don’t need a dedicated accountant, think again!
Having an expert to manage the finance-side of your business is the most effective way to keep track of your finances and understand your financial health. If you’re not 100% convinced that you need to hire an accountant, read on to find out how it can benefit you and your business.
1. Accountants can ease your stress
Running a business is hard work. So working on your books and taxes on top of overseeing sales, marketing, operations, and other business areas can be draining.
By working with an accountant, you will have someone to do the heavy lifting and ease your burden. This gives you more time to focus on the core aspects of your business and lessens your stress because you are confident that your finances are on track.
2. Accountants can help you avoid costly mistakes
Accounting is a specialized field that professionals train for years to master. Even if you are good with numbers, if you don’t have a strong grasp of tax laws and other critical areas, you might end up committing costly mistakes.
So don’t take chances and hire an experienced accountant who can manage the finance side of your business seamlessly.
3. Accountants can provide you with sound financial advice
As a financial expert, your accountant can be a great source of financial advice. It is recommended to work with an accountant who has previous experience of working with other businesses working in your industry. This will allow them to share insights based on their experiences with small businesses similar to yours.
If you’re a new business owner, an accountant can give you the guidance you need to make informed choices and implement strategies to achieve better results.
4. Accountants can help you save time and money
We all have a limited number of hours per day, so we should make sure that we are making the most out of each day. By having a professional to work on your finances, you are saving time to get on with high-value tasks and doing what you do best– like growing your business.
When you take on accounting on your own, you’ll be stuck working on a lot of admin tasks that can eat up your time and prevent you from doing other more important things such as winning more sales.
Aside from saving time, having an accountant means saving money. Although it might seem like an additional expense for the business, working with an experienced accountant can prevent costly errors, help you reduce your tax liabilities legally, and develop strategies to save money on certain areas of the business that you won’t come up with on your own.
5. Accountants can help your business get additional funding
Are you struggling to get your business loan approved? What lenders want to see is proof that you can manage your money wisely. By partnering with a reliable accountant, you can sway the decision of these lenders in your favor and get more funding for your business.
Accountants can also help you explore your business finance options and provide valuable advice on which ones you’re most likely to get accepted for. Additionally, they can help you prepare your application so you will have a good chance of getting approved.
Final Thoughts
Whether you have a finance background or not, you need a dedicated accountant for your small business to ensure that you’re making the most out of your limited time each day. Stop biting off more than you can chew and focus on driving business growth.
Aside from helping you save time and increasing your profitability, having an accountant also gives you peace of mind in knowing that your finances and taxes are taken care of. By partnering with Lear & Pannepacker, you won’t only have an expert number cruncher by your side– their team of CPAs can also empower you to make informed financial decisions that contribute to your business success.
Get in touch with the most trusted small business accountant in New Jersey today and take your business to the next level!
