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.