Running a small business is no mean feat and there is a huge amount of aspects of it which will take up a huge amount of time, from large tasks to small details. It is with this in mind that you should look at any opportunity that you can to outsource some of the roles within the business, only however, if they are cost effective and they can make the business more efficient. I spoke with industry expert Barry Bulakites, on the importance of outsourcing one particular aspect of the business, accounting, and here is why.
Not adhering properly to tax rules and regulations could have huge consequences for your business and could result in financial penalties or worse. With this in mind the best course of action, unless you happened to have passed your tax exams, is to hire a professional who can ensure that all due diligence is carried out with regards to your tax situation. Taxes are a requirement for every business, make sure that your are in order. Depending on your business area, you might have more stringent requirements for the taxes you are required to submit. Cannabis accounting is one of those areas where the taxes you are required to submit are very strict and messing up one little number could put your business in jeopardy.
For most small businesses it is improbable that they will have sufficient money to pay for an in-house accounts manager or team to deal with the financial side of the business. What happens in these cases then, is that the owner of the business deals with the finances, which in turn takes the owner away from doing what they do best, running the business. Getting bogged down in finances ends up meaning that the owner is blind to many aspects of the business, or that the owner ends up putting in 14 or 15 hour days just to get through everything that they need to. You can give yourself the gift of time by hiring an accountant to take over this aspect of the business.
Whilst an accountant is obviously an expense, they can also work very hard in terms of saving you money, often they can pay their own fees by doing so. The reason for this is that the accountant will review all of the company’s finances, they will look at where the business is spending money and where, most importantly, it shouldn’t be spending money. This is something which most business owners simply don’t have the time to look into, so having someone with a fresh pair of eyes review the company finances is something which could certainly save a lot of money.
The contacts which an accountant has should not be underestimated and this can help you in many different ways. Because accountants work across the financial spectrum, they can put you in touch with investors, funds, mortgage brokers, real estate agents and many more professionals who will be able to help your business in the future, and who will be ready to do a favor for your accountant, remember, it isn’t what you know, but who you know.
What are you waiting for? Go and find an accountant for your small business today.