Since Luca Pacioli, the wandering Franciscan monk and mathematician, published the first accounting work in 1494, accounting has been considered the language of business. Accountants, as users of this language, play a critical role in the business world, from managing portfolios, monitoring company’s financial status, maintaining company’s book, preparing tax returns, to even forecasting future opportunities. The right accountant is of particular importance to small businesses. Choosing the right accountant can affect the way you conduct your business and spend your money.
To begin with, your accountant may not be qualified. The fact is that there are an increasing number of poor quality accountants in the market place. They don’t have enough experience or expertise to provide personalized advice tailored to your industry and life-stage. Some accountants have trouble even getting your tax returns done correctly – let alone thinking of your business’s evolving needs. Anybody can wake up one morning and decide to become an accountant. It is important to make sure that your accountant is qualified through the main accountancy body, the Chartered Professional Accountants (CPA). The right accountant will save you time, money, and achieve the results you are after.
The right accountant can take care of your annual accounts and tax compliance. By helping you keep organized with expenses and revenues, and providing accurate financial statements and budgets, a good accountant can free you from trivial financial tasks and let you focus on business growth and development. Furthermore, choosing the right accountant can ensure that individuals and companies file their tax returns correctly. Tax laws can be complicated and frequently undergo variations. Many people suffer a huge loss when they do their own tax returns and are not knowledgeable of the appropriate tax credits and deductions that are available to them. Small businesses and corporations may experience further complexities since many of their business decisions lead to tax consequences. The right accountant can also provide long-term tax planning advice according to your financial situation to minimize your taxes over time.
Finally, the right accountant can do much more than just balance your books and handle your taxes. He or she should be able to help your business grow and provide the most suitable answers to your pricing problems, lease versus buy decisions, inventory strategy, and internal control difficulties. The right accountant can also help you realize what you are entitled to, such as government grants, new tax credits and so on. According to research by Experian, more than half of small business owners are running a company for the first time. That is why it’s crucial for small businesses to choose an accountant that understands their challenges and opportunities because he/she can prevent them from making detours at the beginning of the business.
After all these words, now it’s finally the time for you to go find the right accountant and build a lifelong relationship with them. Remember to choose your accountant based on the value they can offer instead of the cost!
Need a professional accountant? Contact us today!