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The survey conducted by the software giant Sage reveals some interesting facts about accounting services. Around 71% of businesses outsource their accounting services. A total of 55% decision makers agreed on the necessity of accounting service. Only 10% said that they don’t need the accounting services. The survey was conducted mainly in the SMB (small to medium businesses) sector.
Saves on Effort and Time
As an entrepreneur or a manager, your time is invaluable. You need to focus on your core tasks like- to manage your company’s growth, keep an eye on the cash flow and seek more opportunities. Instead of going through the monotonality of transactional paperwork, you would be better off pursuing your business goals and implementing strategies. The accounting firms would take care of the painstaking task and record each of your business transactions meticulously.
Act as Trusted Business Advisors
When it comes to integrity, accountants undoubtedly have a better reputation than any other business advisors. About 44% of business owners seek the advice of their accountants prior to considering any other advisor. Around 50% of business owners believe that accountants provide them the most valuable advice of all their personal and business acquaintances. To give you a fair comparison, only 2% of the entrepreneurs consider other professionals like bankers and solicitors to provide them with the most valuable business advice. 15% of business owners claim that they are more transparent and honest with their accountants even in comparison to their family and friends.
Maintains the Accuracy Levels
A professional accountant would be more competent and experienced to handle your records. They can detect and prevent fraudulent transactions. You don’t want to bring the ax on your own feet by incurring losses due to inaccuracies in your record keeping. The accounting firms may also have a separate team for audits. The professional approach would minimize inaccuracy, prevent manipulation and fraud. Your financial records would truly reflect your business success.
Let’s You Find Your Work-Life Balance
One may not guarantee success or failure in business. One thing however you can be sure of is that you have to slog like a mule. To maintain your work-life balance, you must learn how to delegate your tasks. By nature, entrepreneurs are poor managers and organizers. No wonder, there are a lot of entrepreneurs who have ADD (attention deficit disorder). These people though being creative and talented are disorganized and have poor management skills.
Entrepreneurs should outsource their accounting requirements similar to the way they delegate managerial tasks to their managers. The accountant firms would take care of the tedious tasks whereas the entrepreneurs would be able to maintain their work-life balance. Proper maintenance of your work-life balance will improve your personal relationships. The improvement in your personal relationship will act as a feedback loop. The positive vibes from your relationships will end up enhancing your morale and inspiring you to achieve even more.
May Help You in Business Networking
The accounting firm you have hired may introduce you to your potential vendors, investors, and clients. They due to their knowledge, experience, and insight may help you to find perfect business associates. Due to their vast network, they might also help you locate and recruit suitable employees.
The accounting firms can analyze the data and provide you insights, which may help you to transform your business. The insight may help you to improve your business in multiple ways. You may come to know about a neglected sector which could potentially increase your profits. Similarly, the analysis reports may shatter a perception about a business segment which in reality might not be as profitable as perceived initially. The analysis may provide you statistics to arm with during your meetings with vendors, prospects, clients, and investors. The data stored in your computers is of no use unless you let it work for you. If you want to build your business, you cannot ignore analysis. Proper usage of the insights provided by the accounting firms may empower to take your business to new heights.
May Help You with a Business Plan
Due to their experience with other entrepreneurs and businesses, they might be able to share stories which are relevant to you. Whether it is a success or failure saga, you can certainly learn from it. Intelligent people don’t just learn from their own mistakes, but they learn from others as well.
Moreover, you can pluck the ideas implemented by other entrepreneurs and use them in your business. If you are getting stuck with your strategies, then it would be a good idea to discuss it with your accountant. Expert professionals from accounting firms may clear the clutter in your plans and build a roadmap for success!
The accounting firms stay up to date with all the relevant tax laws, rules, and regulations. The tax rules and regulations change frequently. You cannot afford to invest time and effort to stay on top of every new regulation. The accounting firms keep your business compliant by ensuring proper actions as prescribed by the rules and regulations. It would be wise to let professional accounting firms tackle your tax issues. They would also suggest you, ways to save on your taxes.
With 21% of small business owners admitting that accounting tasks as one of their most significant challenges, you cannot afford to ignore it. Accounting firms are necessary for your business irrespective of whether you operate as a solopreneur, small business or enterprises. The services provided by accounting firms would remove obstacles and propel your business forward.
You may get in touch with ATS Accounting INC. for any of your accounting and bookkeeping requirements. We are one of the leading accounting firms in Edmonton.