{"id":13921,"date":"2023-07-26T00:40:35","date_gmt":"2023-07-26T00:40:35","guid":{"rendered":"https:\/\/ownr-blog.com\/?p=13921"},"modified":"2024-01-31T19:40:06","modified_gmt":"2024-01-31T19:40:06","slug":"how-can-an-accountant-help-with-small-business","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/how-can-an-accountant-help-with-small-business\/","title":{"rendered":"How Can an Accountant Help with Small Business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Starting and running a business can be a rewarding experience with the potential for significant growth. The financial rewards can be life-changing, and seeing your business grow and thrive can be a fulfilling experience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, navigating the complex waters of business management presents a set of unique challenges.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Entrepreneurs are often talented technicians. From accomplished graphic designers and fashion trend-setters to skilled carpenters and contractors. However, they are also often complete novices when it comes to managing the financial and administrative aspects of a business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And that\u2019s okay! This is where entrepreneurs can turn to accountants; our pocket-protected, number-crunching superheroes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An accounting professional can steer the financial helm of your business, ensuring it stays on course. Their expertise in handling the numbers and understanding your business\u2019 nuances can provide you with the peace of mind to focus on your core business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we\u2019ll explore the various benefits of hiring an accountant for a small business.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reviewing Documents and Contracts &#8211; <\/b><span style=\"font-weight: 400;\">Ensuring that all of your paperwork is in order, and that the contracts you enter are in your best interest.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Acting as a Remote CFO &#8211;<\/b><span style=\"font-weight: 400;\"> Overseeing the financial operations, helping with strategic planning, and ensuring your business is financially healthy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Guiding Business Succession Planning &#8211; <\/b><span style=\"font-weight: 400;\">Facilitating a smooth transition for when it\u2019s time to pass the baton to the next leader.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Estate and Trust Planning &#8211; <\/b><span style=\"font-weight: 400;\">Helping safeguard the future of your business and ensuring your assets are managed effectively and tax efficiently.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Let&#8217;s dive deeper with this question: \u201chow does accounting help small businesses?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(And for a bit more context on what an accountant does, you can also check out our article on<\/span> <a href="\&quot;https:\/\/www.ownr.co\/blog\/accounting-bookkeeping-whats-the-difference-and-why-do-i-need-them\/\&quot;"><span style=\"font-weight: 400;\">the difference between accountants and bookkeepers<\/span><\/a><span style=\"font-weight: 400;\">.)<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Review all documents and contracts<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As a business owner, you\u2019re probably busy promoting your business. You might be hitting the pavement making sales or creating operating procedures to support your team. This leaves little time for tedious and time-consuming paperwork.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You could certainly sit down during your evenings and weekends to tackle your growing stack of documents, but that might not be the best use of your time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thankfully, tedious paperwork is one of many areas that accountants shine. Plus, as an accountant myself, I can confidently say that we love this stuff!<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Understanding the Paperwork<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Documentation and paperwork can sometimes be like puzzles with complex language and intricate details. Thankfully, accountants are skilled in solving these puzzles. They have the know-how to read and interpret various business documents, whether they are financial statements, receipts for expenses, tax forms, or operational procedures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An accountant doesn\u2019t just understand these documents; they can also translate them into plain English for you. This type of translation and communication is one of the most important skills that accountants can possess.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think of your accountant as your personal interpreter for &#8220;business language.&#8221; They break down the crucial aspects and guide you through the necessary steps. With their expert and keen\u00a0 insights, you can make informed decisions and ensure that your business complies with all of the necessary regulations.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Keeping Things Fair and Safe<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Contracts often serve as the foundation for business relationships. Whether it\u2019s a lease for a new office, an agreement with a supplier, or a contract with a new client, it\u2019s important to get them right.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s where your accountant steps in as your guardian and protector. They have an eye for the details and can review contracts to protect your interests and ensure that the terms are fair. They can spot any hidden clauses or terms that might not be favorable to you. This way, they make sure you enter into agreements that are solid, transparent, and beneficial for your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the long run, having an accountant review your contracts can save you from potential disputes or financial pitfalls.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Saving Money and Expense Management<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Next, let&#8217;s talk about one of the sweetest parts of having an accountant: saving money!