There are many reasons for hiring an accountant at different stages of your company’s growth. From a business plan to company formation, loan application to tax audit, an accountant can make life easier for you at each step. That doesn’t mean you always need to employ an accountant full-time or hire one on a retainer basis. Sometimes just a couple of hours of their time would be enough.
Many small business owners who are looking to save money, often think they can’t afford an accountant. But consider how long it would take you to do certain tasks (such as taxes), and ask yourself, is that a good use of your time? In many cases, decision to hire or outsource an accountant or bookkeeper is left to late, says Muhammad Akram, Director, The Accountant LLC. That is mostly because:
● Business owners rely on their excel skills and knowledge
● Have passion and love doing everything on their own
Is this a good approach? Here are some problems that arise when you don’t take the services of a professional.
Documents go missing!
A common problem, especially in the newly setup companies, is managing bills and receipts. Documents go missing quite easily and you would not know until you crosscheck. But then crosschecking with what exactly?Here is the catch, unless you are maintaining a worksheet or some sort of record, there is no way to crosscheck and examine. The o nly option I am afraid, in most of the cases, is to crosscheck with your personal bank or card statement that can support you somehow. However, it will not be helpful where mode of payment is cash.
Losing sight of business position
Key information such as what is owed to the company by customers or what businesses owe suppliers can be either inaccurate or not available at all. This becomes more critical if you want to apply for loan or source funding.
Many businesses, we have witnessed, when applied for VAT registration, did end up getting penalty for late registration which they never expected. It is most of the times either because they missed to apply for registration within the stipulated time or have confused the sales with remittances. Even in a best case scenario on average a business owner spends 8-10 hours weekly to organise the bills and get the picture of receivables and payables. Get in touch if you find yourself in any of this problem or your business has surpassed the point in which you have the capacity to take on accounting tasks. We are only a phone call away and would be happy to assist you. Visit us here theaccountant.ae
With a smart accountant, you can:
● Access reports, monitor receivables and expenses in real time and on the go
● Track project and business unit performance in real time
● Manage and archive documents on the go
● Get paid faster, automate reminders and repeat invoices.