By David Tattersall
Running a small business can be a difficult and demanding undertaking that requires the effective deployment of many different skillsets and attributes. Effective financial management is a key part of the process so enlisting the services of a qualified and experienced accountant can be one of the most important hires you can make as a small business boss.
It may be tempting to assume that because you’re good with numbers you can take care of your own accountancy issues, but there is typically much more to it all than simply getting your sums right.
Here are some of the key benefits of hiring a small business accountant.
1. Business Plan Support
To suggest that business plans are important documents for small businesses would be an understatement. They are often absolutely vital in the context of raising funds or opening up access to essential finances.
Accountants can support small businesses in the creation of these all-important documents and help their clients by adding precisely the kind of financial details that potential investors or creditors demand to see.
2. Buying Yourself Time
As a small business boss, you’ll always be faced with an array of different operational challenges and drains on your time to deal with at any given moment. Delegating specific tasks to accountants and giving them the space to bring their skills to bear on your behalf is a great way to free up some extra time for yourself. When you’re running a small business, this can be absolutely priceless.
3. Confidence and Certainty
While it may be possible for a small business boss to carry out the work that a third-party accountant could do, actually doing so to the same standards and with same level of focus is by no means easy. Generally speaking, a fully qualified accountant will be much better placed to engage diligently with the details of your company’s finances than you are.
So by hiring an accountant to support your business, you’re actually buying yourself peace of mind and the certainty that your accounting issues are being consistently handled by specialists in the field.
4. Connections to Potential New Clients
Small businesses always need to keep new clients rolling in so they can continue to grow and develop and to remain sustainable over time. Drawing in new clients isn’t always straightforward, but accountants can be a good source of potential leads because they often work with lots of different small businesses in different fields.
Although your accountant’s primary role will always be to support your financial management, they can also open up opportunities for networking and for forming the kind of connections that help your business keep growing and moving forward.
5. Awareness of Your Financial Options
For any small business, it can be imperative to understand the financial options available to you at any given juncture. Whether this is in a moment of real crisis or at a time when you need to invest in a certain way in order to seize a particular opportunity. A key part of what can accountants offer their clients is preparedness in these contexts and awareness of precisely what is and isn’t possible from a financial perspective for businesses of different sizes.
Not Just Number Crunchers
It can be very important for small business bosses to realize that contemporary accountants are not just number crunchers and to be aware that they’re often uniquely well-placed to provide essential strategic advice.
Accountants also often have a wealth of highly relevant experience that they can bring to bear on behalf of their clients. So when you start working with an accountant, they shouldn’t be viewed narrowly as a provider of specific services, but actually as an active partner, an operational asset and someone who could play a crucial role in steering your business towards future success.
Finley Moreira
You make a good point how hiring an accountant could prove to be a huge benefit to your business since you’d be more aware of financial opportunities ahead of you. I’d imagine this could apply especially to taxes. I’m sure an accountant could help you find ways to qualify for exemptions and rebates in your taxes that you’d miss otherwise.
Ashley Maxwell
Thanks for your comment about how an accountant can help you raise funds for your business. I like how you said that they can also help create documents that are essential for their clients. My friend is interested in business accounting, and his considering looking into professionals who could help him in his endeavors and teach him a bit about it.
Tom Chappell
Thank you for listing out the key benefits of hiring an accountant. We do offer many services. Find a professional as per your need.
Abdul Quddeus
Great tips David. Well explained article on the necessity of hiring an accountant. Thanks for sharing.
Larry Weaver
That’s a great point that an accountant can open up opportunities for networking and form new connections that will help a business moving forward. If I were to have a company, I would certainly want to make connections that helped to grow my business. A small business accounting service that would give peace of mind sounds like a great idea to me.
Roger Middleton
It’s really great that you had mentioned that by hiring an accountant you are given the chance to gain connections to new clients through this person. My wife runs a small business in our town and recently we’ve run into a small accounting nightmare and neither of us really knows what to do to handle it. We might have to look into hiring an accounting firm to help with our problem, it might even help if they can help us gain new connections.
