Every business, regardless of what size it is, needs a professional accountant who will
provide valuable financial advice throughout the year, helps file taxes and other paperwork, and even play the role of a business advisor or consultant.
Many small firms feel that they don’t really need an accountant, or that they cannot afford
one. Some others also mistakenly assume that all that accountants do is just fill up a few
forms at the end of the year. The truth is, a qualified Certified Public Accountant (CPA) can not only help you with filing taxes, but also save money in the long run.
Here are some of the ways in which working with a professional accountant can benefit your company.
Pay just the right amount in taxes
Filing taxes is not just about filling up forms. Not only do you have to complete the forms
accurately, but you must do it in a way that minimizes your tax bill. A good professional
accountant will help you understand the different legal ways in which you can minimize
your tax bill. The tax planning service offered by accountants is one of the biggest benefits
you can gain from them. The accountant will help you take advantage of the tax laws and
also offer advice throughout the year to operate the business in a way that gives you the
best tax advantages. It’s like having your own personal financial advisor throughout the
Your proficiency lies in running your business, not navigating tax laws. If you spend your
valuable time working on your company’s financial accounts, you’re taking that time away
from your business – time that you could spend to earn more money. Forget the opportunity cost, working through your accounts as a non-expert may even cost you more money because you may miss certain things that would be glaringly obvious to an experienced professional accountant.
Grow the business
For any business to grow in the right direction, you need to take strategic business and
financial decisions. Especially in the early stages of business, you need to be particularly
careful about making the right decisions. Good accountants will work with you closely and help your business succeed. They can also draw on their experience and suggest solutions to your business and financial problems. Since accountants usually have close contact with other professionals such as lawyers, bankers etc. they can put you in touch with them to sort out issues that are beyond their scope.
File all the paperwork accurately and on time
If you send in paperwork with incorrect or incomplete details, you may be asked to submit it again with the correct details. If you miss a deadline for filing your tax returns or other important documentation, you may attract a fine. You really do not want your forms to be sent to a tax inspector who will go through it with a fine tooth comb. You can avoid all this by using the services of an accountant who will ensure that the right forms will be completed accurately, and will be filed at the right time.
A good accountant may cost you money, sure, but can you really afford not to have one?