Accountants for small business might just be what you need. Small businesses, now more than ever, need to devote time and resources to growing. Business owners are often doing everything from managing employees to developing new products or services to building customer relationships.
Maintaining financial records, preparing tax documents, keeping up with rules and regulations, and analysing and interpreting data is a massive task for even experienced business owners, and even more difficult for business owners who do not have experience or a background in accounting. Luckily for businesses all over South Africa, SureBooks offers the perfect solution: Accountants for small business.
By outsourcing accounting services, not only does a small business free up a huge amount of time and energy, but they are also assured that all of their financial matters are handled by experienced professionals, and comply with national and international regulations.
SureBooks is a small business accounting firm based in Cape Town that offers accountants for small business. Our accounting services include payroll services, and tax compliance advice to help businesses grow. We provide a range of accounting services, including SARS compliance, CIPC compliance, income tax returns, and cloud-based accounting.
Keep reading to learn a little more about our services as well as some of the many benefits of investing in a small business accountant.
What Are The Benefits Of Outsourcing An Accountant For Small Business?
Knowledge and Expertise
Outsourcing accountants for small business brings in a level of expertise and knowledge that most small business owners do not possess or understand (unless they have experience in the financial industry).
Outsourcing an accountant to handle financial management, bookkeeping, tax planning, compliance, and other functions gives small business owners room to focus on other important areas of the business as well as the opportunity to liaise with the accountant at any time to get feedback or reports on the businesses financial standing. An accountant handles all of the financial data, and the small business owner can access this compiled information at any time to analyse and quickly make decisions.
Time and Resources
The importance of time is mentioned over and over again in this blog, because of its value. Business owners naturally have to juggle many responsibilities at once, and tasks like managing finances are exceptionally time-consuming and require full focus and attention. Even if a small business owner is capable of fulfilling their company’s financial needs and procedures, doing so takes away time from other tasks that would benefit and grow the business. Outsourcing accounting services is a no-brainer for businesses that want to grow, as it frees up the time and resources needed to do so.
Any business aims to grow bigger, and as they do so, their financial needs will change and become more complex, and more difficult to understand and manage. An in-house accountant may not be equipped to handle these changes, and it would take time and resources to train them to do so. Outsourcing accounting services ensures that the business’s needs will always be met as it grows and changes.
Outsourcing an accountant for a small business is more cost-effective than hiring a full-time, in-house accountant. For an in-house accountant, the small business would have to pay for that employee’s salary, benefits, and other overhead costs, but when outsourcing an accountant, the business would only have to pay for the services.
An outsourced accountant can provide an objective financial analysis, giving a fresh, unbiased perspective on the business’s finances and making impartial judgments. An outsourced accountant can offer valuable insights and identify areas for improvement that those within the business may not have been aware of, and the business can turn these insights into financial strategies to help the business grow and succeed.
Time to make bigger decisions
Outsourcing an accountant can greatly improve decision-making in a small business by providing expert financial analysis and guidance. An experienced accountant can advise small business owners on their finances and help them better understand their financial situation, empowering them to make informed decisions whilst learning more about budgeting and planning for future applications. It is a common misconception that bringing in an accountant means that the business owner does not play an active role in the business’s finances, but this is far from the truth.
An outsourced accountant makes the business owner’s life easier and saves them time, and the owner can still access the business’s real-time financial data and insights, put together by the accountant, identify areas of potential growth, reduce unnecessary expenses, and allocate resources effectively. This way the business owner has time to focus on core responsibilities within the business, to innovate and expand.
Reduced risk of errors and fraud
Outsourcing an accountant can significantly reduce the risk of errors and fraud in a small business. Professional accountants are trained to ensure accuracy and compliance in all financial processes. They come with an outside eye to identify errors or fraudulent activities that may be missed by untrained staff.
Outsourcing an accountant also ensures that financial records are properly maintained, which can reduce the risk of inaccuracies and errors. Additionally, outsourcing can provide an additional layer of protection against fraud by providing an independent review of financial records. By reducing the risk of errors and fraud, outsourcing an accountant can help small businesses to operate with greater confidence, knowing that their financial records are accurate and reliable.
Choosing SureBooks Accountants For Small Business
Not all small business owners know and understand how to manage their business’s finances, and this is where the need for accountants for small business comes in. PKF, Mazars, and other large accounting firms have decades of experience and a strong reputation behind them, but this does not mean that they are the most suitable choice for your business.