Jhon Smith
Honestly speaking, when I saw the article title I was like really is it necessary to hire an Accountant for Your Small Business? But after reading the article now I have a clear idea about the concept. Thank you so much for sharing the information with us. It was worth reading.
Deb Pearl
My friend is thinking about starting a small business next year and they were wondering if they should hire an accountant to help them out. That is great that if they hire an accountant that they can help with the creation of all the important documents that they will need! I know that would be a huge help for them if they ever start their business! Thank you for the tips!
Ashley Turns
The company I work for has been wondering if they should be hiring a business accounting service to help with their financials. So thanks for mentioning that a financial specialist might be able to help you connect with new clients. I will be sure to tell my boss that he should definitely hire a business accounting service so that we can also gain new customers.
Earnest Watkins
I liked how you pointed out that hiring an accountant can help you because it allows you to be more understanding of the financial options available for you. This would be helpful for someone like me who doesn’t have a lot of experience working with finances or budgets. What tips do you have for how I could go about hiring a good accountant to help me out?
Bryan
Connections to new clients are huge. Do good work and referrals will flow, it’s a great way to build your business.
Watson Williams
You make a good point how hiring an accountant can be helpful since they give you a greater awareness of your financial options for your business. This would be the biggest benefit of hiring an accountant in my opinion since your accountant would likely be able to help you recognize options that you wouldn’t be able to see yourself. This would positively impact your business and make the cost of hiring an accountant worth the money in my opinion.
George Finn
I totally agree with what you said. I think that you should always have the time to relax even though you are very busy. Having an accountant can help you lessen the things that you are concern or thinking about the business. This is a wonderful article.
Todd Stauffer
I like how you said that doing accounting work on the same level that an actual accountant could do it at would be hard for a small business. Simply outsourcing your accounting needs to a third party would be much easier because you don’t have to pay them nearly as much as someone in-house and the quality of work would be same. That way you can get the work done and save money.
Sutton Turner
I like how you said to be aware of your financial options. My dad owns a small business and is thinking of hiring an accountant. Thank you for the tips on hiring an accountant for your business.
Raymond Cooper
I like how you point out that hiring a small business accountant can help save you some time since they can handle bookkeeping services for you. This extra time would allow you to focus your attention and energy to growing other parts of your business which I think would be really helpful. I would definitely look into hiring a reputable accountant if I were a small business owner in charge of making those sort of decisions.
Ken Hwan
I was very surprised to find out how many potential clients an accountant could give a business connections to, especially customers who they know are interested in your product. I don’t own a business, but if I did I would love to have the extra outlet for potential clients on the back burner. Getting customers is one of the most important aspects of a business, and I really like how an accountant can indirectly fulfill that need!
Bethany Birchridge
You made a good point when you mentioned that an accountant will be able to properly handle you finances and keep you in good standing with the law. My friend is thinking of starting a business, so it sounds like an accountant may be helpful. Do you have any tips for hiring a an accountant in his area?
Sherry Gajos
I like what you said about how imperative to understand the financial options available to you at any given juncture. One of my friends is an accountant and was talking about how important it was for small businesses to stay on top of their bookkeeping. Thank you for the information about how a key part of what can accountants offer their clients is preparedness in these contexts and awareness of what precisely is and isn’t possible from a financial perspective.
Mark Murphy
I never would’ve thought about how an accountant could have connections to potential clients. My wife and I are thinking of starting a business. If we do start our business, I will be sure to hire an accountant!
Dave Anderson
I think that a small business owner would benefit highly from professional accounting. This way they could get a report of what they have to spend, and what they can do with that budget. If I were a business owner, I would hire some accounting services to help me understand the financial options available to me at any given juncture.
Dave Anderson
You make a great point that for any small business it is important to understand the financial options available. That is something that I would struggle with if I were running a company. It would be highly beneficial for me, or anyone for that matter, to hire an accountant for the company.