A lot of small business owners do not realize that there are about a huge percentage of businesses in Australia falters within its first 18 months, usually, the main reason or the cause of it is having poor financial management.
Despite these alarming consequences, a lot of business owners still go for it alone when it comes to managing their money, and a recent report has found that there is about 53 percent of small businesses do not hire an accountant at all. And making it more surprising, is that only 27 of these respondents only use a pen and a paper in tracking their finances.
While it is also improper to conclude that these businesses are worse off for not having their own accountant, there is still no reason to underestimate the breadth and the expertise of an accountant which can provide a business a greater solution to their financial woes.
A lot of people always consult an expert if they have health problems, and this should always same goes to your business, because there are technical matters that only professionals such as an accountant can provide a viable solution to it by providing you Tax Accounting & Business Advisory services and a lot more other services related to finance.
Accountants do more than just filing tax, they are very keen in providing you a comprehensive assessment of your current finances and make a forecast through the annual predictions in the market to keep your business progressive, healthy, and safe from any untoward bankruptcy.
It may be uncomfortable to let an outsider have a detailed look at how you run your business’ finance, but partnering with an accountant will surely help you achieve your business goals and dress you up for a bigger chance for long-term success. With that said, here are some of the reasons why accountants are experts in providing your accurate and timely business advisory services.
- They sum up all your deductions- This is very crucial knowing that the tax season approaches soon, a lot of business owners are very frantic when it comes to maximizing their deductions, but at the end of the year, they are too late in making a positive impact of it. The accountant will support you by identifying these potential deductions throughout your business year and provide you with strategic advice to deal with it.
- Supports you in your auditing- Another important reason why hiring an accountant is good is they help you with your audit. An audit can easily be avoided if you have the right guidance and counseling of an accountant the entire year.
- Cost efficient- Accountants will help you save a lot of time and energy because a lot of business owners that are always on a tight budget spend most of the time managing their finances the right way to avoid unnecessary losses.
- Accurate decision-makers- With an accountant by your side as your financial advisor, they will help you in coming up with the proper budget and monitors the cash flow on a steady basis which allows you to navigate any obstacles that can occur in real situations.