So you have taken the plunge and set up a new business. Exciting times and no doubt you have had lots of advice on the pitfalls you may be facing, your start up requirements, your financial requirements and that all too important requirement of ensuring you have rolling capital saved for those rainy months? – Or have you had that advice? – or advice on the many other aspects of financial matters that as an SME you will need to face and deal with?
Accountants traditionally have had a bit of a ‘bum rap’ as being ‘prophets of doom and gloom’ – those little grey people that never have any good news for you …well here’s some good news right now, Accounting firms like my own, Ratio Accounting, because we so effectively manage our client’s tax and general financial matters, often have very good news for them! Good news in the form of tax refunds and figures that show positive financial growth because of our solid financial management ….
So, assuming you are now interested, let’s totally convince you with a few solid reasons why every business needs a great accountant!
They keep you compliant
You may think you can just do your own tax returns and keep a basic cash book …and maybe you can, but in business there is a bit more to it than that. A good accountant will ensure you are and remain legally compliant wherever it is relevant to do so. SARS too have many rules and regulations regarding tax returns, responsibilities to employees etc. these need to be known and adhered to.
They save you time
You are about to find out that running your own business can keep you pretty busy. Hopefully, if business is good from day one, you will want to focus all your time on getting your work done! Even when you’re not busy, you need to be spending that time on marketing – so you get business. An accountant can save you plenty time ensuring your admin is up to date and financially in order – and tax matters are not wasting your valuable time!
They save you money
Apart from the monies saved through saving you time to make more money, good accountants also save you fines and costs that you may incur simply from not being aware of certain things, or – more commonly – just dropping the ball. Accountants can also make you aware of the many financial benefits for small business that are available in certain areas and help you make use of tax breaks available to certain businesses!
They can help you grow through a better perspective
It may not apply to all accountants, but certainly in the case of my accounting firm, your accountant should become like an objective business partner. Because we can step back, without emotional involvement, we can give you the solid advice that can help you grow – and also sound those important warning bells if we see you heading financially way off course. This again is a very positive aspect of having an accountant as opposed to going it entirely alone!
They give you peace of mind
The paperwork, legal compliance, SARS, the intricacies of the financial maze that lie ahead you when coming face to face with business finances for the first time, can all be pretty daunting. If you have sleepless nights about not being on top of things, let us give you the total peace of mind that you need to just focus on the business of running your business!
I hope this has not only given you some useful advice regarding what financial aspects need to be considered when starting a business, but even if you’ve been in business for years and struggling without the help of an accountant, this has finally convinced you why every business needs a great accountant!
Ratio Accounting tick all these boxes as an experienced, highly professional firm that can help you with every aspect of your accounting requirements. Check out our website for more detailed information of these services or contact us to learn more and to start experiencing your financial peace of mind!