If you’re reading this, then most probably you do. So, starting your own business? Hope everything is going all well. you may have heard from somebody that hiring an accountant is a good idea, but the question is, do you know why?
An accountant is like the circulatory system, of your company. Any business venture runs on money, and when starting one for the first time, you might end up with some money problems. This is quite common, as compared to what they teach you in class, dealing with the actual market is quite different.
So, like I said, an accountant’s job is to oversee whether every part of your company is receiving enough cash to continue working and keep a record of every ounce of money that goes in the system.
You may be wondering why you need to do so. Listen, humans are not the greatest in saving money. The earlier days of a business is like punching several holes in a plastic cup containing water, only in this case, the water is your capital. There are marketing campaigns and several other third-party services you need to avail in order to get your name out there.
All of this cost a lot and if you don’t keep a record of these expenses, very soon the money will dry up. So why do you need an accountant?
Imagine a scenario where you have an individual monitoring and keeping track of every expense going on in your company. At the end of the month you take up the reports and while reviewing it, you notice that one of the products/services is more frequently bought/availed by your customers. armed with this intel you can concentrate on the products the crowd wants the most and focus on mass producing it for better sales.
You not only managed to increase the profits but also gained the favor of your customers. This is one of the many ways an accountant can assist in the growth of your business.
Business accountants are also great consultants. They don’t need to be working in your company and you can always hire someone individually. There are many accountants who offer such consultancies. Thanks to their vast experience they can provide valuable intel regarding any future transactions or mergers. You may already have an accountant for the job, but there is always room for a second opinion.