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Many small businesses owners don’t realize that a staggering 80 percent of U.S. businesses fail within the first 18 months. Typically, one of the main causes is poor financial management.
Despite these dire consequences, many business owners go it alone when it comes to managing their money. A recent report found that 53 percent of small business owners don’t use an accountant at all. And even more shocking, 27 percent of these respondents simply use pen and paper to keep track of their finances.
While we shouldn’t conclude that these businesses are worse off for not having an accountant, we can’t underestimate the breadth of knowledge and experience an accountant can provide.
Most people don’t service their cars at home. Instead, they bring them to a professional mechanic who can keep things running smoothly and spot potential issues. Small businesses need just the same attention from a professional.
Accountants do more than tax filing. They can take a comprehensive assessment of your finances and create a forecast through the year to keep your business at a healthy, prosperous state.
It may feel daunting to let an outsider in on the intimate details of how your business is run, especially if you’ve had trouble managing your finances in the past. But partnering with an accountant will actually help you to achieve your goals and set you up for long-term success. With that, here are five reasons why it’s important to have an accountant for your business.
1. Get all your deductions
During this busy tax season, most business owners are frantically thinking about how they can maximize on their deductions. However, by the end of the year it is too late to make an impact on that.
An accountant can support you by easily identifying these potential deductions throughout the year and advise you how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses and home office space. Don’t leave money on the table!