The Importance of In-House Accountants for Large Businesses
Accounting is by far, one of the most important aspects of running a successful business. Without proper accounting, any business is doomed to fail. Whilst there are many accounting software and programmes that exist in 2020, nothing actually beats the foresight, skills and talents of having an in-house accountant. In today’s article, we have a look at 10 reasons why in-house accountants are still vital for a large business, shared by various accountant recruitment agencies all over the nation. Read on to find out more!
1. Business Support and Advice
As a business grows, so does its accounting processes. This is where having an accountant who really understands business can really come in handy. The skills and expertise that you have at your disposal when you hire a professional accountant are almost priceless to anyone who is looking to expand their business. A good accountant can offer a sounding board for your decision making and assist in preparing projections and financial plans that are needed as business plans to expand.
2. Save Your Precious Pennies
You may think that hiring an accountant is a “waste of money” or that the entire ordeal is going to be a costly affair. What if I told you that hiring an accountant could actually do the opposite and save you money? A good accountant will be able to highlight areas in which you could be saving money such as tax, payroll and so on. We always recommend investing in an experienced advisor..after all, their advice could very well end up paying for itself!
3. Save Yourself Copious Amounts of Time
Whilst accounting software and systems are efficient ways of handling your business finances, they also take a fair amount of time to fully learn and understand. Unless you yourself have had had experience with manual accounting in the past, chances are you’ll end up wasting precious hours trying to wrap your head around various systems and processes. By hiring an in-house accountant, you can ensure that you have the best of the best handling your accounting with the help of software and systems that they are already familiar with.
4. Cover All Bases
Hiring an accountant is a fantastic way of covering all bases related to finances. How so, you may ask. Well, when you hire an accountant, you can give them full management of your accounts, enabling them to complete a wide range of tasks that include tax returns, PAYG management and VAT returns just to mention a few. This, in turn, allows you to save time and focus on more revenue-generating activities that will enable your business to further excel.
5. Avoid Being Audited
Ah, the dreaded audit. Financial audits are the bane of any business owner’s existence, which is another reason why hiring an accountant is always recommended. Audits can be easily avoided if you have the proper guidance and counsel of an in-house accountant. Think of your accountant as a partner who is there with the sole purpose of keeping your business fiscally sound.
6. Improve Your Chances of Funding
As your business continues to expand, you will probably require some investments at certain points of growth. In order to ensure yourself an investment or funding, you will need to have a solid business plan with management accounts to-date and detailed forecasts. This is where an in-house accountant comes in handy – they will be able to guide you along the process and ensure that your figures are accurate and realistic, thus greatly increasing the chances of you securing funding and investments for the growth of your enterprise.
7. Advice When Selling Your Business
You may not think of it now, but there may come a time in the distant future where you choose to sell your business for a profit. When that time comes, it is essential that you have an in-house-accountant by your side. Your accountant can help you produce statements for prospective buyers and assist in structuring your financial affairs so that you get the most money from selling your business.
8. Make Real Time Financial Decisions
When it comes to matters such as making a large office purchase or hiring new employees, business owners often have trouble working through the financial implications of making such impactful decisions. An in-house accountant can act as your financial advisor to help you with budgeting and monitoring cash flow on a regular basis, thus allowing you to make decisions based on the real-time financial health of your business.
9. Ensure You Are Compliant
Aside from the usual tax obligations, an experienced accountant can help ensure that your business is compliant with other government requirements such as keeping up with the latest tax requirements, preparing your annual reports, keeping your company’s status updated in the government’s company register and handling your payroll.
10. Planning For The Future
Last but not least, the biggest benefit of having an in-house accountant is the advice they will have to offer when it comes to planning for the future. Together, you can analyse previous reports and determine the best time to purchase new inventory, hire new staff and budget for big-ticket investments that allow your company to further excel and expand.
In-house accountants are still incredibly relevant and necessary when running a large enterprise. We hope that this article has given you insight into why you need an accountant to help you manage your business and ensure its future success.