Failure. It's a word that every business owner fears, and with good reason. The survivability rating for businesses is low, as according to statistics, only 30% of businesses remain open after the ten-year mark.
And the reason for failure?
Well, there are many factors, but it generally comes down to issues around finances. Thankfully, there is something that business owners can do to increase their chances of survivability, and that is to seek the assistance of an accountant.
Here are the reasons why you might consider the same.
Think about it. When it comes to managing your finances, would you rather rely on your own limited knowledge of money matters, or on the knowledge of somebody with an online accounting masters? With professional assistance, you will be less likely to get yourself into a financial jam. So, you won't spend money you don't have. You won't miscalculate your budget. And with reference to the next point, you won't make any errors of judgement during tax season. By making fewer mistakes, you won't have to suffer many losses, so your business will have a greater chance of making a profit and avoiding failure. If you would like to have an extraordinary level of expertise, you should hire a Certified Public Accountant or Chartered Accountant.
Not many business owners enjoy the prospect of tax season. Sadly, you can't escape the prospect, but you don't have to go it alone. An accountant like Brownlow Partners will file your taxes for you, meaning you won't have to sit for hours grappling with your receipts and trying to fathom complicated government jargon. An accountant will also reduce your tax burden by finding ways to make deductions, so you won't have to see a chunk of your profits disappear because of your tax bill. And because you won't be working on your taxes yourself, you are unlikely to make any mistakes that could put you in legal trouble. So, not only will you have peace of mind, but you won't have to suffer the expense of a government fine either! Consequently, your business won't have to suffer through financial losses and a potential negative reputation.
During the early stages of your business, an accountant can assist you with the financial analysis needed for your business plan. He will then continue to work with you on a regular basis to ensure you have the financial capabilities needed to work towards your business goals. And when you are ready to take your business to the next level, the accountant will provide you with financial advice on moving forward, such as where to source financing to assist with your expansion. Consequently, your business will steadily improve, and this will steer you away from any bad decision that could instigate business failure.
So, here's the thing. If you are a financial whizkid, or if you have people on your team with the accountancy knowhow to save your business, then don't hire an accountant. But if neither of those things is true, then you shouldn't delay in securing the services of an accountancy professional to help you with your business. Your survivability might depend upon it!