Many start-ups and SEM businesses only put their accountants on speed dial during the tax season. While they play a key role in surviving the stressful month, you can generate more value in your investment by maximising an accountant’s duties beyond filing your tax returns.
Accountants play an integral part in bolstering your business by providing valuable insights, allowing you to leverage strategies and even financial technology to streamline your day-to-day operations.
With that in mind, the list below explores some of the key positions an accountant can take to fast-track your business goals and overall success:
Benefit #1: Accountants Offer Financial Advising and Consulting
Perseverance and a unique perspective can help make your business stand out from the competition, but it’s your financial health that will determine whether you can push forward. In that sense, having an accountant to advise you on cost-efficient strategies and investments are crucial for the company’s sustainability.
Accountants can also keep you in the loop on economic trends, making it easier to identify aspects of your business that will only drive you into a money-pit in the future. These insights can also help you stay on top of your finances and implement tactics to increase your profitability.
Benefit #2: Accountants Manage your Finances
Beyond tax preparation and financial consultation, an accountant can keep your numbers in check by keeping track of the company’s overall cash flow - from the payments to your receivables.
Part of the biggest business failure is the inability to forecast their cash flow. Many think that generating profits is enough to sustain a business, but it’s not cash. Profits will not pay for your current liabilities, so having an accountant to predict your cash flow over the next few months is the key to your survival.
Beyond cash flow forecasting, an accountant can also help prepare payroll and create financial reports.
Benefit #3: Accountants Help Manage your Investments
One of the biggest advantages of having an accountant is their ability to guide you through your investment portfolio. Judging the right avenues where you can put your money can be tricky, so their industry experiences and expertise can help point you in the right direction where you can make safe investments.
Not to mention, accountants can also connect you with investment brokers, allowing you to expand your pool should you have needs that go beyond an accountant’s proficiency.
The Bottom Line: The Many Pivotal Role an Accountant Plays in Pushing Your Business Forward
Accountants and CPAs are the busiest during tax season, but their services can help the organisation at any time of the year for different reasons. They can make a world of difference in your financial stability, allowing you to manage your investments, save money, see into the company’s future in numbers, and even prepare for your retirement plans.
Why Choose Us?
If you’re looking for a reliable and affordable accountant in Australia, we’re your best option. We offer various services that can improve the profitability rate of your business venture, so get in touch with us today for a free consultation!