Monday, 28 May 2018

Information and commentary for the small business banking industry

The benefits of a good accountant for a small business

26 Jul

You’re probably aware that some of your small business customers are doing their own accounts, payroll and taxes. Staying up late on Sunday nights to get everything done, stressing because it’s taking them away from their core business activities, and struggling with making sure all the boxes are ticked. They’ve probably read some guides online and have invested in good accounting software, but it could be time to talk to them about the benefits of outsourcing those tasks.

Unless they’re an experienced accountant themselves, it’s always best to have an expert overseeing financial affairs. Preparing end-of-year reports and filing taxes can be complicated. If they’re not doing it right, they could be liable for penalties, or at the very least, not taking advantage of tax gains and financial opportunities. An accountant can not only make sure their business remains compliant (and pay as little tax as possible) but also helps analyze business performance and work with them to achieve their goals.

Aside from records and taxes, an accountant can – and should – become a trusted advisors. They haven’t spent all that time learning about financial systems for nothing, so they can become a valuable mentor. If a business gets into trouble, they’ll be the one to guide it through the minefield and back on track.

Show your small business customers this article from The Balance – 21 ways an accountant can help a small business owner.

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