While it may seem that any bookkeeper or even keeping track of your own books will do, there is much to be said for employing a good accountant for your personal and business finances.
Of course a good accountant will cost a fair amount of money, but in the long run having a capable accountant in charge of the books will save much more money than it costs. A good accountant will be able to see areas where expenses can be reduced as well as those instances where income can be increased. A really good accountant will even be able to make suggestions as to where productivity can be increased and save even more time and money.
A good accountant will be able to spot fraud where you may not be able to. Accountants are trained to recognize suspicious patterns and occurrences that a standard bookkeeper or even a business owner may not notice. They can see when payroll is not quite right or when ghost deliveries area being made, and because they understand what is going on they can catch the culprit before he even knows anyone is onto him. A potential perpetrator of fraud will realize they stand a much less chance of being successful and fraud will be deterred.
While bookkeeping software and basic accounting knowledge can get you far, there is too much at stake when it comes to accounting. Difficult accounting issues can arise when you least expect, and having a good accountant on your side will save time, and time is money of course. An example that involves both fraud and cost would be if the business owner suspected fraud. He might spend a lot of time trying to figure out what is going on, while an accountant will know exactly what to look for to prove definitively whether fraud is an issue in very little time. Another way time will be saved by employing a good accountant is in basic training. Business owners have to spend the time to understand accounting and train on any software being used, while an accountant has already spent this time and is ready to get to work.
As a business owner, you will be free to deal with other aspects of the business if you have a good accountant dealing with the finances. With an accountant to keep you informed, you can rest easy knowing that if the budget or other financial issues need your attention, you will be notified. This allows you to concentrate on whatever other business matters you need to and nothing slips through the cracks because you are trying to do too many things at once. If you are trying to deal with payroll and other financial issues while other areas need your attention, something important is likely to not get done.
It all boils down to specialization. No one does finances better than a trained accountant, and having one handle your finances give you peace of mind, frees up your time, and saves you money.
Dennis works for one of Australia’s biggest accounting firms and knows the importance of finding a good accountant to manage both personal and business finances. Such is his expertise in the industry, Dennis is regularly used as a consultant to provide his fellow accountants with tips and advice for a range of situations.
- How to Choose a Great Canadian Small Business Accountant (onlinesurveysforcash.org)
- Common Bookkeeping Mistakes That Weigh Down On Business Profits (2009tax.org)