Great accounting saves businesses
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Profitable small businesses can still fail if their accounting is not solid, we unpack the importance of having a certified accountant for the small business. They are not nice to haves but a critical pillar in the wellness of the business’s profits, cash management and return on investments.
Accountants traditionally have had a bit of a ‘bum rap’ as being ‘prophets of doom and gloom’ but their value to a business is unimaginable. Below we have listed the ways accountants are the lifeline of businesses to help you imagine their role besides managing your taxes, leading to possible tax refunds and figures that show positive financial growth.
Keeping your business Tax compliant
You may know your way around doing your own personal tax returns and keeping a basic cash book. Unfortunately, in business there is a bit more to it to be compliant with SARS. A good accountant will ensure you are and remain legally compliant wherever it is relevant to do so. SARS has a number of rules and regulations regarding tax returns, responsibilities to employees etc. Accountants are well occupied with what needs be known and adhered to for the protection of the business and its profits.
Extra time to focus on your business
Running your own small business can keep you pretty busy, from daily operations to the back end managerial duties. An accountant can save you plenty time ensuring your admin is up to date and financially in order. Having tasks appointed to a specialist frees your schedule from having to learn the ins and outs of a calculating the balance sheet and can be held accountable for the work done.
Money savers
Good accountants also save you fines and costs that you may incur simply from not being aware of penalties, interest on tax deadlines missed, Workmen’s compensation returns to be submitted annually and annual returns to be submitted with CIPC. Accountants can also make you aware of the many financial benefits for business that are available in certain areas and help you make use of tax breaks available to businesses.
360 view point of your business
They can help the business grow through a better perspective, your accountant should become like an objective business partner. Their solid advice takes into consideration sales, costs, impacts of contractual deals and sound those important warning bells when they see the business is heading financially way off course. This again is a very positive aspect of having an accountant as opposed to going it entirely alone!
Eradicated financial worries /Ensured financial security
Knowing a certified individual is accountable to the financial security of the business gives you peace of mind. The paperwork, legal compliance, SARS and the intricacies of business finances can all be pretty daunting. Enough to cause sleepless nights worrying whether the numbers captured and projected are true, because numbers don’t lie but people do and sometimes it’s not all by intention but simple human error. Accountants are honed on how to avoid those pitfalls by following procedures which guarantee accurate numbers in the business’s books.
The wellness of the business is not fixed to leads and sales. The cleanliness of the financials is as important, as they direct not only what can be achieved now but where the business can go. Invest into a good accountant, if you don’t know where to start contact Franchise Chamber and we will direct you in the right direction.
