Whether you prefer to have all your ducks in a row, or if you only just manage to keep a shoe box full of receipts, partnering with the right Accountant can save you a lot of time and money.
The fact is, many small business owners have managed and built their business from scratch, without having the luxury of an outsourced or permanent accountant. Through sheer grit, most business owners who have kept their business afloat during the unprecedented challenges brought on by 2020 and the novel corona virus, have already proven that they will do everything necessary to be successful. Including acting as their own small business accountant. But should they?
1. Saving you time and money, year after year
2. Cloud solutions and the age of digital affinity
3. Assessment of business performance
4. Effective oversight versus full bookkeeping
5. Supplement your strengths
6. Long-term planning
7. Experience is worth more than the sum of its parts
8. Full compliance with the taxman and authorities
9. Stakeholder engagement
10. Flexibility of fees
1. Saving you time and money, year after year
No one can understand your business like you do. As your business moves through the different growth stages, your first inclination will be to take on as many roles as your precious time permits. Because your time is invaluable, remaining focused and optimising the time that you do spend on administrative tasks can make a big difference to your business’s overall profitability.
Most experienced accountants are just as proactive as you about saving money and can assist you in managing your finances well. An accountant with the right expertise can cut through the complexities of your business administration and will be able to unlock significant business efficiencies by unburdening you of this responsibility.
Whether you prefer to have all your ducks in a row, or if you only just manage to keep a shoe box full of receipts, partnering with the right Accountant can save you a lot of time and money.
Online accounting software has improved the overall accessibility and user experience of basic bookkeeping functions for business owners. Cloud based accounting software provides identical real-time data to all users, no matter where they are located.
Each supervisor of your business is now able to have direct oversight of their relevant business area’s performance, and you can manage the business as a team from almost anywhere.
Virtual teaming has become the new normal. With cloud solutions you can have full access and control of your accounting records, while your accountant takes care of bookkeeping, compliance, and reporting.
3. Assessment of business performance
Highly qualified professionals like Chartered Accountants, have completed degree-level study along with workplace experience and a professional competence programme.
You already have all the operational and proprietary product knowledge for running your business, and by now you are an expert in your field. A Registered Accountant has experience across multiple industries and sectors and can apply best practice in evaluating your business performance.
An experienced accountant can help you understand your Company's financial position at a glance. They will supplement your management team during assessment of your business performance, not only focus on the recording of relevant data to complete and update your accounting cycles.
4. Effective oversight vs full bookkeeping
Cash flow is all-important. So is monitoring your business performance. Strategic access and oversight of the monthly bookkeeping of your business will allow you to do just that... Share and collaborate on the most effective reporting tools and financial management inputs from your Accountant.
You may prefer to collaborate via email, phone calls, live document shares or video communications such as Zoom or MS Teams. With remote and secure cloud accounting software you could be on the beach while your bookkeeper is working in Johannesburg. If you are more of a face-to-face person, it helps to have an accountant that can bolster your team. Someone that represents your brand well and can strengthen your business brand when attending meetings with you.
5. Supplement your strengths
The right accountant will supplement your own management competencies and strengths, depending on the size of your business. Your accountant can also act in support of your line managers, freeing up your time for strategic and client matters as well as revenue generation.
6. Long-term planning
Ironically, the continued business disruption brought on by the coronavirus may offer the best hindsight for small business owners in planning for the future. Whether the tax treatment of your business’ restructuring or disposal, or improved budgeting and operational processes that are remote and will endure the test of time. Long-term planning of your business structure and tax affairs is essential.
The combination of your years of experience with the expertise of an accountant, will allow you to plan and budget better. Tax planning is just one area where a Chartered Accountant will be able to pinpoint the do’s and don’ts of ensuring the most effective tax compliance structure for your business.
7. Experience is worth more than the sum of its parts
You want someone that is prepared to manage your finances like it is their own. It is in your company’s best interests to have an experienced, capable person handling one of the most important areas of your business.
Most professional and registered accountants can provide fast and effective solutions to problems they have encountered through exposure to many different clients. Their prior experience will no doubt benefit your business as well.
Tax is confusing. To keep abreast of the most recent tax developments, and the allowance and deductions at your disposal, your accountant can easily identify costs and capital expenditure that do comply.
Rest assured knowing that your business is in full compliance with SARS and CIPC. Outsourcing the compliance aspects of your business, such as accounting and tax, will protect your business from unexpected penalties and Interest levied by SARS for non-compliance or late payments and submissions.
9. Stakeholder engagement
Sometimes, the generic view of your Financial Statements is not enough to explain the business to outside stakeholders such as the bank or potential and existing business partners.
Your accountant will be a great asset in assisting with stakeholder engagements or provide advice during applications for funding from your bank. To review business plans or assist in performing commercial due diligence prior to execution of a franchise or business acquisition.
10. Flexibility of fees
Things change, and so does your business. Why have a full-time accountant when you can tailor your requirements with an Accounting Firm that offers bespoke services and fees?
Traditionally, accountants may charge per hour or have a monthly retainer.
You could ask for a combined method of charging, or a sliding scale based on turnover, or any other of a wide variety of possibilities. The Accountant might propose an alternative, but you need to ask to know.