Talking Cents

Reasons Why Every Small Business Needs an Accountant

Every year, there are more small businesses being established. The one thing that each business has in common is managing their finances. Time and time again, small businesses fail to succeed due to mismanagement or misunderstanding of their financial records. At M.A.S Partners in Sydney, we have compiled a list that will help you decide whether it is worth hiring an accountant for your businesses.

Better allocation of time
By hiring an accountant, you are freeing up your time to focus on growing your business. Time is the most valuable thing we possess, and as such, we should spend it on tasks that require our expertise. You are expending hours by doing your own taxes and managing your finances of your business- when a professional could manage them in a more efficient and effective manner. Hiring small business accountants reduces the number of time-consuming tasks you undergo daily, so that you can spend more time expanding your business.

Easily manages your finances
Most small businesses struggle to manage their finances effectively- either by not having clear financial records, or not having a financial strategy. For a business to succeed, they must have a clear understanding of their financial standing, however, it can often be too much to handle inhouse. As such, by outsourcing to a small business bookkeepers or accountants, you are able to grasp your cash flows, your profits, and your overall financial positioning with ease.
Additionally, a financial strategy is absolutely pivotal in growing a business- rather than just attempting to increase profits. Small business accountants such as M.A.S Partners in Zetland, can help you come with clear numerical financial objectives such as, overall store KPIs, as well as giving you a realistic timeline on your business’ growth. By involving accounting in your business, you can develop a realistic financial plan to aide in your development.

Greater chance of loan approval
When asking for a loan, it is often useful to hire a small business accountant, as it can often aid the success in getting the loan approved. Accountants help review your financial records to reveal your current financial conditions, which you can show to the bank. By doing so, you are able to prove that you will be able to pay back the loan on time. Additionally, using your financial records, an accountant will help give you a better understanding of different loans you are eligible for, and as a result, choose the best one for your conditions.

Business advice
Business accountants do not just help manage your finances- they help grow your business as a whole. We at, M.A.S Partners, provides financial advice that caters to your needs. We are able to advise you on, the most appropriate structure for your business, and how you as a business owner, can begin setting up the structure; financing and how you can acquire assets; insurance; and what assets you should invest in to increase revenue. For more information on how we can improve your business, contact us here.