Did you know that many small businesses don’t use the services of an accountant? If you’re a small business owner and don’t currently benefit from accountancy services, what would change your mind? A whopping 46% of small businesses don’t work with accountants and of those who do, 47% only use them during tax season. There are so many ways that accounting services can benefit small businesses. Here are some things that accountants offer that might help change your mind if you’re currently not using one:
A major pain for small businesses is funding. Between looking for investors and going bank to bank looking for finance, small businesses have a tough time getting loans. As many as 80% of small business loan applications fail due to concerns over ability to make repayments. Working with an accountant can give a small business increased credibility and can improve forecast and expense reporting to give a stronger chance of acceptance.
The word ‘audit’ is enough to strike fear into the hearts of any business owner but working with an accountant can lessen the chance that a business will be selected for an audit in the first place. Even if a business is faced with the dreaded audit, an accountant can greatly assist your preparation to ensure all goes smoothly. For Stroud accountants, visit a site like https://www.randall-payne.co.uk/services/accountancy/stroud-accountants
Sometimes accounting firms could be blamed for only advertising when a tax deadline is approaching. Yes, dealing with tax is a considerable earner for accounting firms but seeing as one third of small businesses don’t save for income tax and some have no idea how much they owe, tax is a matter that should be kept up with all year round. A small business will be in a much better financial position if they know what’s expected and how to budget for it.
When a small business expands, so too does the complexity of financial transactions. An accountant can assist during this growth period, especially in matters like financial products and services, commercial space and recruitment. All of these factors require careful budgeting and this is where an accountant becomes invaluable.
When the time comes and you wish to sell your business, an accountant can help to ensure you get the best deal. They can provide accurate financial reports and this is essential for potential buyers to see the very best of the business. If you want to negotiate the best deal, having an accountant in your corner can make all the difference.
Why are so many small businesses not taking advantage of such wide ranging financial advice? Accountants need to start shouting louder about the many benefits they can offer. These benefits include keeping tabs on revenue and expenses, dealing with taxes and helping with invoicing.