succeed in material terms; be financially successful.“his business prospered”
flourish physically; grow strong and healthy.
We don’t think about it, but TO PROSPER should definitely be at the top of the priority list. Isn’t it why we got into business in the first place? When the small business owner is first starting out he is usually overwhelmed by all the things that he needs to do to get his business up and running. Licenses, tax laws, company structure, gaining customers, making sales – the list goes on and on.
One thing that the SBO (small business owner) doesn’t think about is keeping track of his financial records. Bookkeeping is the last thing on his mind. The following article gives TEN reasons why a small business should work with an Accountant to stay compliant and to prosper in their business:
Here are ten things outside accountants do well that small business should consider when determining what capacity and how often they want to utilize an outside accountant.
- Businesses need a plan. One reason thousands of businesses fail every year is because they didn’t have a plan…..bringing a professional on board can help small businesses plan for success.
- Accountants can save you from going too far down the wrong path. Many entrepreneurs got in to business for themselves out of passion for what they do. Because of this, they will sometimes find themselves in a situation where they made a decision based on this passion, not on the data, intelligence and insights available. An accountant can help determine what the right next steps are for success.
- Accountants can provide a new perspective. Sometimes small business owners are so consumed with running the day-to-day operations of their business that they may not be able to see the whole picture. Meeting with an accountant can be like taking a step back, looking at the bigger picture, and gaining a fresh, new perspective. Sometimes that’s all it takes to come up with the next big idea.
- Accountants have reach. Don’t underestimate how valuable it is to receive guidance from someone who has insight and knowledge across hundreds of businesses and industries…..
- Business owners using an accountant report the service is critical to their success. In the recent Accountant Usage Study conducted by Sage among U.S. business owners, 89 percent of respondents agreed that working with an accountant was a critical element of their success.
- Accountants understand tax.…..Aligning with an accountant can help ensure that your business remains compliant and is a critical step in maximizing your tax savings.
- Accountants can bring financial information to life.…… Have an accountant help you dive into the numbers and use them to propel greater business growth and profitability in the future.
- Accountants know numbers.……When it comes to the numbers, don’t miss all that can be gained by working with a true expert.
- Accountants can be critical to getting through an audit. If your business has ever been audited by the Internal Revenue Service, you probably know that the ongoing assistance of an accountant can turn the usually frustrating and daunting experience into a much easier process.
- A good accountant can make great recommendations. In their day-to-day interactions with many businesses, an accountant gets to know how trustworthy a business is, their financial state, and their overall business strategy. Because of this, an accountant can often be the best person to make a referral…..An accountant can be one of the most connected people you know!
By: Jennifer Warawa, Vice President and General Manager, Sage Accountant Solutions, Sage North America Small businesses are not only trying to find their way in