If you are a small business with minor operations, you may wonder whether accountants for small business is a service you need. Especially in a highly stressful economic period, everything costs more and profit margins are thin. But these doubts about accountants for small business generally come from a need for more understanding about their services. This is because when small business owners see the word ‘accountant’, they usually confuse corporate accountants who work for large corporations with small business accountants.
At Surebooks, our goal is to challenge the misconceptions about accountants for small business. In addition, we want to show our customers that hiring a small business accountant can be financially beneficial for your business. This is because our Surebooks accounting services are tailor-made for smaller companies, where our goal is to help you legally make the most intelligent financial decisions. So in this article, the goal is to show you how effective our accountants for small business can be by discussing their key roles and benefits.
Understanding The Role Of Accountants For Small Business
The quickest way to clear up any misconceptions that small business accountants will only be a financial burden on the business is by first looking at what exactly accountants for small business are. What is their role? How do they differ from regular accountants? And does their specialisation in working with small companies provide any benefits? Let’s answer some of these questions here.
Defining The Role And Responsibilities Of Accountants
The financial landscape today is complex, and the advice of an accountant in navigating the many obstacles lawfully is crucial in keeping your business out of the many potential litigious situations that may come by doing things incorrectly. Therefore, providing the correct advice and keeping accurate financial records of your company’s actions are the primary responsibility of any accountant. But that is just a general description of what an accountant does. Depending on the size of your business and the financial tools you may already have, the accountant’s role may vary from company to company. However, some of the most common tasks an accountant can perform include:
- Financial recording
- Financial reporting
- Tax compliance and planning
- Financial analysis and interpretation
- Cash flow management
- Audit support
Whether they are a prominent firm accountant or one of our Surebooks small business accountants, these are some of the essential skills the accountant should be able to perform.
How Small Business Accountants Differ From Regular Accountants
Above, we described the scope of work that most accountants have to deal with, whether they are general accountants or accountants for small business. But how do they differ? Why would an owner hire a small business accountant over a regular accountant? Although it is important to note that many of their skills and tasks overlap, some critical differences make a small business accountant more effective in smaller enterprises. Some of the most noticeable differences include:
1. Scope Of Work: Generally, small businesses face unique challenges that larger firms don’t experience. So an account for a small business will look to work more closely with the business owner and help them handle day-to-day accounting tasks. This is in contrast to a regular accountant whose work is broader, as they are generally not the only accountant in the firm.
2. Industry Knowledge: Whereas regular accountant may focus their knowledge base to be more general so that they can work with several companies in several different industries, accountants for small business generally have a more specialised knowledge basis, centred on the industry the business is operating within. That means when you hire a Surebooks small business accountant, you can rest assured that your accountant gives you industry-expert knowledge on finance, accounting and investment.
3. Client Relationships: Because a regular accountant generally forms part of a larger accounting team in a corporate structure, often, these accountants do not directly deal with customers, or they may need to deal with specific issues for several clients simultaneously. In this way, it is difficult for regular accountants to learn everything about their company’s clients or build strong relationships with them. With Surebooks accountants for small businesses, this is not the case. Instead, our accountants work closely with you as the business owner and make it their mission to learn about every aspect of the business. This means you will have a much stronger relationship with your accountant and know that your small business accountant understands your business well.
These are only some of the most important differences between regular and small business accountants. In summation, it is clear that the most significant benefit of hiring a small business accountant is that you are receiving a more personal service. When you hire Surebooks accountants for small business, you know you are getting an industry professional who will help you every step of the way with your financial and accounting needs. The following section will examine more specific services your small business accountant will provide you with.
Surebooks Small Business Accounting Services
Now that we better understand what a small business accountant is and the ways they differ from regular accountants. Exploring their benefits to the entrepreneur or small business owner is critical. Above, we listed some of the everyday tasks generally associated with accountants. But at Surebooks, we offer a range of small business accounting-centric services. That will help keep your company financially stable. Let’s review some of the essential services we offer:
1. Automation Of Mundane Administrative Processes
At Surebooks, we understand that as a small business that may just be starting, many times, many of the essential administrative processes that help you run your business effectively may still be done manually. This is either because you weren’t aware of some of the powerful technologies that can help automate these processes, or you didn’t have the technical know-how to set these systems up correctly. You rest assured that Surebooks accountants for small businesses will help you set up these systems quickly and correctly. Some of the mundane administrative processes that may need automation could include the following:
- Time tracking.
