Do you run a small business but aren’t sure as to whether or not you should seek the services of an accountant? Keep reading to find out more about why businesses need to hire accounting firms and how entrepreneurs can find Accountants for Small Businesses.
An accountant will help with the analysis, preparations, and presentation of a company’s financial statements. He/she will also help in the interpretation of the findings to help you figure out whether or not the business is making profits. An entrepreneur equipped with such important information is in a better position to make the right business decisions.
What accounting services do small businesses need?
Accounting makes up a huge part of any successful business regardless of whether it’s large or small. Business owners benefit a lot from the professional services rendered by experienced accountants. The main services that accountants offer include tax services, audit services, consultancy services, and bookkeeping services.
Here are the real reasons why you need to hire an accountant for your small business:
- Financial analysis
A huge part of accounting is counting money. Financial analysis is very important for all businesses whether big or small. It helps businesses to plan and prepare for the future.
- You find the best business structure
Working with a professional accountant enables entrepreneurs to adopt the best structure that’s guaranteed to help their businesses to flourish.
- You’re advised on the best software to use
Accounting software is very helpful in the smooth operations of a business. If you’re not advised correctly, you’ll end up choosing the wrong software and that could significantly impact your business negatively.
- You can track your expenses easily
Every business that is operational needs to spend money before it can start getting returns. As a business owner, you need to know how much your expenditure is so that you can tell when you break even.
- Calculating tax returns
You need an accountant to help you in the calculations and preparation of the business’s tax returns if you don’t want to end up on the wrong side of the law.
What benefits do small businesses reap when they hire professional accountants?
Many small businesses hire professional accountants because they appreciate the numerous benefits that this brings. Here is a list of the main advantages of hiring an accounting firm:
- The business accounting systems become well organized and sort of automated
- The business grows exponentially and starts making remarkable profits
- At the end of the day, it saves the business time and money
Finding accountants for small businesses
Considering the benefits earned, it’s safe to say that accountants are definitely worth it.
Usually, a professional will charge anywhere from £30 – £500 an hour depending on their experience and the type of work required. You need to decide beforehand how much you’re capable of paying for the services. Once you’ve done that, now it’s time to look for a reputable and trustworthy accountant. Here are the main two ways businesses can find the right accountants:
- Ask for a referral from family and friends
- Check online for a certified accountant
You can also hire a local Fractional CFO, who will work with your existing in-house team to ensure all the financials are in order and that your business is running smoothly. This allows you to focus on growing your company, while ensuring it stays on track and moving toward its goals.
So if your business is based in Denver or Colorado Springs, you can find a Colorado Fractional CFO for your requirements. Working with a local Fractional CFO also allows you to take advantage of their expertise in the industry. They will not only take care of all of your bookkeeping and financial reporting needs, but they’ll also provide guidance in areas where you may want to consider investing. They can help you plan for future growth, develop long-term strategies for improving operations, and even implement new systems that will increase efficiency.
The duties of an accountant vary from one business to another. Generally, their main roles include data management, financial analysis, making financial reports, and handling all regulatory compliance issues.
Even though entrepreneurs can also do their own accounting, it gets to a point where it becomes too demanding for them as the business grows. Mostly, the business people don’t have a similar background in mathematics and economics as compared to an accountant. This means that they could come easily come up with misleading deductions.