There are many benefits of hiring an accountant for your business. Accountants have a deep understanding of what the numbers on financial statements represent and what problems they could be indicating. Having an accountant on the team will improve a business' ability to make decisions, because accountants are able to see beyond the numbers on financial statements. Below are 6 ways accountants can help your business.
One of the ways accountants help business owners is by using their financial knowledge to help set the business up for success. An accountant can help chose the correct business structure (LLC, partnership, etc.). To stay organized and in compliance with government regulations from the start, an accountant will set up the correct accounting processes when they first start.
Working with an accountant can help grow a business. When companies are experiencing growth or trying to achieve growth, accountants can help by giving business managers insight into cash flow management, inventory management, and business financing. They can also create forecasts and budgets to help guide a business and ensure it is in line with the goals of that business. If facing any mergers, acquisitions, or sale of a business, the accountant will ensure for a smooth transition.
Accountants help businesses with regular operations by providing monthly preparation and analysis of financial statements. The analysis will help managers make informed decisions with the most up-to-date data. Accountants can also help by overseeing payroll and estimating tax payments throughout the year.
Regulatory & Reporting Compliance
Accountants ensure business owners are following government regulations. They’ll make sure important deadlines are met -- such as tax filings and W2 submissions. Business accountants can also help a company through an audit by providing the auditor with the correct company data. Having an accountant from the beginning ensures this process will go smoothly because the data with be organized and available.
External Financial Relationships
Businesses usually work with many different financial organizations. Accountants can manage the relationships and handle the work that must be done by CPA firms for tax filings, banks, or other lenders.
Prevent Accounting Mistakes
Accountants help businesses from preventing financial mistakes that could cost a business money. An accountant will prevent both small and large mistakes -- like overdrafts to bank accounts, or missing a tax deadline that could result in huge penalties.
Having an accountant on a business team will give valuable insight into that business to help drive good business decisions. Delegating this work to a part-time accountant will give managers and owners more time to focus on the operations of the business.
Pro Back Office (PBO) is a cost effective solution to business accounting services. PBO provides outsourced accounting that’s hourly, onsite or remote, and part-time. To learn more about the benefits of having a part-time accountant, call PBO at 877-868-6164 or use the online contact form.
PBO has offices located in San Diego and Phoenix and serve clients throughout the Pacific Southwest. Find the right accountant for your business by contacting Pro Back Office.