- Customer data management.
- Invoice tracking.
- Expense management.
2. Cloud-Based Accounting
At Surebooks, we aim to help small companies modernise their accounting practices effectively. A game changer in the modern accounting field today is implementing cloud-based accounting. What is cloud-based accounting? Well, cloud-based technologies are a way of storing data more efficiently. This is done by storing data on secure large external servers. Not only does this allow you to access your accounting information from anywhere in the world at any time on any device, but it also saves the business money by effectively removing data management costs from your expenses. Furthermore, many cloud-based accounting systems are optimised to work more effectively with third-party automation programs, which will help with the abovementioned automation processes. At Surebooks, we believe that the power of cloud-based technology is the future of accounting, and we want to help your small business employ these systems early.
3. SARS + CIPC Compliance
Sometimes, making sure your business is entirely compliant with all of the South African Revenue Services (SARS) and Companies and Intellectual Property Commission (CIPC) strict regulations can be complicated. Not being compliant can cause much stress, leading to legal actions, fines, or audits. All these actions will cost your business time and money to sort out. Furthermore, completing these complicated forms and submissions yourself takes time; you could be doing what you need to do, running your business. Our ‘accountants for small business team at Surebooks are well-trained in what it takes for companies to be 100% compliant annually. Therefore it is more cost-effective to hire our team to complete these regulatory processes on your behalf and an intelligent choice, as it saves you time to handle more pressing matters.
Finding The Right Accountants For Small Business
At this point, we have investigated how small business accountants differ from regular accountants and how a Surebooks small business accountant will provide you with a personal, professional service, helping you embrace the latest accounting technologies. But is Surebooks the right accounting service for you? How should you evaluate your small business accountant? Let’s look at some of the aspects that make us at Surebooks the correct service for you as a small business owner.
Identifying The Specific Needs Of Your Small Business
At Surebooks, we encourage our clientele to investigate their business thoroughly, looking for what financial services the business needs. Whether it be financial administration, help with taxes, SARS registration, compliance and audit check-ups, or even accounting automation. As a business owner being aware of your financial shortcomings is essential. That way, we can efficiently help in the most crucial areas.
However, even if you need help with finances or are new to running a business and need guidance on what to evaluate, we are here to help. We are happy to provide consultation services and work with you to identify any shortcomings in your accounting needs.
Credentials And Qualifications To Look For In A Small Business Accountant
Now that you better understand what your business needs to function correctly, the next thing you need to investigate is whether the accountant for small business you are looking to hire can perform their job correctly. To do this, one must look at their credentials. Any accountant working in large or small businesses must undergo rigorous training and have the certifications to prove it.
At Surebooks, we proudly say that all our accountants are well-trained and certified by all the major certification boards in South Africa. This includes SAICA and SAIPA. We’re also registered as tax practitioners at SARS. Furthermore, our leadership has CIMA or Chartered Institute of Management Accountants accreditation. This means that when you hire Surebooks for all your accounting needs, you don’t need to worry about investigating accounting qualifications yourself, as we guarantee industry-leading accounting expertise.
At the beginning of this article, we discussed whether an accountant for small business is cost-efficient for your business. As a responsible entrepreneur, we know you are constantly trying to keep costs down. That is why at Surebooks, we have priced our services with the constraints of small enterprises in mind. We offer a variety of packages at exceptionally reasonable prices so our clients can choose what works best for them. Our packages include the following:
SureStart – An excellent entry package providing 100 transactions a month. With a wide range of services, from financial guidance to reconciling credit card and bank statements. Priced at only R2200 a month.
SureGrowth – Our intermediate package, priced at R3300 a month, includes many of the same services as the entry package. Still, it gives you more time to utilise our services, as this package allows for more than double the monthly transactions (at 250).
SurePlus – Our premium package is for businesses that need professional financial services as they rapidly grow. At only R4500 a month, this package includes some more involved services like reconciling account receivables, VAT allocations, and maintenance of your fixed assets register to name but a few.
Surebooks: The Right Small Business Accountant For You
This article has sought to provide you with the knowledge to make an informed decision about your next small business accountant. In these economically trying times, we understand that you want to provide your business with the best financial solutions at the most affordable prices. If this is your goal, Surebooks is the service for you. So don’t hesitate to call today and hire a professional, caring team of small business accountants to help you with all your accounting needs.