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6 areas a small business accountant can help to grow your business

Female talking on the phone to her accountant about her business

Having your books in order is a necessary evil of running any business, but it’s not just about recording accurate numbers. As an entrepreneur, you are likely to have an innate sense of where your business could be growing and what needs to be done to get there. But not everyone is as naturally led towards entrepreneurship. 

That’s where an experienced small business accountant comes in handy. A good accountant isn't simply a number cruncher; they have specialist knowledge of how businesses operate, taxation and other financial matters that help businesses like yours run efficiently and cost-effectively. An accountant can also assist with strategic planning, market research, and other tasks that give your business the best chance of success. 

Here are some areas in which a skilled small business accountant can help you grow your business: 

  • Build your financial infrastructure
  • Provide startup advice 
  • Help you make data-driven decisions
  • Manage employees’ and contractors’ payroll
  • Benchmark your business against your industry
  • Free up your time to spend on business growth

1. Build your financial infrastructure

A business owner needs to have a fundamental understanding of its financial situation in order to plan and grow. Small businesses can be financially challenged at the start, with limited funds and help. Owners may also lack basic accounting knowledge, which can result in misused funds or other issues that can quickly spiral out of control.

That’s where your accountant comes into place. A small business accountant can be a valuable ally in your financial journey when establishing and growing your business. They can help you to set up accounting systems, track performance, and analyse trends. They can also help you to comply with local regulations and build a robust financial infrastructure that you understand. On top of that, they are able to provide strategic insight into your business operations and growth potential. 

2. Provide startup advice

Your accountant can offer guidance on everything from which structure to use  to how to file taxes and claim deductions for new business owners. By working together, a good accountant will work with a business owner to create a plan for success that ensures the business is operating efficiently,abiding by the law, managing day-to-day operations, keeping accounting records and tracking cash flow. They may also play an important role when applying for small business grants and loans. Therefore, It’s necessary to work with an accountant early in the process so you can minimise unnecessary costs and risks.

At Beany, we offer a that’s geared towards anyone who wants to start their own business. Included are a range of services including choosing the right business structure, setting up, and advice to help you stay on track. 

3. Help you make data-driven decisions

Data-driven decision-making is a serious competitive advantage for small businesses. When you have accurate and reliable data, you can make more informed decisions with confidence. However, it’s not always easy to get this information without the help of an experienced business accountant (and particularly a small business accounting specialist, like Beany).

One of the key functions of a small business accountant is to help you understand your financial numbers by providing analysis and insight. For example, they can help you to understand sales and income reports to see how they are trending over time. This helps you to identify areas for improvement that can ultimately lead to increased revenue and profitability.

Another way that your accountant can help is by analysing your cash flow statement so you’ll know where to cut costs and where to invest. A good accountant will also provide advice on strategic planning, , and can act as a business advisor for small businesses.

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4. Manage employees’ and contractors’ payroll

Payroll is a very important financial task for any business if you have hired any employees or contractors. It involves accounting for all the wages and salaries as well as for the expenses related to their payment. But it can be a complicated and time-consuming task. 

A good accountant will be able to record all the transactions in the company’s payroll system (e.g., Xero Payroll, Smartly) and make sure that they are accurate. They will also be able to calculate all the taxes due on these transactions and prepare the necessary forms. This will ensure that all the relevant regulations are followed which is vital to protect the business from possible fines or other penalties. By having an accountant on your team (or virtual team!), you can be confident that you are meeting all your payroll tax obligations.

5. Benchmark your business against your industry

Your accountant can also help you to benchmark your business against your industry by using a range of tools and techniques. These can be used to compare your performance against other businesses in your sector, as well as public industry benchmarks. By keeping track of key metrics such as sales, losses and profits, you can ensure that you are on course for success.

Also, your small business accountant can help you to study these benchmarks. Using the results from the benchmarking, you can derive opportunities for improvement in your business systems or structures, helping you to improve your performance in the long run.  

6. Free up your time to spend on business growth

As a small business owner, you’re wearing multiple hats and it can be hard to keep up with everything that needs to be done. For some, you might also have a family to take care of and a day job to go to, it can feel like there’s never enough time in the day. 

This is why hiring a small business accountant is important. Not only they can take care of all of your accounting and tax needs, freeing up some time so that you can focus on growing your business, but also they will be able to provide some financial guidance to keep your business stays on track. Check out our Bookkeeping service if you’re serious about optimising your efficiency!

Bottom line

A small business accountant who is proactive will help ensure that the company reaches its full potential. They’ll feel like an extension to your business, offering insights and advice that can take your thinking to the next level.  It's this kind of thinking that helps businesses move into the big leagues. Overall, a small business accountant is not just for the end of the financial year, but for businesses’ long-term success.

Who are Beany? 

We’re an online accounting firm that is always right here for you, your accounting pain relief. The most advanced technology lets us work way more closely with you than a normal accountant world. ​

We have a dedicated team of certified accountants and a support team to take care of your business no matter where you are, so you can focus on growing your business. We take out the ‘fluff’, break down the barriers and get things done. Looking out for you is what we are all about. Get started for free today.

Tori as a dog

Tori Ma

Performance marketer

Performance marketer at Beany, and into true crime documentaries.

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