As a small business it’s easy to understand why you would want to be careful about where you spend your money, but, as one expert recently pointed out, having an accountant is often incredibly worthwhile, especially for small businesses.
Writing for Forbes, Mark McKee, president and COO of OnPay, said that accountants can often provide the strategic and operational advice small business owners need. This is likely to be even more valuable as we enter an economic downturn.
He described accountants as an “untapped resource” in the small business world. He cited research conducted among small business owners in 2019, where 87 per cent of those that use an accountant described this professional as a trusted adviser.
However, just over two-thirds of small businesses don’t find an accountant to help them out. Only 30 per cent actually use an accountant and those that don’t could be missing out as a result.
Mr McKee noted that some of the areas where small businesses struggle are preparing their tax returns and coming up against unforeseen expenses.
“These financial challenges could be addressed with the help of an accountant. In the long run, the amount of money saved through avoiding mistakes and fines outweighs the cost of hiring outside help,” he asserted.
We recently explained that hospitality businesses, which are facing unprecedented challenges as a result of the Covid-19 pandemic, will find the guidance and advice of an accountant especially useful at present.
If you’re looking for an accountant in Beaconsfield to help keep your business on track, contact us today to find out more about our services.