The running of a business, whether large or small, can take a huge amount of your time. From managing employees to the day-to-day activities of your company, balancing your book and dealing with payroll can be a real frustration. If you are having problems making time to handle your finances, why not hire an accountant?
An accountant can take over simple but mind-numbing jobs such as payroll processing and bookkeeping – whether monthly, quarterly or annual. By giving these tasks to a professional, you are not only saving time, but also ensuring that everything is done correctly. After all, an accountant is in the business of providing financial services; it’s their job!
General ledger and financial statements are extremely important in running a business. A balance sheet shows that you have a good idea of where you stand, a cash flow statement outlines the amount of money coming in and leaving your business, and a statement of earnings or net income statement provides the bottom line of your business – whether you are earning money or posting a net loss. Simple mistakes in these financials can be quite harmful to your business, so it is imperative that each part is done correctly.
Payroll is one of the most involved tasks of owning and running a business, especially if you have multiple employees. This is also important of course to the employee themselves – everyone expects timely payment of their salary or wages; a mistake or missed payment can cause unhappy employees, which in turn creates tension in the workplace. An accountant can take all of the information needed to pay your employees, including overtime needing to be paid, vacation pay and sick pay, and make sure that everyone gets paid on time.
If you have difficulty budgeting your money in your business, or have no idea why at the end of the day you’re in the red, an accountant can help! He will go through your cash flow statement – or create one if you do not have one – and show you where most of your money is going, and what you can do to either increase your revenue or lower your expenses. An accountant’s best asset is their experience and knowledge, and no matter your industry or how small or big your business is, he will be able to provide you some guidance.
Do you have employee benefit or a profit-sharing plan? Are you interested in setting one up for your business? This is also something an accountant can help you with, whether you just want to hand over the details or want some more information on if this is a valid option for you. If you are having to deal with legal issues, an accountant is also someone you can go to for advice on this point as well.
A good accountant is someone you can count on to help you in any part of your financial situation, whether you are a large business, an individual or a sole proprietorship.