"By sowing frugality, we reap liberty, a golden harvest." - Agesilaus
If you're a small business looking to keep costs low and thereby reap that "golden harvest," one of the most effective methods for doing so could be right under your nose...
Your small business accountants.
The real question is, how budget-driven are your company's accountants?
Your accountant is the gatekeeper of frugality and thereby has the ability to help your business maximize it's earning potential. Here are 3 ways small business accountants can help you keep costs low.
3 Ways Small Business Accountants Keep Costs Low
Many small business owners make the understandable, (but unfortunate) mistake of assuming they can handle their own finances adequately.
However, small business accountants offer many skills that are invaluable to your business and that can't be learned via a Google search. Such skills include a thorough understanding of tax obligations, benefits, and the ability to process numbers faster.
1. Accountant to Business Advisory
When you hire a certified small business accountant, you hire someone with the ability to help you make more informed choices for your business.
Your accountant can save you money by advising you when creating a business plan or making large purchases or mergers. Accountants keep you apprised of vital ways to assess profitability.
They are educated and trained to help you see KPIs adequately and determine where your greatest ROI will be. Invest in a profitable growth plan with the insights and advice of a qualified accountant.
All these and many other advisory skills are at your disposal and will save you money.
2. Save on Taxes
You may think TurboTax for small businesses will cut it come April, but you'll be missing out on some important loopholes and savings if you don't use a real accountant...
The investment is worth every penny when it comes to getting professional help for your business taxes. An accountant is responsible for staying updated on the newest regulations for small businesses.
They are also savvy at maximizing your tax benefits and reducing your taxes.
Don't underestimate the high cost of tax penalties that will add up if you do things incorrectly or late. Trying to do your taxes yourself will not only end up costing you money in the long run, but it could also land you in some serious trouble.
3. Discovering Money
One of the most valuable things a small business accountant can do your for business is to find money by systemizing your bookkeeping.
Accurate record keeping allows you to see clearly where your money is going and where you have wiggle room or areas that can be cut to save money.
You may be surprised how much money you could be saving on a monthly or yearly basis if you only have a professional accountant clean things up and keep track for you. You can even become more strategic with your spending as you can track what investments are returning the highest dividends.
More Business Savvy Tips for Small Businesses
Hiring small business accountants is one of the foundational steps to managing a successful, and lucrative, business.
For new business owners looking for further hacks and helps on everything from marketing to web development, browse our various frugal business categories.
