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Success Tips

FROM THE SUCCESS PEOPLETM

3 Ways a Small Business Accountant in Lakeland, Alberta Can Help Your Business Grow

Aug. 25, 2018

While there’s a lot that can go on with your expenses without the help of an accountant, those things can swing your way if you employ one. A small business accountant doesn’t have to be a full-time position. You could invite them to your offices once a week just to keep things in order.

Here are some of the big benefits of having an accountant for your business.

1. Manage Your Tax Bill

Hiring an accountant for your small business could be the smartest move you make when it comes to dealing with your tax bill. An accountant can ensure that you pay the right amount of tax during the year so that you don’t get slammed with a large bill later. They can help you to avoid fines that are common for small businesses that don’t have someone looking over their tax payments.

Your accountant can also ensure that you don’t overpay. Overpayment of taxes without writing off the supplies and the equipment you buy for your business is a common mistake. If you’re not writing things off, you could soon find yourself in debt running your small business.

2. Handle Your Payroll

One of the biggest expenses for any company is their payroll. If you’re not properly managing your human resources, you could be overpaying people, you could be overscheduling, or just budgeting time wrong.

No matter what industry you’re in, you need to keep an eye on how much you spend for labour costs. Overpaying for labour could put a huge dent in your profit margin.

If your accountant is happy to handle your payroll needs, they can make sure everyone paid a fair wage, on time. They can also act as a filter for the minutia that comes with owning a business.

3. Budget For Expansion

When your business is doing poorly, the rent you pay or the mortgage for the building you have could seem like a drag. Why have an office if you’re not making the most out of it 24/7?

However, with a good accountant, you should be able to not only keep the lights on but start thinking about growing. There’s no business owner on the planet who doesn’t want to expand their services.

Your accountant can start budgeting for your expansion right away. They can let you know what’s feasible, how much you’ll be able to spend, and how long it would take to build up another branch as successful as the one you’re at.

A Small Business Accountant Can Save You

Many small businesses shutter in just the first couple of years due to mismanagement. If you fear your business isn’t as strong as it used to be, this could be a great opportunity to see how well you could be doing. Your small business accountant can be your guide.

For some free tips on cutting costs running your small business, check out our guide.

Categories : Accounting

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