As a business owner, you may thrive best in a DIY environment, however, the more you try to accomplish all by yourself, the higher your risk of failure.
When it comes to keeping your company profitable, accounting is one of the most important factors.
As you start out and your business begins to grow, doing it yourself or using accounting software can only take you so far; at some point, you’ll begin to feel the need to employ a professional accountant to balance your books.
We’ve put together some of the main reasons why every business needs an accountant, in every stage of growth.
#1. Setting Up Right:
If your company is currently in the start-up phase, then you might think that’s it’s early days to be thinking about hiring an accountant already.
However, bear in mind that it’s never too early – a professional accountant who holds a master’s degree in accounting can provide you with valuable advice for getting your business started off on the right foot financially.
A good accountant will work with you to help you determine the best business structure, assist you with making sound financial decisions in the initial stages, and assess your business plan to ensure its financially compatible to your plans.
#2. Hiring Employees:
If your business is growing and you’re at a point where hiring employees is inevitable, then an accountant is essential for ensuring that the people working for you are classified and paid correctly.
Depending on the type of company that you run, you may hire employees directly, or outsource the work to independent contractors.
Even if you don’t have a huge workforce or different workers are paid in differing ways, a professional accountant will have the know-how that you need to make your money work for you and get the most out of your financial investment in people.
#3. Financial Statements and Documents:
If, like most business owners you find yourself in a position where you’re going to have to borrow some money to help your business thrive and grow, then an accountant by your side can be extremely valuable.
For example, if you’re applying to your bank for a business loan, then it’s very likely that they will require a financial statement from your company before you can continue.
Before approaching a lender, having an accountant prepare a statement of your finances can improve your chances of being accepted.
#4. Dealing with Budget Problems:
An online accounting master’s degree teaches students how to effectively budget for businesses and make money work in the best possible way.
So, if you’re struggling with sticking to your budget and finding yourself making mistakes when it comes to making investments, an accountant will certainly be able to help you with sound financial advice.
According to statistics, around nine out of ten start-ups will fail within the first few years of opening, and this is often down to issues with spending. So, investing in an accountant can help you keep your business afloat.
If this information was helpful for you, we’d love to hear from you in the comments.
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