Owning a small business often means you wear multiple hats; you’re the brains, the content creator, the marketer, and the bookkeeper. But that’s where you could be going wrong. By taking on too many roles at once, things can slip through the cracks, and your finances are one area where you don’t want to be making mistakes.

According to a poll conducted by the 2019 Onpay Small Business Finance and HR Report, only 30% of small business owners work with accountants. Although the data isn’t surprising, it shows that a change of thinking is needed within the small business sector.

We’ve looked at why an accountant is so vital to your small business’s smooth running and success.

 

An accountant can give you a hand with all finance-related work

An accountant can do more than deal with your taxes: they can support the entire financial well-being of your business. A person who takes care of the small financial details and associated stress is an added value, as it allows you to spend time growing your company and focusing on what you care about.

According to the report, 38% of small business owners said they expect their accountant to help with payroll, 32% expect help with financial projections, and 27% with cash flow, but a good accountant can do a lot more.

An accountant is capable of giving business consulting and advice

Every business owner knows how important a strong business strategy is, and many good business plans are created with the help of an accountant giving well-guided advice.

Underestimating the value of the experience of your accountant is an error. Having worked for several other businesses, they can frequently understand what works and what doesn’t in terms of business. In other words, if your accountant proposes a change in strategy or pricing, it’s worth considering it.

Your accountants’ advice will often be unbiased because they are not involved with you personally like family and friends, and they are not intertwined with your company the way employees are. They will also have a strong knowledge of your business finances as they are doing the day-to-day monitoring of your financial situation.

As we mentioned earlier, when you’re taking on multiple roles, something is bound to fall through the cracks, and trust us when we say that you don’t want it to be your finances. Every successful business is built on a strong financial foundation. Without it, your business can’t function. Do you really want all that added stress on your mind?

By hiring an accountant, you know that your finances will be in safe hands, giving you more time to focus on the areas of the business you are knowledgeable about and can help grow, rather than spending hours fretting over your books. Leave the stress to someone else.

Accountants are vital to the everyday running of your business, so picking the right one is essential. The Auria team have over 20 years experience of working with owner-managed businesses, providing strategic insight and guidance to businesses across a variety of sectors, and development stages.We are here to support you in growing your business and ensuring timely financial information, but we can also support you in accessing any financial assistance you require in the wake of the Covid-19 pandemic.

We have a team of experts to help you navigate and handle your business finances. From small start-up companies to multinational corporations, the Auria team are here for you.

Please do get in touch with one of the Auria team to see how we can help you and your business today.

We’re here every step of the way.