Why Your Small Business Needs Professional Accounting Services
If your company’s financial data looks like a foreign language to you and your mounting bookkeeping tasks are striking fear into your heart, it is perhaps time to hire a professional accountant. Many small businesses start out with the idea that they can handle their accounting and bookkeeping tasks by themselves, but often they very soon realise the error of their ways (and calculations!). Accounting tasks are best left to the professionals, especially if time is of the essence and if you want your financial statements and records to reflect the correct information.
When acquiring professional accounting services for your business, you are putting yourself in a better position to make prudent and informed financial decisions for your business. The task of an accountant is to ensure that all financial data is correctly interpreted and that all bookkeeping tasks have been correctly carried out within the requirements of the law. An accountant can accurately determine profit and loss according to sales and expenses and can make certain financial determinations and entries that a bookkeeper cannot, such as loan interest calculations, depreciation, and bad debt / uncollectable accounts.
Do you need a few more reasons why your small business needs a professional accountant on its side? Here are a few to consider:
- You stand a greater chance of success by knowing your financial status and position at all times. When you are on top of your finances and know what you are dealing with, you will be able to make sound decisions with your company’s money.
- Financial statements do not prepare themselves and without accurate ones, you could negatively affect your chances of acquiring loans or attracting investors in the future.
- Taxes can be confusing and with the help of an accountant, you can rest assured that you are paying the right taxes and that your tax payments are kept to a minimum, legally. Being compliant with all tax laws and having accurate returns, submitted on time, is essential to the future of your business.
- Accounting firms can verify the data of your in-house accountant and bookkeeper to ensure that no money goes missing or is assigned to the wrong accounts and departments.
If you would like to learn more about our professional accounting services packages, or would like to talk to an experienced tax consultant about your business and its needs, get in touch with us today. Simply send us an email or give us a call and we will assist you further.