Why your business is missing out if you are not using an accountant
We regularly meet business owners who have “saved money” by not using an accountant for their business. The reality is that the small amount they have saved by doing it themselves is overshadowed by the costs and missed opportunities from not using a qualified accountant. It normally takes us little time to highlight additional costs they have incurred or incentives they have missed out on because they don’t have the experience and knowledge of accounting and taxation rules.
We understand that you know your business and you are very much the expert in what your business does. But unless your business is accounting, then we recommend you leave the accounting to the experts.
There are many benefits that come from using a qualified accountant for your business. Accurate and timely financial information, and compliance with taxation obligations are just the starting point.
Solid accounting records provide a firm base from which you can make informed decisions to grow your business
Your accountant can provide valuable insights into your business’s financial health. Qualified accountants are experts when it comes to complying with taxation rules and they can use their knowledge to identify and realise potential savings opportunities. Your accountant can free up valuable resources and time by allowing you to focus on taking the necessary steps for future growth of your business. Put simply, your accountant can help take your business forward.
Improve systems and processes
Using the services of the right accountant allows you to focus your energy and time on your business, doing what you do best.
Your accountant can help you set up systems and processes that will improve all aspects of your business including cash flow management, which is a common worry for business owners. Using available technology wisely, your accountant can assist with the effective automation of key systems to increase efficiency in your business. This will enable your data to be managed securely and provide some powerful tools to help supercharge your sales process.
Business advisory and advice to grow your business profitably
If having all of your numbers in the right boxes doesn’t excite you, we know something that will make you smile: having a business that makes healthy profit, has strong, positive cash flow, and is a valuable asset that can be used to fund your lifestyle and retirement.
Your accountant is well-equipped to help you make good business decisions. Forecasting, business health checks, business planning and strategy are tools that accountants use to help you get some quick wins on the board, create momentum and improve the ways you make decisions for your business.
We know it’s not a favourite subject. But failing to comply with your taxation and other legislative obligations can quickly derail your journey to business success. A crucial aspect of running a successful business is keeping up-to-date with all of your compliance obligations. Your accountant is an invaluable guide through these often-confusing waters making sure you comply with tax obligations, satisfy your record keeping obligations and stay within the rules.
Save time and money
We mentioned saving money. Not using an accountant for your business is the wrong way to save money. Your accountant has the expertise to help find cost-saving opportunities and free up your time to focus on running your business. This might be through accessing available incentives, identifying funding opportunities made available by government, or helping you take back control of your business spending.
Keep in mind that the specific reasons for using accountants may vary depending on the size, industry, and financial complexity of a business. It’s essential to choose an accountant or accounting firm that aligns with your business’s needs and goals.
At Pretium Solutions we focus on working with small and medium businesses who want to grow profitably, be more efficient, and achieve the goals and objective of creating freedoms for business owners.
Are you ready to start working with Pretium Solutions to grow your business?
Click the button to organise a discovery meeting to find out how we can work together to grow your business into the business that you want, from the business you have today.
For more information on choosing an accountant, read our blog What do you need to consider when choosing an accountant?