When launching a start-up, it makes sense to tighten your expenses belt and be as hands-on as feasible as possible. There are one or two areas that can cost you dearly long term if you do not get experienced help from day one. One of those areas is professional accounting services. Here is an overview of the relevance of professional accounting services for your precious SMME.
Why Use Professional Accounting Services?
A professional accountant is not a ‘good bookkeeper’; they are a financial strategist. They can help you with startup budgets, turnover projections, cost simplifications and pricing strategies. Whether you are a solopreneur or an SMME, professional accounting services will give you the financial confidence to make the best business growth and stability decisions!
Without a strong financial understanding, you never can fully own your business ‒ you remain merely a passenger on a rudderless boat. And when you do have a professional accountant, you don’t hand over accounts ‒ you participate in your company’s financial growth.
Read three imperative reasons why partnering with a CPA makes sense for your small business:
Accounting Systems Guidance
A professional accounting service will include recommendations of effectual systems for your particular business needs like daily transaction tracking, short-term tax-beneficial decisions that deliver long-term results, or software vs paper-based systems.
Tax Benefits & Compliance
Having a strategic and legal knowledge of GST and PST will be highly beneficial in leveraging, tax-deductible costs, ensuring payroll taxes are 100% correct, applying for home loans, retirement planning, and knowing when to change company structures or not.
A bookkeeper will have tax knowledge but will not have studied the highly complex, multi-faceted tax law like a professional accountant. The difference can save you tens of thousands, if not more, long-term.
Achieving Business Objectives
An accountant will give you material business insights when financial business decisions are needed and empower you to make strategic decisions. After all, you know your business best. This will make you financially literate and able to express your business and target market in a smarter way. This empowerment will make your business soar, turn average decisions into competent decisions and make your brand more attractive to investors.
From new leases, new headcount or new pricing models, book a professional accounting services consultation with Kevin Martin Accounting today.