A staggering 80% of small businesses have been found to fail within their first 18 months of operation. Poor financial management is one of the chief causes that result in business failure.
Opening a small business in Hervey Bay does not have to face the same dire consequences shown by statistics. Managing the finances of your business does not have to go on it alone.
The same statistic study found that hiring the services of a good accountant is not part of the plan of small businesses. While not hiring an accountant can spell doom for your business is not a solid conclusion, an accountant Hervey Bay can provide crucial financial experience and knowledge to your business.
A professional that can give proper financial attention is the thing that small businesses need. Tax filing is not the only job accountants handle. Forecasting the future outcome of your small business based on the present financial situation is one of the important benefits provided by an accountant.
Having an outsider assess all the intimate details of the business is probably the top reason for small businesses to forego the services of an accountant. However, successfully achieving the goals of the business needs a partnership with a good accountant.
Avail all tax deductions
Maximising tax deductions are the things that occupy the minds of all business owners come tax season. However, the impact of these tax deductions becomes too late to be felt by the end of the year.
Having an accountant quickly identifies a year’s potential deductions. Year-end deductions are also gained based on the strategic plan of an accountant. Deductible items such as home-office space, depreciation, and out-of-pocket expenses are things that a lot of business owners forget to account for and keep track of. An accountant is a right professional to ensure that extra money for your business is not left on the table.
Evade the dreaded business audit
The auditing of a business is an event that many businesses dread most of all. The audit happens when a business shows excessive write-offs, improper filling up of tax forms, and from contributing to a lot of charities. Evading the dreaded audit before it happens is to hire a good accountant. An accountant is your crucial partner when it comes to keeping your business fiscally sound over the years.
Energy and time-saving benefit
A tight budget often compels small businesses to forego the hiring of an accountant. However, managing the finances all alone can be energy and time-consuming, let alone the possible mistakes made during reporting and poor financial decisions resulting in loss of income.
All of these scenarios readily make you see that the expense incurred in hiring the services of an accountant outweighs the cost. Having an accountant in your corner allows you to focus on the goals you want to achieve for your business.
Future plan advice
Planning for the future of the business is perhaps the top benefit provided by an accountant. The accountant can create a plan based on full reports of past months. He/she will then be able to help determine the best times to budget for big investments or purchase inventory to make your business viable, stable, and competitive.
A business owner can often feel isolated when confronted with a month’s stack of invoices and receipts. Let us help you plan for a brighter future for your business by contacting us at CLM Accountants.