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accountants are like treasure hunters. They know where to look for hidden gems that can save you money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They\u2019ll dive into your accounting software to analyze business expenses and pinpoint areas where you can cut costs without hurting your business. This could be anything from finding more affordable suppliers to suggesting more cost-effective processes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, at<\/span> <a href="\&quot;http:\/\/www.avalonaccounting.ca\&quot;"><span style=\"font-weight: 400;\">Avalon Accounting<\/span><\/a><span style=\"font-weight: 400;\">, we just did an audit of our software costs and found that we could save over $5,000 by switching to annual subscriptions and removing unused accounts.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Minimize Taxes in Your Business<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Taxes can be tricky, but accountants are masters of tax laws and regulations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They can identify tax deductions and credits that you might not be aware of. By strategically planning your taxes, they help ensure that you&#8217;re not paying more than you should.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a nutshell, an accountant can help to optimize your expenses and make the most of tax savings. The end result is that you get to keep more coins in the company coffers.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Be the remote CFO of your company<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Stepping up the game, let\u2019s discuss a vital role in the business \u2013 the Chief Financial Officer, or CFO for short.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Imagine a ship sailing across the ocean; the CFO is like the ship\u2019s navigator, ensuring that it sails smoothly and reaches its destination. However, having a full-time financial navigator on board can be costly for small businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Enter the remote CFO, sometimes also called a \u201cfractional CFO.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The remote CFO is a relatively new concept where accountants can work with business owners remotely and on a part-time basis. They can help to manage cash flow, create forecasts and budgets, prepare financial reports, set goals, and help business owners make well-informed decisions.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Budgeting and Cash Management<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Sailing without a map? That\u2019s a no-go. Similarly, running a business without a budget or financial plan is just as risky.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your budget is your financial map, guiding you through the sea of expenses and revenues. It&#8217;s a crucial tool to ensure your business ship doesn&#8217;t run out of fuel &#8211; that&#8217;s cash, in business terms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant, acting as a remote CFO, can help you build this budget. They can work with you to forecast revenues, plan expenses, and set financial goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant will help your business maintain healthy cash flow by closely monitoring how the business is performing compared to the budget. With a well-planned budget, you know where to allocate resources efficiently, ensuring your ship doesn&#8217;t run aground.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Reporting and Analysis<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Carrying on with our nautical theme from the last section, how do you know if your ship is in good shape?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, with regular check-ups and maintenance. In the business world, these check-ups come in the form of financial reports.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant can compile and interpret financial statements, such as income statements, balance sheets, and cash flow statements. These reports act as a health check for your business, reflecting its financial condition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant can also analyze these reports to provide you with important insights. They can spot trends, identify potential issues, and suggest corrective actions. These insights are your ship\u2019s telescope, helping you see far into the distance and navigate through potential storms.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Making Smart Decisions<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Now that you have your map and a telescope, you need a wise navigator. As a remote CFO, your accountant is this navigator, guiding you through important financial decisions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether it\u2019s deciding on an investment, negotiating a deal, or evaluating a business opportunity, your accountant provides you with data-driven insights and advice.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They bring a wealth of experience and expertise to the table, helping you make informed decisions that bolster the strength and sustainability of your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By donning the hat of a remote CFO, your accountant becomes an essential ally in your voyage towards business success. They not only help keep the ship steady but also ensure it\u2019s sailing full steam ahead in the right direction.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Guide business succession planning<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Alright, so you&#8217;ve captained your business ship through both calm and stormy seas. But what happens when it\u2019s time for you to hang up your captain&#8217;s hat?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here, business succession planning is your compass. It ensures that your ship continues to sail smoothly even when you\u2019re not at the helm.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Finding the Next Leader<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Every ship needs a captain, and every business needs a leader. Your accountant is like your trusty first mate who helps you scout for the best person to take over the wheel when you\u2019re ready to step back or move on.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It could be a family member who\u2019s grown up watching you steer the business, or a loyal team member who has been instrumental in the business\u2019 growth. Your accountant can assist in selecting the new leader and then move on to showing them the ropes.