Most IT professionals tend to only hire an accountant when tax season rolls around or to help with payroll. However, an accountant can be highly beneficial to many other areas of your small business. Hiring a professional small business accountant can help you with a number of the financial aspects of your business. Additionally, IT professionals can greatly use an accountants services to save on time, costs and stress.
Why Hire A Small Business Accountant?
1 – If you have yet to create a business plan than an accountant is going to be useful when mapping out the financial statement of your business plan. A business plan is a highly effective way for you to keep your business on track and is essential if you are looking for investors to collaborate. The financial portion of your business plan will consist of a number of charts, graphs and reports. A small business accountant will be able to help you properly organize all the projections you have for incomes and expenses. They will also be able to help you assess your assets and liabilities that need to be included in the financial statement. It is highly recommended you hire an accountant to help with your business plan. The reason is, because this is where investors will look to see if your IT company is worth investing in or not.
2 – If you are looking to grow your IT business, an accountant can help you properly track your revenue to show the most cost efficient way to expand. Your accountant can also utilize benchmarking techniques. These benchmarking techniques can show you just how your revenues and expenses compare with other industry leaders in your market.
3 – If you are considering taking out a loan for your business you’ll need an accountant. It can be difficult for a small business to get approved for a business loan. The reason is because they look like a bigger risk to lenders. An accountant can help you improve your chances of getting approved for your business loan. There are a number of ways an accountant will be able to help you get a loan. One such way is by presenting facts and figures that back up your repayment plan. As well as, being able to answer the more confusing questions about your business projections and various expenses. A professional accountant will also be able to assist you in finding the most suitable loan for your business. A loan with the best interest rates and favorable terms.
4 – An accountant can save you time and allow you to focus on generating more income. If you consider how long it takes you to file taxes, do your monthly bookkeeping and the various other financial tasks. All this adds up to hours or days of your time. This is time that you should be spending focusing on revenue generating areas of your business. It may seem like the best money-saving option is to just take on all the financial aspects of your business yourself. This “Do it Yourself” strategy could easily backfire. And an accountant can ensure everything is organized and updated properly. What would take you ten or more hours to complete, will take a professional accountant just a few hours.
So there you have it, some of the best tips to ensure your small IT firm runs smoother everyday. And having your numbers area in your business under control will almost guarantee your control on maximum profits. Furthermore, these tips will align your company for running it with peace of mind for many years into the future.
George Wall, the author of this article, started his accounting firm 25 years ago. And he has grown his client base to over 1000 clients across Canada. If your a small business owner in the IT Industry, then George has an amazing Free offer for you. For a limited-time George is giving away a free small business coaching session to you (Valued at $197). And in this session you’ll never be obligated to purchase nothing. Instead from your business coaching session you will glean how-to insights into the most innovative, up-to-date practices for the Information Age. And you’ll discover fresh new ways to increase your profits and decrease your expenses