One of the most important facets of a successful small business is expert financial management. While you may feel apprehensive about bringing an accountant into your small business to manage your business finances, this is one of the best steps you can take for ensuring the successful growth of your small business. In this quick guide, we have briefly outlined 8 benefits of hiring an accountant for a small business. SureBooks is a small business accountant that will ensure your small business only benefits from our accounting services.
8 Benefits of Hiring an Accountant for a Small Business:
As a small business owner, it can be tough letting go of some of the control of the business that you have worked so hard to build on your own. This can be especially stressful when it comes to handing over the management of the finances of your small business. To demonstrate that there are only positive outcomes when you partner with an accountant for your small business, we have highlighted the 8 benefits of hiring an accountant for a small business.
1) Expert Financial Management:
Your financial management is the hub of your business. This is where your cash flow is monitored, your expenses managed, your financial decisions are made, and all the other financial steps are taken to ensure your small business is both profitable and compliant. The standard of your financial management will therefore directly be the same standard as the success of your small business.
As a small business owner, you may not have the skillset to manage your small business finances adequately and accurately. Financial management is a profession, with years of training and experience that go into becoming an expert financial manager. Becoming adept at the intricacies of financial management on top of handling all the other important aspects of your small business may be too much to handle to ensure all aspects are correctly managed.
By partnering your small business with an accountant, your small business will gain the expertise of a professional accountant. A qualified and accredited accountant will ensure that your small business finances are professionally managed. You will then benefit from having a dedicated accountant handling your finances, offering you specialist skills and advice, and ensuring your business is always moving towards success in a compliant way.
2) Time Saving:
Financial management in itself is extremely time-consuming. When you have meetings all day, suppliers to order from, marketing campaigns to approve, and operations to monitor, it can be easy to become overwhelmed by financial paperwork. This can then lead to you slipping behind on invoices, paying employees late, or receiving fines from late tax submissions. When your financial management is not constantly kept on top of it, your small business will quickly start suffering.
The benefit of hiring an accountant for your small business is that it saves you vast amounts of time. As a small business owner, your time is valuable and you need to ensure you are spending it wisely. An accountant will dedicate their time to optimising your business finances so that you can then dedicate your time to optimising the rest of your small business.
3) Professional Payroll:
As a small business, you may have a few select employees who are integral to the successful operations of your business. You may have a marketing team devoted to ensuring your product or service reaches your target audience or an operations manager who ensures products are produced and delivered on time to keep your clients satisfied. As a small business owner, you must keep your employees looked after financially to continue receiving their supportive effort to your business.
While staying on top of your employee payroll is extremely important, it is also time-consuming and potentially confusing if your employee payroll changes monthly, such as with overtime pay or sick days. This can drastically become a monthly problem to deal with on top of the other aspects of your business that need concerted attention.
By partnering your small business with an accountant, your payroll problems will become a thing of the past. Your accountant will ensure that your employees are paid accurately and on time. In addition, they will also handle all PAYE and other deductions associated with your payroll in a timely and compliant way. The major benefit to hiring an accountant for your small business is that your employees will be financially taken care of, allowing your business to continue operating successfully.
4) Cash Flow Management:
Cash flow is one of the most important aspects of any small business. Maintaining a positive cash flow is essential for ensuring that your small business has a future. Unfortunately, having a positive cash flow in your business can be easier said than done.
When it comes to the benefits of hiring an accountant for a small business, cash flow management is one of the best benefits. Your small business accountant will ensure that your cash flow is managed in the short-term and long-term. You can avoid any outstanding invoices, unrealistic financial plans, or unexpected expenses that will push you into negative cash flow with the expert guidance of your small business accountant.
5) Access to Up-to-Date Accounting Software:
If you are a small business doing your own financial management, you should then have an accounting software. The problem with any accounting software is that they are constantly being improved and updated. This can then become difficult for you to stay on top of the latest accounting software changes. It can also become an unnecessary expense to constantly be upgrading your accounting software.
