Owning and operating a small business brings a whole host of concerns with it. Not least among them being remaining financially viable in the face of an increasingly competitive market. No doubt you're doing all you can to reduce your monthly outgoings. Steadying the ship, as they call it. Great stuff; you're well on your way to making room for your company to flourish and grow. You may, however, be making a common (but grave) error of judgment.
What is it? Failing to enlist the services of a professional accountant. “Oh, that's it?” I bet you're thinking; eyes rolling. Yes, that's it. Underestimate this crucial element and you're setting yourself up for failure. Don't believe me? Keep reading to find out why.
Why do I need to hire an accountant? That's question crops up more often than you'd think. There are hundreds of businessmen that fail to understand the importance of sourcing an accountant. And besides, why would you? Anything they can do, you can do yourself, right?
You may well have a solid understanding of the ins and outs of business practices. As a matter of fact, that knowledge should be a bare minimum as a small business owner. What you don't know, though, unless you have a degree in finance or similar, is figures. You can add the law to that list, too.
For all the street smarts in the world, without a solid academic foundation, your business is going to flounder. The finance sector is an extremely broad myriad of practices. Finance, tax, equity, budget, assets. How many of those do you understand? I mean; really understand. I'm going to guess at not many, if any.
And it may not seem like such a big deal to you, but it is. I have two primary concerns when it comes to dealing with the financial aspect of a small business.
- Time spent stewing over figures is time wasted. If you don't have a grasp of numbers, especially. Running a business is reductive enough without sleepless nights pawing at your calculator. Not to mention the additional stress that is sure to cloud your judgment.
- There's too much margin for error. When it comes to finances, it's arguably the most crucial aspect that your business needs to get right. There can be grave repercussions for even the most innocent of oversights. Innocuous mistakes can lead to devastating consequences. Why risk it?
Click here to find out more about the services an accounting firm could provide. More often than not, you'll find it's cheaper to outsource than employ somebody specifically for that role. That's right; hiring an accountant could actually save you money in the long run. And that's without taking into consideration the plethora of fines you could open yourself by getting things wrong.
The accountant is the small business owner's best friend. You absolutely should treat them as such. They're the one you turn to when you find yourself in a sticky situation. And, more than likely, they're the ones that are going to bail you out. Don't underestimate the importance of that.