SureBooks’ accountants for small business offer all of the necessary accounting services, as well as the ability to give one-on-one attention and a unique approach to every client based on their specific needs.
SureBooks offers the following accounting services to small businesses:
Accurate and efficient payrolls serve to benefit both the employer and their employees. Surebooks covers all the necessary payroll services and makes sure their services are tailored to what the business needs, including payslips, administration, PAYE, SDL, and UIF, as well as biannual EMP501 SARS submissions.
Bookkeeping is never easy to stay up to date with, and for many, it becomes overwhelming trying to keep up. With SureBooks accountants for small business, your accounting data is stored, organised, and tailored to your business’s needs and processes using specialised accounting software. Business owners can access that information at any time, to obtain reports and assess the business’s financial performance to make decisions going forward.
SureBook’s Bookkeeping Services include:
- Business Invoicing
- Tax return preparation
- Organising books and accounts
- Manage accounts payable and receivable
- Produce management reports
- Create a budget and analyse cash flow
- Create a breakdown of performance indicators
- Create financial statements
- Keep track of your bank feeds
- Compliance Services
Tax laws are constantly changing, and it can be challenging for small business owners to keep up with these changes while running their businesses. It is essential to stay up to date with finances and abide by internal and external regulations set by the government. Businesses can be heavily penalised if they are found not to be up to standards.
If you don’t know what half of the above words mean, that’s no problem, it’s our job to understand and apply all of it so that you don’t have to.
What Makes SureBooks Stand Out?
SureBooks’ accountants for small business are accredited by SAICA and SAIPA, two of South Africa’s major accounting services bodies, and are registered as tax practitioners with SARS. Those in leadership positions at SureBooks hold accreditations from CIMA or the Chartered Institute of Management Accountants.
SureBooks employs accountants in leadership roles that have worked and are trusted by various big blue-chip companies and entrepreneurs, which has given us an in-depth understanding of what entrepreneurs of all kinds and sizes need. We can provide sound advice that can positively change a business’s trajectory, or unlock cashflow.
SureBooks utilises the latest and greatest technology, ensuring comprehensive and accurate accounting services. SureBooks accountants are proficient and experienced in using programs like Xero, Receipt Bank, and Simple Pay.
So, how does a small business know if they need an accountant?
If a small business owner lacks financial expertise: Unless they have relevant qualifications or experience in accounting and finances, a small business owner should consider hiring an accountant, as they possess the knowledge and skills to handle various financial tasks, including bookkeeping, taxes, and financial planning. With an accountant, a small business owner can feel confident that their finances are in good hands, and easily accessible and understandable.
If a small business owner is struggling to keep up with their finances: Small business owners often have limited time and resources to manage their finances, and there are too many other aspects in the business that require attention. An accountant can take on the financial tasks, allowing the owner to focus on running the business.
If a small business owner is facing complex financial situations: For example, if the business is expanding, restructuring, or dealing with mergers and acquisitions, accountants for small business can provide valuable insights and help navigate these situations. Business owners of any size should aspire to grow and expand their business and they need an accountant to take care of the finances when it all happens.
If a small business owner is facing tax-related issues: Tax laws are complex and constantly changing, and small business owners may struggle to keep up with them. An accountant can help ensure that the business is compliant with tax laws as well as help the owner maximise their tax deductions and returns.
If a small business owner is seeking financial advice: An accountant can provide valuable insights into the business’s financial health and offer advice on how to improve it. They can also help with financial planning, budgeting, and forecasting.
It doesn’t matter what stage a small business is in, whether just starting, or looking at retiring, there is and always will be a need for accountants for small business.
In the early stages, a business needs to have the right financial systems set up, create invoices, and financial statements and prepare tax returns and documents. It is easy to miss an important document or step in the beginning stages, which is why an accountant should be brought in to ensure that everything is set up properly, to work efficiently, and comply with any rules and regulations.
As the business begins to pick up and grow, an accountant is needed to help with planning, budgeting, and analysing the financial performance of the company. This feedback is all given to the business owner to decide on plans and budgets, and the accountant is also there to offer critical advice.
As the business expands, accountants for small business can assist with managing cash flow and analysing new business ventures and their potential profitability, or provide advice on acquisitions and mergers.
If the business owner is planning to retire the business, the accountant will step in to assist with the sale of the business, tax planning, and succession planning.
There are so many reasons for small businesses to outsource accounting services. If you or your business can relate to any instances mentioned above, it’s time to get in touch with SureBooks to find the perfect accounting package for your small business.