Ways Your Accountant Can Help You Reach Your Business Goals in 2024
One of the best investments you can make for your business as we venture into the new year is to hire an accountant to handle the financial aspects of your business. Whether it is an in-house finance director or outsourcing an external accounting firm, an accountant can do so much more for your business in 2024 than just crunching numbers and filing taxes.
They can help grow your business into a thriving and compliant entity by providing you with advice, strategies, and the right kind of investment opportunities and technologies. Below are some of the ways your accountant can help you reach your business goals in 2024.
Keeping you Informed of any Changes to Laws and Regulations
In addition to making sure that you do not miss any deadlines for filing your taxes, your business accountant can help you create a system that makes compliance with all the latest labour and tax laws and regulations much simpler. This system can help eliminate your worries about liabilities such as; income tax, sales tax, pension funds, and VAT.
Your accountant can also help you identify incentives, tax exemptions, and deductions that you may not be aware of and this ultimately helps you minimise your tax bill.
Better Management of Expenses
Another way your accountant can help you achieve business growth is by helping you keep an eye on all outgoing expenses. It can be difficult for a business owner to keep track and account for things like out-of-pocket expenses, depreciation, and home office space throughout the year.
This is where having an accountant comes in handy. Your accountant can easily help you identify those potential deductions and give you advice on how to make strategic decisions for those deductions throughout the year.
Best use of Technology
Every day, new trends and technologies are developed to make life easier, and accounting practices aren’t left out. In the new year, an experienced accountant like Sloane Winckless & Co can guide you on all the cutting-edge technologies and digitally automated solutions that you can adopt to move your business to the next level. Things like repetitive, low-value activities can become automated, so your focus can be on the more important aspects of business growth.
Cutting Down Costs and Increasing Profitability
Accountants play a significant role in helping a business to cut down costs and save money through various insights that can increase profitability. They are capable of finding the best legal loop-holes for minimising tax bills while also analysing your expenses to find ways to; control costs, optimise pricing, reduce debt, improve cash flow management, negotiate with suppliers and streamline reporting (for better decision making). An accountant also ensures that you meet all deadlines and avoid fines, ultimately saving you money.
Advice on how to Structure Your Business
There may be a need for you to make some changes to the legal structure of your business as it grows, and an accountant can help with this. They can look into the merits and demerits of each business structure (sole proprietorship, partnership, or LLC) before advising you on which one is best for your business.
Monitor Financial Reporting
By analysing your financial records from the previous year, your accountant can deliver business insights to help you better understand whether your financial performance tracks up to your budget and business goals. They can also help with; the proper allocation of budgets for the new year, cleaning up and getting your records up to date, and keeping track of debt and other expenses.
Plan for the Future
One thing that can make or break your business is the accuracy of your budgets and forecasts. By looking at past financial trends and economic and market conditions, your accountant can help predict likely market changes and help your business plan accordingly.
Save you Time and Stress
In order to achieve all the goals you’ve set for your business in 2024, adequate time needs to be dedicated to developing your products (or services), improving profits, and gaining more clients. This means that you can not afford to take on the extra responsibility of handling finances and financial paperwork. Having an accountant to help you with the financial aspect of your business will afford you the time to focus on other areas that need your attention.
Conclusion
In today’s business world, the job of an accountant goes beyond crunching numbers and helping with compliance. Having an experienced and business-savvy accountant on your team can be a huge asset for your business. They can help you reach your business goals by providing you with the technology, efficiency, visibility, flexibility, and proper management of finances and business operations.
