7 Benefits of Hiring an Accountant

Many people ask the question, “why do I need an accountant? I know how to count!” However, accountants provide much more value than what most people think. Accountants end up answering questions outside of their title because it all ties together. For that reason, we’ve put together a list of a few different benefits that an accountant can provide for you and your business:

1. Accountants Answer Questions and Resolve Issues

Accountants are financial experts that can be an excellent source of advice to have by your side. An accountant with experience working with small businesses can provide you with tailored financial advice based on their own experiences with businesses that are similar to yours. On your own, trial and error can make big decisions more risky; but with an accountant, some of their guidance and advice help in the decision-making process and get you better results.

2. Diminish the Chance of an Audit

No one wants to be audited. Like an insurance policy, many people make the mistake of looking for an accountant AFTER they get audited, instead of before. Audits occur when there are errors, too many write-offs, or something doesn’t make sense in your business tax return. However, if you hire an accountant, you can avoid that process altogether, and save money!

3. Save on Deductions

As a busy business owner, you find yourself waiting until the last minute to compile a list of deductions. That’s just not enough time to think of all your possible expenses.

In fact, a lot of business owners don’t think about including certain deductions, like business lunches. Some other deductions include mileage deductions, utilities, advertising, equipment, and many more.

An accountant with tax expertise can help you keep track of all your deductions throughout the year. This way, you won’t miss deductions that you forgot about when it

4. Communication with the IRS- They Speak a Different Language

The IRS is an agency that you don’t want to mess with. If you receive a letter from the IRS inquiring about anything, it needs to be taken seriously. Although it might seem like a harmless letter, it’s better to hand it off to a professional. 

Dealing with the IRS without professional representation is like going to court without a lawyer; you don’t put yourself in the best position for a positive outcome. If you respond incorrectly, you can end up in a lot of trouble. Hire a professional to deal with these matters.

5. Improve Business Funding Acceptance

When people were trying to apply for PPP Loans, EIDL loans, grants and other relief from COVID, the more successful majority did so with the help of a hired accountant. If applying for a business loan, the lender will want to see that you are able to manage that money wisely — and having a good business accountant by your side could help to sway the decision in your favor. In addition, your accountant will be able to provide you with invaluable advice on the best business finance options to apply for based on your business needs and current situation. They will have extensive knowledge on which business finance options you are the most likely to get accepted for and will be able to help you put together an application that gives you a good chance of acceptance.

6. Eliminate Errors, Save Money

That’s right, I said it! Save money by having an accountant. Doing your own accounting might seem appealing as a new business owner, but is it really worth the financial risk of making mistakes? Accounting is something that professionals train for years in order to be able to do successfully. It really is a specialized field. So even if you are really good at math, if you don’t have a solid understanding of how the tax system works, you could be setting yourself up for trouble by trying to do your business accounting by yourself. Any error you make can turn into a big financial mess that you have no idea how to clean, so don’t take that risk. Hire experienced accountants like DH Financial, a family-run accounting firm in Las Vegas since 2014.

7. Concentrate on Your Business: More Time, Less Stress

Doing taxes is hard work. Keeping track of receipts, expenses, and trying to decipher tax laws is enough to make your head spin. On top of all of that, you have to run your business, manage employees and maintain everything in between.

Why not hand the task off to someone else instead? Having an accountant will give you enough time to concentrate on running your business and providing customer satisfaction. Accounting work can take hours upon hours every week to manage. Between keeping records, keeping track of deadlines, and learning the software that does it all, you can free up the time you need to focus on the business itself. When someone keeps track of your finances for you, you can be worry-free. Stressing less is always best.