As a small business owner, you may be wondering whether you need an accountant to manage your finances. While you can certainly manage your finances on your own, hiring an accountant can bring many benefits to your business.

What Can an OnPoint Advisory Do for Your Small Business?

As a small business owner, you wear many hats, from CEO to marketer to HR manager. However, managing your finances can be a time-consuming and complex task, especially as your business grows. That’s where an accountant can help. Here are some ways an accountant can benefit your small business:

  1. Ensure compliance with tax laws: An accountant can help you comply with tax laws and regulations, minimizing the risk of fines, penalties, or audits. They can also help you identify tax deductions and credits that you may be eligible for, reducing your tax liability and saving you money.
  2. Provide financial analysis and advice: An accountant can provide financial analysis and advice to help you make informed business decisions. They can help you understand your financial statements, identify areas where you can improve profitability, and create a budget and cash flow forecast to help you plan for the future.
  3. Handle bookkeeping and accounting tasks: An accountant can handle bookkeeping and accounting tasks, such as managing accounts payable and receivable, reconciling bank statements, and preparing financial reports. This frees up your time to focus on growing your business and serving your customers.
  4. Assist with financing and funding: If you need financing or funding to grow your business, an accountant can help you prepare financial projections, create a business plan, and identify potential funding sources. They can also help you negotiate favorable terms and ensure that you understand the financial implications of your financing decisions.
  5. Provide business advice and guidance: An accountant can act as a trusted advisor and provide guidance on a range of business issues, from entity structure to employee benefits to business succession planning. They can help you navigate complex business decisions and ensure that you are making informed choices that support your long-term goals.