If you own a small business in the Western Cape, it may seem like a waste of money to hire a small business accountant near Cape Town, but these professionals can help your business save and make more money. It is important to hire a small business accountant near Cape Town that works for your business’s needs.
Surebooks will provide you with an experienced professional small business accountant. We will make sure that you work with someone who will understand the needs of your business and will help with all your business’s finances. Keep reading to learn more about choosing the right small business accountant to help your business succeed.
Choose The Right Small Business Accountant
Before you choose a small business accountant near Cape Town, it is important to know what they do. Accounting is how a business records, organises, and interprets financial information. This provides businesses with a picture of the financial health of the business, and the components that include transactions, taxes, budgets, and projections. This is what a small business accountant does. They also pay special attention to small details, because for small businesses, every cent counts and should be made note of.
Tracking when money is coming in and when it is going out is essential to make sure that the business can successfully grow. If you are looking for a small business accountant near Cape Town, an easy way to find one is to search online.
You can also ask other small businesses whom they rely on to handle their finances. This may be the best option as most established businesses will not use people that they cannot trust. Once you have compiled a list of names, research their experience and background.
Also, read any reviews that current or previous clients have left about them. When choosing an accountant there are a few things that they should have before you hire them. You will also need to determine what functions you would like the accountant to help you with.
You will need to know how often you will need their services, for example, you may only need their help once a month. The next decision you will need to make is whether you would like to hire an independent small business accountant or an accounting firm. Whatever decision you make, the person or firm should have a lot of experience with the type of small business accounting you need and whom you feel comfortable sharing financial information with.
Furthermore, there are also some red flags that you should keep an eye open for. Some accountants seem perfect on paper, but they are not what they seem. There is a chance that you could hire a shady accountant.
This can be detrimental to any small business. For the safety of your business, you will need to take precautions to prevent working with someone that will not have the best interest of your business at heart. Before making the final decision regarding which accountant you are going to hire, you should conduct interviews, ask for references, and conduct a background check. You should also keep an eye on the accounting process to see if there are any possible red flags.
Some red flags include a small business accountant near Cape Town telling you not to bother keeping your receipts, asking you to sign checks or documents without knowing what they are being used for, and only receiving estimates for services after your tax refund has been determined. Another major red flag is if your accountant stops communicating with you. Your accountant needs to continue communicating with you throughout the accounting process.
For a reliable, professional small business accountant near Cape Town, consider Surebooks. Our staff is composed of experienced accountants and experts in the industry. We will help you elevate your business to new heights and handle the number crunching on your behalf.
Hire A Small Business Accountant Near Cape Town
In small businesses, accountants are needed to assist with financial analysis or integrating accounting software and compliance which also serves advisory roles on revenue growth or loss. They also make suggestions for improving the financial conditions of small businesses.
If you are thinking about starting a business, an accountant can help you with your business plan and the structure of your business. They can help with tax payments, and financial reports and help you create realistic budgets for your business.
Then once your business is up and running, you will have to maintain the accounting system that your small business accountant has helped you set up. There are a few actions that your accountant may take that include:
- Ensure that your independent contractors are known as such and make sure that they are not known as employees.
- They will explain all your financial statements to you so that you understand your business’s financial aspects.
- They will oversee the payroll of the business and the payment process.
- They will advise you on the estimated tax payments you need to make throughout the year.
- They will determine when, and to whom, you need to send the necessary forms.
- They will close out your books and create financial reports at the end of each year.
- They will compile and submit your taxes, financial reports, and all the important paperwork to SARS.
Once your business has gotten into a good flow, your small business accountant can help your business grow even further. Your small business accountant will become an integral resource to your business that will also provide advice and help manage the growth process. Accountants will also be able to help with:
- Determine areas where your business will be able to grow and provide insight into the cash flow patterns, pricing, inventory management, and business finances.
- They will provide advice regarding property and equipment purchase and leasing. They will also help prevent your business from being audited.
