Three Ways an Accountant Can Save You Money

Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways an accounting professional can help you save money that you can reinvest back in your business.

Finding money

There’s no one more suited to discovering “found” money than an accounting professional. Hire an accountant to sort your books and systemize your bookkeeping; better record keeping is the easiest way to allow you to quickly see – on a monthly, weekly or daily basis – where your money is going so you can cut costs. Keeping your accounts up to date will also help you understand which of your business investments yield the greatest returns so you can be more strategic about spending. An accountant can spot trends that you can take advantage of to earn greater profits – and even find savings with vendors, staff and operating expenses. Hiring someone to manage your accounts will also reduce the costly errors that are commonplace when business owners try to manually track their expenses.

Avoid tax penalties


Your accountant may be your trusted advisor when it comes to staying up to date with the latest regulations for small business taxes. They can also provide you with expert advice on how to maximize your benefits and minimize your taxes each year. Don’t underestimate the cost savings of hiring someone to complete your tax returns correctly and submit them on time. Penalties for small businesses who neglect to file their taxes on time – or at all – can quickly add up; the longer you wait to file, the more interest you may be charged and the likelihood you’ll incur additional penalties.

Business advisory services

Your accountant possesses business knowledge that can help you make more informed decisions. Rely on your accountant for advice when you draft or revise your business plan; those key insights on assessing profitability will help you move your business in the right direction – and avoid wasting time and money on strategies with a lesser chance of success. Look to your accountant to help you determine your most valuable clients, how much money you need to invest in a growth plan and which marketing strategies yield the best ROI. Having someone you can rely on to help set targets and monitor your progress is an invaluable asset that can help you not only save money, but earn higher profits.

The bottom line? Your accountant can do much more for you than simple bookkeeping or ensuring you’re on the right side of the tax authorities. Hire a small business accountant and you’ll be doing a lot to help increase your chances for long term growth and success.

 

Looking for an accountant that will do more than just your tax returns? We can help. Contact us on 03 7022 6838, email: hello@wdsconsulting.com.au or via contact us form.

Disclaimer: All information provided in this blog is of a general nature only and is not intended to represent specific personal financial, investment, accounting or taxation advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor. To the fullest extent permitted by law, no person involved in producing, distributing, or providing the information in this blog (Including WDS Business Group) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information.

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