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Should A Small Business Get An Accountant?
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Small business owners face a variety of decisions, including which services to offer, advertising campaigns to employ, and what growth strategies to implement. Another major decision business owners face is whether or not to retain an accountant.
Accountants can be a great resource for your small business; however, there are disadvantages to consider as well, making it important to fully evaluate your business needs before making a decision.
What Services Does An Accountant Offer?
Accountants deal with the numbers. This includes everything from data entry all the way to tax return preparation. All small businesses will need some form of accounting done to prepare financial and tax information. The Australian Government and investors require certain information to be remitted on a regular basis.
Other common services that small businesses use an accountant for is monthly bookkeeping, payroll processing, sales tax filings, tax planning strategy implementation, financial statement creation, and tax return preparation. The industry you operate in and your financial and tax obligations will dictate the service level you may need.
What Are The Advantages Of Getting An Accountant?
There are many different advantages of getting an accountant, from freed up time in your busy schedule to accurate financial reporting. The top benefit the small business owners see is transparent insight into operations. This occurs when bookkeeping is completed on a regular basis and you can see your financial reports in real-time.
Another advantage is timely tax filings. Small businesses must file an annual business tax return to report all income and loss. Additionally, other returns may be needed throughout the year, such as sales tax filings and payroll remittances.
Finally, an accountant with a strategic planning background can provide your business with additional insight. Strategic planning involves finding innovative growth strategies or tackling a complex business issue. Having a trusted advisor to turn to when tricky situations arise can be a great asset to have on your side.
What Are The Disadvantages Of Getting An Accountant?
Just like the advantages, there are also disadvantages to weigh as well. The first disadvantage is the cost. Accountants, especially CPAs, are able to charge high fees for the services they offer. This is because they have years of education and experience under their belt. Furthermore, accountants don’t guarantee the success of their services. They can provide solutions to your problems, but you carry the burden of effective implementation.
Summary
Weighing the pros and cons of getting an accountant is a major decision that your business faces. Finding a happy medium is a great start for many small business owners. This means handling the little stuff in your business, but passing the large items, like tax return filings, off to the experts.
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