A certified public accountant is more than just a bookkeeper. In addition to doing taxes, they are advisors, compliance specialists, develop the budget, work as business analysts, and keep an eye on the finances. In addition to finances, you need to make sure your company complies with local, state, and federal regulations. There are ten reasons why your business should hire an experienced accountant:
1. Reduce Costs
A good accountant will look at the business data and look for ways to cut expenses. They may reduce extra inventory or find areas where the overhead is too high. The less a business spends, the more money they will make. The accountant will take a look at where costs can be cut to increase profit.
2. Increase Income
Businesses rely on a flow of cash to keep going. An accountant can increase profits by looking at accounts receivable and improve ways that debt is collected. They can check the market rates and adjust the rates you charge to make your company more money.
3. Increase Growth
In the first couple of years, a business may hit a point where progress slows down. A good accountant can reexamine the debt, find new business interests, and realign the prices that are being charged. The accountant can help the business move forward.
4. Give You More Time
Business owners have a lot to do. Taxes, payroll, compliance, and other features take up a lot of time. You should focus on getting more customers not preparing financial statements. An accountant can handle all of this for you. You can focus on making your business better while they handle the paperwork.
5. Take Care of Taxes
When you have a business, you need to make quarterly payments on your taxes as well as file an annual return. As your business grows, this becomes more complicated. If your company goes international, there are even more taxes to take care of. An accountant stays up to date on all of the tax information and can help your business stay in compliance. They know how to maximize deductions and save you money. A tax accountant will be on your side if you get audited.
6. Help with Regulatory Processes
Taxes are not the only part of your business the government oversees. According to a 2017 report by http://cplehal.com/, only 2 percent of professionals think that compliances will decrease within two years. The accountant can make sure that a business complies and implement any new regulations that come out.
An accountant can analyze data and can make predictions about where a company is going shortly. They can make projections that are backed by data for the next quarter of the financial year. This will allow you to make better business decisions.
8. Track Investment Returns
Are you measuring your ROI based on your advertising data? You should be. An accountant can calculate the success rate by looking at sales figures and how many new customers are being reached based on the marketing campaign. You will see if you are getting a return on your investment.
9. Hire and Train Staff
As your business grows, you are going to need additional staff to handle your human resource department. They will work with billing, collections, inventory, and purchases. Part of the job is to recruit experienced accounting staff as the business grows and get the new hires integrated as part of your company and system.
10. Work with Suppliers
A good account will do their best to get you the best deals. They will work to get you discounts with your suppliers as well as IT support staff. They can research different vendors and get bids to help you find the best price. They will help you make an informed decision as to which vendor you get your business supplies from.
A business of any size in every different field can benefit from hiring a certified public accountant. They are making a smart move with their money. You have worked hard to build up your company, and you need an accountant that you can trust to handle all of your finances as your business continues to grow.