The benefits of hiring an accountant for a small business are twofold when it comes to accounting software. Firstly, your small business will benefit from having access to the latest accounting software without you needing to spend any time or money on researching the best software, upgrading your software, or learning how the changes to your accounting software work. Secondly, your accountant will be comfortable and familiar with staying on top of accounting software changes and will ensure that your small business is continuously benefitting from expert financial management.
6) Saves You Money:
Small businesses often avoid hiring an accountant based on the additional expense associated with the expertise of an accountant. In the initial phases of running a small business, your profits are usually minuscule, which can make it stressful to take on the expense of an accountant. While partnering your small business with an accountant will cost you more every month, the cash-saving benefits of hiring an accountant for a small business quickly outweigh the expense.
Your accountant can help your small business save money in numerous ways. For example, your accountant will provide you with a thorough examination of your expenses and highlight ways to cut back costs where money is being spent unnecessarily. Their professional financial management and advice can also help you make cost-effective decisions for your small business, allowing you to save money in the long run.
7) Tax Compliance:
If anything can strike fear into the heart of a small business owner, it is the mention of tax. Tax compliance is essential and mandatory, but that does not mean it is easy to do. While you are focusing on the running of your small business, mistakes can happen or deadlines can be missed when it comes to your small business tax. This is one quick way to be facing a SARS representative looking to verify or audit your small business, which is a stressful and time-consuming experience.
The benefits of hiring an accountant for a small business is that your small business will always be tax compliant. Your tax will be handled correctly and on time, ensuring that you will not have any SARS problems to deal with. If your small business is randomly selected for an audit, you will have an adept accountant to make the process as seamless as possible.
8) Personalised Financial Advice:
No small business owner is expected to have all the answers to every possible situation or problem that their small business may face. In certain instances, you will need guidance to ensure that you make the best decision for your small business. When it comes to financial advice, you want to get the best advice from an expert source.
This is where your small business accountant steps in. Your small business accountant will have a thorough understanding of the financial situation of your small business. Your accountant will provide you with all the information you need in financial reports and offer you their expert advice when it comes to making any decisions in your small business. This personalised financial advice can be invaluable when it assists you to drive your small business into a financially strong and flourishing future.
SureBooks Accounting Services for Small Businesses:
SureBooks is a small business accountant that offers professional accounting services to small businesses in South Africa. With SureBooks, your small business will gain all the benefits of hiring an accountant for a small business. We offer expertise, efficiency, and affordability to ensure that we are the best accounting partnership for any small business.
With SureBooks, your small business has access to expert financial management. Our SureBooks team is comprised of qualified and accredited accountants who offer accounting services, payroll services, tax compliance services, and financial reports. Our professional services are then paired with expert advice to ensure your small business is always moving in a successful direction.
SureBooks offers you access to the latest accounting and payroll software. We offer Xero for our accounting services and Simple Pay for our payroll services. These software options allow us to provide you with real-time reporting online, so you can always have access to all your financial information whenever you need it. With the latest accounting software, we can offer you efficient and effective financial management for your small business.
We support small businesses with professional and affordable accounting services because we have stood in the shoes of small business owners. Our leadership team is comprised of entrepreneurs, meaning that we understand the challenges and rewards of running a successful small business. With us, you can trust that your small business will be in reliable, experienced, and passionate hands.
SureBooks is the trusted small business accountant for numerous small businesses in South Africa. We have used our skills, experience, and dedication to transform many small businesses into financially efficient and successful competitors in their markets. If you are looking to take your small business to the next level, SureBooks is the small business accountant partnership for you.
SureBooks is a fully accredited small business accounting agency. Our accountants are all accredited with SAICA, SAIPA, and all relevant accounting services bodies. We are registered with SARS as tax practitioners. The leadership team has Chartered Institute of Management Accountants (CIMA) accreditation to offer you a reputable and legitimate accounting service for your small business.
Enjoy the benefits of hiring an accountant for a small business when you partner your small business with SureBooks.