Money is the lifeblood of every business. It’s how you pay your expenses, compensate employees for their work and trade with suppliers. It’s also the truest measure of your business’s success. Knowing this, it’s concerning how many business owners still think of accounting services as a grudge purchase. They probably ask themselves: “If I can manage my business’s books myself, do I really need to pay someone else to do it?”

The short answer is yes, every business needs professional accounting services. The long answer will take us the rest of this blog to explain. When you outsource to an accountant, you gain a valuable business partner for the following reasons:

Accountants save you money

An accountant does more than just prepare financial statements. They can provide rare advice about how your business can reduce overheads, sustain revenue and control liabilities. They can secure funding for your business and draw on their expertise to highlight areas in your business where you can cut costs and maximise profits.

Accountants are vital tax allies

Tax implications happen throughout the year, not just during tax season. Scrambling to maximise your tax returns as tax season looms is an ineffective strategy. You need a professional accountant who can skilfully find ways to improve your potential returns throughout the year. For example, the shift to home offices during the pandemic is bound to have tax implications for businesses and you need an expert to guarantee that you can account for everything.

An accountant proactively avoids problems

There’s a misconception that accountants are there to fix problems. While they can resolve financial management disasters, they can also help you to avoid them altogether. When a business is audited, it’s usually because of tax discrepancies or mistakes that a trained accountant would never make. The cost of non-compliance is high but can be easily avoided if you invest in accounting services.

A professional accountant saves you time

Without an accountant, you or someone else in the business is forced to wear two hats. Inefficient financial management takes time away from making important decisions in your primary role. Instead of focusing your energy on running your business, you’re dividing it between two demands (running your business and balancing the books) and never fully meeting either one. With an accountant in your corner, you have peace of mind that your business’s finances are well looked after and you can devote time to driving your business forward.

Accountants can improve your business

Accountants are the original business coaches. They have the analytical mindset and market expertise to help you benchmark your business against its competitors and plan for the future. Many businesses find themselves in survival mode or at risk in these uncertain economic times. An accountant can give you certainty that your business can make it through and start thriving again soon.

Are you ready for the start of a prosperous business relationship? Rae & Associates have been helping small businesses across South Africa to take control of their financial management for years.

As a QuickBooks partner and one of the leading providers of QuickBooks training in the country, we’re at the forefront of making accounting make business sense for SMEs. Get in touch with us so we can start helping you to grow your business.