Show Me The Money! No, Seriously.

The post Show Me The Money! No, Seriously. appeared first on The Founding Moms.

Hiring an accountant isn’t just for the super wealthy. Taking on an accountant may be one of the best financial decisions you can make. If you’re the owner of a small to medium-sized business, or if you plan on doing your tax return following a year with significant life changes, an accountant can be vital in keeping your finances in order.

Although many small business owners refer to a stash of receipts in a shoebox and an H&R Block software disk as the Accounting Department, hiring a professional can save your business money in the long run. Not only can business owners benefit from a money pro, but so can people who changed careers, started a family or had another life change that affected their financial health.

Individuals

There are a variety of relief credits that can be claimed depending on an individual’s circumstances. During the pandemic, many thousands of people lost or had to change their jobs, while thousands more took the opportunity to chase their dream careers. Both instances can significantly impact an individual’s financial circumstance. If this sounds like you, then you’ll probably benefit from hiring an accountant to go through your accounts and financial records. They may be able to find financial help for your circumstances in places where you just wouldn’t know to look.

Even regular life experiences such as getting married can affect your tax status and may qualify you for a rebate. Your home’s mortgage or the savings account you set up for your new grandbaby are also opportunities to increase your refund. There are so many tax deductions available it can be overwhelming, and that’s exactly why hiring a professional can make a major difference for your sanity and your wallet.

Small business owners may feel their limited funds are best used in other areas of their business; believing they can handle their taxes and bookkeeping themselves to save money. . However, when running your own company, your time and energy are precious resources best spent on growing your business and managing employees.

A small or medium-sized business may be able to manage their finances by hiring a bookkeeper. This role is responsible for the fundamental (and often very boring) tasks associated with financial management, such as data entry and generating financial reports. It can also be a cost-effective way of managing your company’s accounts as an accounting salary is often on the higher side and may be less financially feasible for a new startup.

Large Businesses

Large businesses often have the luxury of being able to employ a team of accountants who can divvy up responsibilities. These teams typically consist of bookkeepers, certified public accountants, and forensic accounting specialists to name a few.

Of course, your accounting needs could be met by hiring a consultancy firm or agency, but ultimately having a reliable team of in-house accountants who understand your company’s ethos is ideal. They will know your business and your company inside out and be able to offer advice based on evidence. Larger organizations also have specific tax needs that can’t be met by general accountants. The best way to make use of tax breaks and avoid complicated audits is by hiring a specialist who understands all the quirks and eccentricities of your industry.

Conclusion

Hiring an accountant can ultimately save you money, time and energy.. Every business, whether small, medium or large, should have qualified accounting professionals on the team. Outside of businesses, there are very few individuals in America who wouldn’t benefit from having a great accountant take a look at their personal finances.
Find your perfect match and let your accountant shoulder the responsibility of looking after your financial health, so you can get back to the things that really matter.

Elliot Keller is a freelance writer who specializes in events and holds a keen personal interest in sustainability. He loves finding out about novel ways to live a more sustainable lifestyle and sharing these with his audience through online blog posts.

The post Show Me The Money! No, Seriously. appeared first on The Founding Moms.