Benjamin Franklin once said, “…In this world nothing can be said to be certain, except death and taxes.” Never is this phrase more applicable than in the world of finance. Whether you are a big business, small venture, or an individual, finances must be a focus. Unless you are a certified accountant yourself, you may not know as much about the intricate details of money-making even if you are surrounded by it every day. Consider this: you participate in the national and global economy every day, but you may know nothing about how it works. Instead of floundering about with your finances, here are a few reasons why you should hire a trained professional to help you in 2017.
Bookkeeping. If you are a particularly busy person or a growing business, a bookkeeper can do you a great service. This person can balance your checkbook for you and analyze credit card statements. If this interests you, look for accountants that specialize in bookkeeping. Although this is not an essential requirement, a growing number of accountants that take this route receive certification from QuickBooks or the American Institute of Professional Bookkeepers.
Legal Advice. A trusted accountant can give you valuable information about financial law. If you own a company, you may want to hire an accountant to advise you on growth, so that you can confidently stride forward. Different businesses will have a unique legal structure that, if left unchecked, will leave you dangerously vulnerable to legal issues such as lawsuits. This is especially important if you, for example, have payment obligations to other contracts. If you are on the fence about hiring an accountant for legal advice, remember that this invaluable information can protect you in the long run. Not only does it prevent you from unintentionally breaking the law, but also educates you on how to avoid false claims and accusations by your workers or clients.
Financial Advice. You are still in charge of your finances, but it is the job of an accountant to help you make those decisions. You will still have to think of legalities, taxes, payroll, and credit. Professional accountants have trained for years to gain their understanding of the tax system, often achieving master’s degrees, taking supplemental CPA courses, and passing extremely difficult exams. Their level of expertise can’t be duplicated. The biggest challenge you’ll have is being completely honest with your accountant. Give him or her all of your statements and a true summary of your financial year. If you want an informed opinion, let the accountant ask you appropriate questions and be open to the answers. They provide you with options you never considered—more tax breaks for example. Remember that they are not liable for the decision you make, but they can provide their knowledge and expertise to guide you in the right direction.
You’re Busy. The idea is simple: you just don’t have the time. The amount of work involved with accounting and financial organization can seem insurmountable if you don’t have proper training, but an accountant can resolve your issues quickly and efficiently. In addition, if you have a lot of tax work on top of your business work, you may easily make mistakes that will cost you dearly in the future. If you hire an accountant, they can save you time and money so that you may devote more time to your business as well as avoid pitfalls that can cost you dearly. An accountant is responsible for reviewing your taxes and even improving your refunds. How’s that for getting more bang out of your buck? Even a small business will become more complex over time, but you don’t need to go through it alone.
Keeping You Accountable. Sometimes, just having someone there who is an expert can be a huge relief. An accountant can keep you responsible and on task. You can change bad financial habits you may not have even known you had and create a stronger business because of it. Don’t be afraid to seek financial advice from an accountant—it can be the best decision you ever made for your business.