Small clarification before launching the explanations: we are talking here about hiring an external accountant. Some SMEs will prefer or even have to create an accountant position due to the company’s growth and the amount of work they will have to offer. We also take it for granted that the business already exists and is no longer at the launch stage, as this would involve other types of services. Note, however, that it can be beneficial to work with an accountant from the start, especially for legal advice and help with your business plan.
1) Better control your business finances
It is a nightmare of a good part of the owners: the thousands of accounting files that accumulate in order increasingly difficult to control. And while digitization efforts have significantly reduced the amount of paperwork, accounting still produces many paper documents that can make controlling finances more complicated. An accountant who offers the bookkeeping service will be tasked with organizing documents, matching the numbers to the proper departments, and making sure everything matches up as it should. It will also put in place a management system that will make the process more efficient.
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2) be able to devote your time to other tasks
As an owner or employee of a small business, time is one of your most precious assets. Every moment you spend doing your bookkeeping could be used for other tasks that generate results and help your business move forward. When you decide to hire an accountant, he can help you free up several hours per month, or even per week, to complete other actions that will prove to be more helpful.
3) Help you with your taxes
Taxes can be a headache for business owners. First, the data entered in the report must be accurate. Next, most businesses will want to find ways to take advantage of the various tax benefits. But, those who do not know how to navigate through the different possible strategies will not be able to apply them or put a lot of effort into them. A good accountant will have the knowledge and resources to create a beneficial tax return for the business.
4) Get sound advice for your spending and investments
In addition to taking care of the day-to-day finances, some accountants can offer you tax planning and consulting services. This advice can be solicited from you, or it can come from the accountant himself, who observes the data and allows himself to give you recommendations and comments. Also, the accountant can assist you in your efforts to obtain loans and financial assistance from banks and other forms of financing.
5) Avoid financial problems
Tax audits are never pleasant, but if the company’s finances are in order, the process will be faster and less stressful. Also, the fewer errors there are in financial reports and tax-related documents, the less likely you are to trigger such an audit. If you are still the subject of an audit, the accountant can support you and advise you so that everything takes place in the best possible conditions.
From another perspective, if you give him this task, the accountant can also keep an eye on your finances and help you make choices. He will tell you if some of the decisions you are making are right and if you can afford to continue doing so.