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Training New Business Leaders<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When the time comes for a new leader to take the helm of your business, it\u2019s vital that they\u2019re well-prepared to navigate the challenges ahead.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant can assist in this process by ensuring that the new leader is well-trained and understands the intricacies of the business. This includes understanding the financial aspects of the business, operational procedures, and strategic planning.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The objective is to equip your successor with the tools and knowledge necessary to navigate the complexities of running the business.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Handling Taxes and Paperwork<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If your business succession planning involves the addition of new owners or a change in ownership, your accountant can also manage the taxes and paperwork.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant can make sure that all the tax implications are addressed, and that the necessary documentation is properly filed. This includes understanding estate taxes, valuation of the business, and regulatory requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The expertise of an accountant is critical in ensuring a smooth and compliant transition.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Help with estate and trust planning<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As an entrepreneur, it\u2019s also important to cast your sights on the future. You\u2019ve worked hard to build your business, and naturally, you want to ensure it continues to thrive even when you&#8217;re ready to take a step back.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Planning for the Future<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Estate planning is like building a blueprint for the future of your business. It involves deciding how your business assets will be distributed and managed when you <a href="\&quot;https:\/\/www.ownr.co\/blog\/retirement-letter-samples\/\&quot;">retire<\/a> or if you&#8217;re no longer around.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant can be an invaluable guide in this process. They can work with you to determine the value of your business, consider tax implications, and help make a plan that aligns with your wishes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This involves liaising with other professionals to create a will and set up life insurance policies. The goal is to make sure that the business continues to operate smoothly for the next generation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant\u2019s support with estate planning ensures that the business you&#8217;ve nurtured continues to grow and support the ones you love into the future.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Creating Trusts<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Trusts are a powerful tool in estate planning. They\u2019re a little bit like safety deposit boxes that keep your business assets secure so you can direct the funds to exactly where you want them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your accountant can help you establish a trust to help minimize estate taxes and ensure a smoother transition of assets. This is especially important to make certain that your family or other beneficiaries receive the fruits of your labor without any unnecessary hassles.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trusts can offer protection against creditors and legal claims. They help to ensure that your hard-earned assets are shielded in the event of litigation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Creating trusts can help you to secure your business&#8217;s future and also make sure it continues to be a source of support and growth for the ones you hold dear.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Conclusion<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It&#8217;s clear that accountants are much more than just number crunchers. They are essential supporters in the growth and success of small businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accountants take on many important roles within small businesses. From reviewing contracts to reducing expenses, accountants are there to help.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to keeping an eye on the finances, they\u2019re also strategic advisors. Accountants help plan for the future, whether it\u2019s passing the business on to the next generation or securing its assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accountants have the knowledge to make sense of complex financial matters. They can also help you to navigate the rules and regulations that come with running a business. With their guidance, you can spot opportunities, avoid potential problems, and make smart decisions based on solid data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re not yet convinced of the benefits accountants can bring to your business, please also check out our article on<\/span> <a href="\&quot;https:\/\/www.ownr.co\/blog\/why-strong-accounting-is-important-for-your-business\/\&quot;"><span style=\"font-weight: 400;\">why accounting is important for your business<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re interested in working with accountants who solely work with small businesses, please have a look at<\/span> <a href="\&quot;http:\/\/www.avalonaccounting.ca\&quot;"><span style=\"font-weight: 400;\">Avalon Accounting\u2019s website<\/span><\/a><span style=\"font-weight: 400;\">. Our mission is to help small businesses thrive, and this article outlines just a few ways that Avalon can do that.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many entrepreneurs are told to hire an accountant. But how can an accountant help with small businesses? Let&#8217;s dive in and find out.<\/p>\n","protected":false},"author":5,"featured_media":13923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[973],"tags":[75,76,1021],"class_list":["post-13921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-taxes-insurance","tag-accountant","tag-accounting","tag-avalon-accounting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Can an Accountant Help with Small Business | Ownr Blog<\/title>\n<meta name=\"description\" content=\"Many entrepreneurs are told to hire an accountant. 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