Posted on: 27 October 2015Share
Are you a small business owner? Are you struggling to figure out why you're having problems paying your handful of employees or other bills every month? Before you throw in the towel and say that your business is failing, it may be time to hire an accountant who does business consulting. While you may already be hiring an accountant to do your taxes, that's not all they're good for. Here are some other reasons to consider hiring your accountant at other times:
Potential increased revenue: An accountant doing business consulting for you can not only figure out your taxes, they also have the knowledge to explore new sources of income. They can help you develop strategic plans to improve your firm's market share. Don't simply limit their usefulness to typical accounting tasks such as bookkeeping or compiling financial statements. You can also rely on their expertise in matters such as strategic planning, estate planning, and wealth advising.
Uncover financial discrepancies: Accountants are educated to find any errors in your finances. This can be from things such as inaccurate billing from a supplier or accidental over-payments made to a vendor. Once they locate these issues, they have the knowledge and ability necessary to advise you on the best way to resolve the matter diplomatically. This can be extremely important because even if your best client has been underpaying you, you don't want to sound accusatory and escalate the situation when trying to resolve the matter.
Provide objectivity in difficult situations: If your partner wants to leave the firm, dividing up the assets fairly can create conflict and increase hard feelings between the two of you. Or, if your your partner claims their work deserves a larger share of the profits, it can be difficult to determine a fair amount. Relying on the business consulting abilities of an accountant allows both sides to work towards a mutual satisfying decision. The accountant can look at your financial records impartially and use the information to create a true picture of the firm's assets and liabilities. With this picture, he or she will be able to advise both sides on the best and fairest way to proceed.
Planning and budgeting: In addition to helping you lessen your tax liabilities, an accountant can also assist you with planning and budgeting. They can look at your overall financial picture, as well as all of the details. Once they have a firm grasp of the situation, they can help you figure out how to cut costs safely so it doesn't adversely affect your bottom line. They can also advise you on how to deal with future expenses and on implementing plans so that future expenses don't derail your budget.
For more information, talk to a professional business consultant.