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Why Your Small Business Shouldn’t Wait to Hire an Accountant

Small business owners tend to agonize over every last dollar they spend. That’s for good reason – money typically is tight, so nothing can go to waste. Everything has to generate ROI, so it can be difficult to allocate funds to anything that doesn’t deliver a clear, tangible return, and quickly.

No wonder many small businesses find it difficult to pull the trigger on hiring an accountant.

Small business owners often typically think of accountancy services as a place they can save money, rather than something that can make them money. But that’s a big mistake. In fact, accountants can provide a bit lift to the bottom line, in more ways than one.

If your small business hasn’t yet hired an accountant, here are a few reasons why you shouldn’t wait.

Make It Back in Taxes

You might think that an accountant simply takes your financial info from the year, fills out a few forms and sends everything off to the IRS. Sure, that’s one of their responsibilities – but accountants typically can assist with tax strategizing, and that’s where you can “make your money back.”

Adept accountants can help you plan for the year ahead, ensuring that you do what you need to do to earn various tax credits and qualify for various deductions and other breaks. And if you know ahead of time you’ll be reaping certain tax breaks, you can actually plan around it, rather than hoping every year that you’ll luck into a deduction or two.

Planning Ahead for the Future

When the new year comes around, most people take New Year’s Day to think about a resolution or two, then hit the ground running within the next few days.

But imagine trying to do that with a small business.

You need to plan weeks, even months ahead for the next year, which means now’s the time to hire professional help. Many accountancy firms will offer outsourced CEO” services, which includes important forward-looking work such as budgeting, financial planning and forecasting. All of these services help you optimize your business, and possibly achieve profits you couldn’t have with a loose plan.

Getting Out of the COVID Funk

Full-service accountancies aren’t just impartial third parties that give you the numbers and walk away. They’re allies with a vested interest in seeing your small business thrive.

If you’ve been struggling due to COVID, or if growth simply hasn’t been what you’ve expected, regardless of the cause, the right small business accountant might be able to make a difference. For instance, McManamon & Co. offers consulting services in which we can assist with strategic planning, maximizing cash flow or even helping you line up the right corporate banking relationship. Are you digital operations lacking? Our paperless office consulting services can save you money.

Those are just some of the ways we can boost your top and bottom lines. If you’re interested in learning more or are just energized to get started, reach out today! Give us a call at 440.892.9088 or contact us online.

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