Financial integrity is everything when you’ve just started a small business, or even if you’ve been operating for a couple of years. Yet, the temptation is great to think that if you’re the owner you can handle all the accounting functions yourself. Isn’t that what Xero is for?
The truth is, your time is more valuable doing what you love rather than dabbling in a bookkeeping career. There are more effective ways to handle this crucial aspect of your business, namely engaging a Great Accountant.
Many small businesses may balk at the expense of an accountant, but the investment can actually save money for your business and, in the end, pay for itself.
Every dollar counts for business owners, so if you don’t know where you stand on a monthly basis, you may not be around at the end of the year. And while using do-it-yourself accounting software can help monitor costs, the benefits of hiring good accountants extend far beyond crunching numbers. Potentially, they can be your company’s financial partner for life, with intimate knowledge of not only how you’re going to finance your next piece of equipment, for instance, but also how you’re going to finance your next overseas trip.
Choosing an accountant is a bit like choosing a life partner, it can be too easy to rush into a relationship, make a choice for all the wrong reasons, and once you’ve finally realised that you made a mistake, changing can be a real headache, not to mention expensive. I guess what I am saying, is you need to get it right.
For those of you with larger aspirations and who want to use their accounting records for tax and business planning as well as for doing your tax return, my advice is to look for an accountant that specialises in working with business owners.
Look for an accountant that is interested in your business and seems familiar with what you do. Also, look for an accountant that informs you about the full range of services that they could offer you, even if you’re not in the market for all those services right now.
We are all busy people and even if you know how to do everything you can’t possibly do it all. With a bit of information they offer, it might end up saving you time and making you money.
Your accountant can be a great reference and also a great source of referrals if you take the time to get to know them and they take the time to understand your business and its needs.
At Award Accounting, we believe every business owner deserves to be empowered with the knowledge to make confident, successful business decisions. After having a financial conversation with us, you will leave our offices feeling more confident and secure; relieved of the pressures that can often surround business ownership.
Give us a call to discuss how we can help you and your business.