One of the challenges that small businesses constantly face is money. Since their customer reach isn’t as wide as big-name corporate companies, they need to save every penny. Sometimes, that means taking on multiple hats by themselves, even if the task is out of their comfort zone — like accounting.
In fact, the 2019 Onpay Small Business Finance and HR Report revealed that 41% of small businesses handled accounting and finances by themselves. Only 30% decided to hire accountants for their finances.
With this statistic in mind, you might be tempted to do your finances by yourself as well. But actually, it’s better if you hire an accountant for your business. Here are reasons why you should.
- Accountants Know What They’re Doing
Accounting is a complex profession. After all, it deals with so many complicated tasks, such as financial analysis and financial reports. Additionally, they also deal with data management and regulatory compliance.
Because of this, aspiring accountants have to earn a bachelor’s degree in accounting, pick a specialty, and earn a master’s degree. By the time they’re a professional accountant, they’re experts who know what they’re doing.
If you have no background in accounting, you might be out of your depth when you handle your business’s finances. So, for your sake, you should recruit an accountant to deal with them.
- Accountants Eliminate Errors and Save You Stress
According to the same Onpay study mentioned above, 28% of small businesses have received a notice from IRS, and it’s primarily because of errors in their filing.
When it comes to the tax system, one small mistake could cost you so much money to fix. So, your plan to save money by handling your finances alone is just going to blow up on your face and put you in so much stress.
As a result, it’s better if you don’t risk committing errors on your financial reports and just hire an accountant. You’ll probably save more money and receive less stress that way.
- Accountants Give You Sound Financial Advice
Since accountants are incredibly well-versed about all things finance, they’re a credible source of financial advice.
So, if you need to make some big financial decisions for your business, you should consult an accountant and ask for their guidance. Their advice will help inform your decision-making process, and you will get better results that will benefit your business.
- Accountants Make Your Business Stable
Aside from filing your taxes, an accountant will also take care of your employees’ payroll. As a result, you’ll have one burden lifted off your shoulder, and everyone in your business can breathe easily.
Running a small business is no easy task, but you can take off some of the heavy load by hiring an accountant. The reasons above explain why accountants are vital to your small business, and you should take heed of them.
Long story short, with an accountant by your side, your business will work like a well-oiled machine. Give the accounting firm, Tostrud & Temp, a call at (608) 784-8060.