3 Ways An Accountant Can Help Your Small Business Other Than Taxes


Many people wrongly assume that all an accountant can do is help you with your taxes. However, an accountant can actually help your small business year-round in a variety of different ways. Here are three ways an accountant can assist your small business:

An Accountant Can Help You With Your Business Planning

If you choose to work with an accountant on a day-to-day basis, they can help you keep track of all of your credits and debits, as well as your profits and losses, for each of your business assets. 

They can also create regular reports for you that allow you to evaluate the financial success of different aspects of your business, such as:

  • Balance Sheets: These let you know where you stand with your finances at a specific moment in time.
  • Income Statements: These statements let you know how much money you have when you subtract revenue from expenses. 
  • Cash Flow Statement: Let you know how you are using your cash and if you have enough cash available for regular business transactions
  • Asset Statements: These statements let you see how much liability and equity your business has.

Since your accountant works so closely with your business and is aware of all financial transactions, they can be a powerful ally when it comes to business planning. They can even create additional reports for you based on your current level of sales and activity that can predict if your business will gain or lose money if you make specific changes to your business model. Your accountant can also discuss with you the trends they see in your business from doing your finances, and you can work together with them to prevent downward trends and increase upward trends.

An Accountant Can Help You With Financial Software

Most accountants are extremely well versed in the latest financial software and trends. If you are not using financial software, or feel like you are behind the times, your account may be able to work with you to help you update your financial software. Updating your financial software can streamline your business. It can also make it easier to invoice and work with your customers.

An Accountant Can Expand Your Network

Most accountants do not work exclusively with one business. They generally work with multiple businesses within the same area. This allows your accountant to develop an extensive network. If you need assistance with something, your accountant may be able to provide you with referrals to other local businesses. An accountant can be a valuable networking tool.

An accountant can help your small business out with a lot more than just taxes. They can help you with business planning, updating financial software, networking and more. Don't overlook the valuable asset that your accountant is to your small business success. Talk to a local accountant, such as Hy Appelbaum CPA, to discuss how they can help you today.


1 July 2015

what does it cost to start a business?

I have always dreamed of opening my own beauty salon, but never seemed to have the money to make that dream come true. I decided that it was time for me to hire an accountant to help me create a savings plan and to assist me in calculating how much money I would need to open my salon. I found out all about what it takes to start a business and a lot of great advice about what I can do to save the money I need to make it happen. If owning your own business is something you are dreaming of, my blog can help.