A good business accountant is worth his weight in gold. Here’s why you should always leave your company’s finances in the hands of an expert.
Have you been dragging your feet about hiring a business accountant? Think about how much time you spend agonizing over revenues, accounts payable, and payroll. If you make even a tiny mistake, it can send your company spiraling into the red.
Imagine what you would be able to accomplish if you hired someone else to manage your finances. It’s time to put down the calculator and let a professional crunch the numbers for you.
These are the top services an accountant will provide your business:
Find Errors Before the IRS Sees Them
Accounting records must be immaculate. There isn’t any room for error. You use these figures to determine how much money you owe the IRS each quarter, and a misplaced decimal point could cause trouble. Obviously, you don’t want to overpay the government. And if you underpay, you may find yourself stuck in a nasty audit.
Hiring an accountant to manage the books is the best way to avoid any errors. These math experts will check and double-check their work to ensure they have a record of every dollar made or spent. If they do notice a mistake along the way, your accountant will correct it before it causes any headaches.
Make Accurate Financial Projections
Unless you have a crystal ball, you don’t know what the future holds for your company. Instead, you keep trucking along, hoping following the same path will lead to success. This path, however, isn’t always reliable. But if you hire an accountant, you’ll have a better understanding of your business’s financial outlook.
An accountant is pretty much a financial fortune-teller. These pros know how to read and interpret numbers to help boost your business revenues. They will study your business’s liabilities, assets, and capital to make accurate predictions. When you have a plan in hand, you’ll be able to make better choices about managing your cash flow.
Detect and Eliminate Fraud
As a business owner, you want to trust all your employees; however, you may unknowingly hire a bad apple. Dishonest vendors can also stir up trouble. Accounting fraud is common in nearly every industry. The ACFE reports that most businesses lose 5 percent of their annual revenues to fraud.
Most companies don’t realize they are a victim of fraud until it’s too late. Embezzlement, asset misappropriation, and inventory theft are just a few examples. Hiring an accountant to balance your books is one of the easiest ways to detect fraud in the early stages.
Find the Best Accountant for Your Small Business
While you may think handling the books yourself will save your company money, this assumption isn’t always true. Without professional assistance, you may end up doing more harm than good. You could even lose money in the long run. And when tax season rolls around, you don’t want to have inaccurate numbers on your hands. Instead of spending your days sweating over numbers, let an accountant do it for you.
When it comes to keeping pristine financial records, no one does it better than Incompass Tax, Estate & Business Solutions. You can trust us to report and reconcile all of your records in a timely manner. Wouldn’t you like to sit back and let us handle the numbers for you? Get in touch to learn how your company will benefit from the services of an experienced business accountant.