- Your accountant will become essential because they will guide you through the auditing process if it does ever happen.
- They will create financial forecasts to help you make informed decisions regarding your business.
- They will work alongside you to create a business budget that will support the goals that you have created for your business.
Keeping all of this in mind there is one tip that you can follow, it will not be necessary for you to use an accountant for all your financial needs. You can hire a small business accountant near Cape Town during your start-up phase and use them to handle your annual reports.
However, you can hire a bookkeeper to manage your financial needs regularly. Furthermore, you will need to be able to recognise when you need to hire the help of a professional.
You will then need to find an accountant that you trust and who will help you maintain the health of your business.
Different Types Of Small Business Accounting Services
Accounting companies like Surebooks offer various accounting services that include what many people will consider traditional accounting. The accountant you hire will see whether your business is successful or if it is bleeding money. They will also be able to see which processes are working and which ones are falling flat. Also, what some people may see as additional accounting services are the core services that any good accounting team offers.
Here is an overview of services offered by small business accountants: tax returns and strategies, debt reduction and planning, operational bookkeeping and payroll management, management consulting, and business valuation and development.
- Tax returns and strategy. The accountants know the tax codes, they know what has changed, what is in for a specific year and out for the next. They will also know and understand how this will impact your business.
- Debt reduction and planning. These are key areas for accountants to help small businesses. It is a challenge for small businesses to find cost-effective financing and debt management.
- Operational bookkeeping and payroll management. Many businesses struggle to manage their payroll, specifically if a business has just started to hire employees. In this area, your accountant will be able to provide consulting.
- Management consulting. This involves all the things mentioned above, however, many small business owners are not sure whom they can turn to when they need advice. Hiring an accountant will give you access to professional advice.
- Business valuation and development. This focuses on when small business owners would like to sell their businesses, this can be due to any reason. An accountant will help build the value of your business.
When you hire a professional accounting firm, take advantage of the additional services that they provide. This will help you stay financially organised, help your business grow and stay tax compliant.
You should avoid looking at hiring an accountant as an outsourcing cost, but as a key partner that will help your business grow and stay successful.
At Surebooks we want to help take the stress away from business owners – our goal is to help keep all your financial information organised so that you know exactly what is going on. This will allow you to have all the information you need before you make any financial-related decisions. We will provide you with financial advice and help you in the best way possible.
The Benefits Of Using A Small Business Accountant
As we have established, accountants play an extremely vital role in supporting businesses, and they handle financial matters from sustaining businesses to payroll. Additionally, there are so many reasons for Western Cape businesses to hire small business accountants.
- They save time and money. Hiring an accountant will help you avoid dealing with financial matters because they will take care of everything. This will save you time as you can focus on other business matters
- Accountants reduce tax liabilities. This means that accountants will perform the necessary tasks to keep your finances on track and save you from troubles that may come with end-of-year challenges.
- They prevent tax penalties. If the tax obligations of your business are not being taken seriously there will be strict penalties. All the documents that you will need for tax purposes will be saved by your accountant to ensure no penalties occur.
- They help businesses grow. Accountants will help support the financial structure of your business and keep accounts and finances in place to allow for growth and expansion.
- Accountants eliminate tax concerns. Experienced accountants will be able to get the job done without a lot of effort and they will pay a lot of attention to detail. This means that you will not be left worrying about any tax concerns.
- They provide security. Accountants take the necessary steps to strengthen your business’s financial aptitude. They will know how to use accounting software that offers secure and safe services.
- Accountants can effectively manage business finances. By hiring a professional accountant, you will receive a degree of efficiency. They will make sure that your finances are kept up to date throughout the year.
As mentioned, hiring a professional small business accountant can have a huge impact on the growth of your business. This will also give you the ability to safeguard your business’s financials. Many benefits come with hiring an accountant and any small business that would like to grow will benefit from hiring a small business accountant near Cape Town.