This byline was originally featured in Home Business Magazine.
Small business owners: tax season has kicked off, which means you’ll be speaking to your accountant again. But did you know that accountants can do so much more for your business than filing taxes? In fact, for independent business owners and freelancers, it’s highly valuable to work with accountants throughout the entire year.
Here are three ways you and your business can prosper by working with accountants beyond March and April.
Finding New Revenue Opportunities
As a business owner, you’re in charge of so many different aspects of a company, from marketing to operations and HR. While basic bookkeeping may seem like a necessary to-do on your list, working with an accountant allows you to outsource this task. Not only can you benefit from their ability to expertly manage your books, you’ll also reap rewards from having their experienced eyes tracking your numbers. These days, many forward-thinking accountants can use cloud-based solutions to maintain a great handle on your company’s financial standing. This enables them to provide strategic advice on areas to expand your business.
Future-Proofing the Business
Risks are an inherent part of any business. It’s hard to anticipate them, but working with an accountant can improve your chances of surviving through uncertain times. When accountants have both your historical and real-time financial data at their fingertips, they can help you develop a better business plan. You may have an idea of when your peak and off seasons are, but accountants can enhance your business plan to help you maintain a steady cash flow during the off months.
Gaining an Extra Lookout
As a business owner, you see that money is constantly churning, from an influx of revenue to an excess in spending to manage inventory. As such, it’s hard to discern what’s draining your resources. Working with an accountant year-round enables them keep an eye on your cash flow and share timely advice about your business. For example, you may be using various contractors to fix different parts of your business, from lights to computers. Accountants, who see these invoices uploaded, may recommend consolidating vendor services to ensure you’re getting the best deals for services you need.
Running a successful business isn’t easy. In fact, nearly 50 percent of all small businesses fail within five years. By working with your accountant beyond the tax season, you can discover new growth opportunities, prepare for future threats to your business, and minimize inefficiencies.