Benefits of Using a Personal Accountant
Many small business owners and individuals benefit from using the services of a personal accountant. An accountant can be a great resource to help you grow a business, keep the books, set financial goals, track expenses, and perform other tasks. For example, an accountant can manage work related to employee benefits and payroll services. An accountant can even help you incorporate, obtain your health permit, meet zoning requirements, and get a liquor or gaming license.
7 Advantages of Having a Personal Accountant
In the big picture, personal accountants streamline many aspects of your business. Of course, you don’t always need a business to benefit from an accountant's services
1. Assist in Your Personal Life
In many ways, financial management is more difficult now than it used to be. With investment apps, person-to-person payment services, taxes, marriages, divorces, inheritances, and more, finances have the potential to get complicated fast.
A personal accountant can track your finances and spearhead action with your goals. If you have debt, an accountant can be instrumental in eliminating it.
2. Establish a Foundation for Business Success
Accountants can guide you in choosing the right business structure, such as a partnership, limited liability company, or sole proprietorship. They can get the licenses and permits you need in various jurisdictions so you hit the ground running with everything you need.
3. Pay the Bills
Accountants track and manage the money coming in and out of your business. That includes paying the bills, recording transactions, and providing financial reports. Accountants can also handle payroll and employee benefits.
4. Keep a Pulse on the Financial Health of Your Business
Without an accountant, you might never notice overdrafts or that the business is almost out of money to pay employees and contractors. Likewise, you might not realize that a critical tax deadline with hefty penalties is looming. Accountants prevent both small and big financial mistakes.
5. Grows the Business
A personal accountant often serves as a critical collaborator in business growth. The business is yours, of course, but accountants provide insight into the business's cash flow, financial management, and financing.
Accountants can also create budgets and financial projections and run analysis scenarios to see how various risks or actions could play out. If your business is thinking about a merger, acquisition, or sale, an accountant is vital to ensuring a smooth process.
6. Maintain Legal Compliance
Legal compliance goes past having the correct licenses and permits. Personal accountants can ensure your business meets its various state and federal tax responsibilities and deadlines.
7. Allow You To Focus on What You Do Best
Even if you know a great deal about accounting and finance, these two areas take time and effort. That is time and effort you would probably prefer to spend on tasks that directly relate to your business. For example, if you run a bar, your time likely is better spent managing the bar rather than poring over the books.
Find a Personal Accountant Services
Action First Accounting offers personal accountant services including bookkeeping and licensing. Get in touch today or schedule a consultation.
Sources:
https://www.pboadvisory.com/6-ways-accountants-help-business-owners-make-smarter-business-decisions/