7 Reasons Your Business Should Hire an Accountant

Many businesses put off seeking professional accounting help for a variety of reasons, including efforts to save money, but it might not be the best long-term decision for the health of your business. Accountants are extremely valuable for small businesses and are most certainly worth the investment.

Without the help of a professional accountant, business owners often find themselves with incomplete or messy books, late accounts receivable and payable, and so on. Without help, businesses often miss opportunities and don’t plan well for the future. This can spell the demise of the business and significant financial stress along the way.

Business owners often decide it’s time to ask for help when the books become too overwhelming and stressful to manage, or when they simply take too much time away from actually running the business. Does your business need help? Considering a professional accountant? Here are the top 7 reasons your business should hire an accountant:

1. Clean Up Your Books: Very rarely do business owners start a business because they love the books. In fact, many business owners we talk to hate managing the books and put it off as a result. Many small business owners know their books are out of whack but don’t have the time or expertise to fix them. Working with a professional accountant will mean your books will be thoroughly cleaned up and straightened out, and kept that way!
   

2. Improve Invoicing and Collection: Many business owners find themselves too busy to adequately stay on top of their accounts receivable and payable, meaning bills aren’t getting paid on time and invoices aren’t sent on time. This can put your cash flow at risk and make it harder to collect money for services or goods down the road. By working with a professional accountant, you’ll be sure your accounts are up to date and someone is managing the process.
   

3. Protect your Cash Flow: We’ve said this before, but we’ll say it again. Businesses can live and die at the hands of their cash, or lack thereof. Working with a professional accounting team means you will know the exact state of your cash flow, but more importantly find ways to protect, streamline, and increase it.
   

4. Tax Prep: If there’s anything business owners hate most, it’s the year-end tax prep that often means a weekend locked away working to gather documents and find receipts. By working with an accounting professional all year long, your business will be ready for corporate taxes and you won’t have to stress over this headache any longer.
   

5. Protect Against Embezzlement: One of the biggest risks small businesses face is embezzlement. If your company falls prey to this detrimental act, it can spell financial ruin. By partnering with an outside accountant, you’ll have a second set of eyes on all your books and a strictly managed cash plan to avoid and catch any embezzlers.
   

6. Grow Your Business: By getting a handle on your financials and projections, you can really understand the opportunities your business has and leverage them! Accountants give you the information you need, when you need it, to make strategic decisions and plan for the future. Accountants help straighten out a business’s cash flow and reduce expenses in a way that will allow the business to grow and expand.
   

7. Get Your Time Back: Business owners often hate accounting and put it off as long as possible. This either leads to late-night accounting when you could be spending time with your loved ones or accounting when you should be focused on growing your business and connecting with customers. Either way, accounting takes time away from your day-to-day and leaves business owners frustrated and stressed. If your accounting is taking too much time away from your life and business, partner with a professional accountant to take it off your plate.

If your small business could benefit from accounting help, let’s work together to set your business up for success. The accounting professionals on the Tally Services team are here to help you determine and implement the accounting practices that will help keep your business up and running, and keep you focused on growing the business. Tally Services partners with businesses of all sizes to provide top-notch accounting and bookkeeping services. Contact us today to get started!