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How Accountants Help Entrepreneurs Make Wiser Decisions

A great entrepreneur is at the heart of every successful business. But, behind them is usually a great accountant. Accounting helps a company maintain complete control over finances while reducing business taxes and other expenses. People who have the ability to operate a business might not have the skills or desire to handle accounting as well, and they definitely will not have the time.

When your company reaches a certain size, it makes sense to hire a professional to handle the accounting so that you can focus on running the business. A smart accountant, on the other hand, may do considerably more than just giving you more spare time.

Accountants help companies with daily operations by providing the most up-to-date information to help managers make wiser decisions. Accountants can also definitely assist in managing payroll and estimating tax liabilities for the entire fiscal year. Are you wondering what an accountant can accomplish for you and your business? Here are some facts that may surprise you.

1. For Growth Management

If you own a business, you are aware that finding the appropriate employees at the right time is essential to the development of your company. A clear vision alone cannot always ensure success in the world of small businesses.

Accountants may assist small business owners in managing their most valuable asset by giving them people-focused financial indicators each month, such as operating profit per employee and average expense per employee.

One of the main causes of small business failure is ineffective financial management. This could occur at any point during a company’s development, even when it is trying to grow.

2. For Evaluating Business Performance

It is critical to gather all the information you can to make the best decisions because every early decision you make will have a significant impact on your company’s future potential.

Your financial records show your business’s or company’s operating results as well as its financial situation. In other words, they assist you in understanding the financial status of your company. Clean and current records will not only help you keep track of spending, gross margin, and potential debt, but they will also allow you to compare your current data to past accounting records and allocate your budget accordingly.

3. By Providing Assistance in the Loan Process

Taking a loan is frequently necessary to launch a business. Discuss and think through several financing choices with the assistance of an accountant who is familiar with your financial situation.

Accountants assist clients in gathering the facts and data required for a loan, from measuring existing financial situation and credit need to finding repayment sources. This information helps customers create appealing loan applications, increasing the likelihood that the request will be approved by a bank.

Even if you complete the application yourself, it will be easier because you will not have to look for and compile the necessary financial data. You will have everything you need close at hand if your accountant provides you with regular, current financial statements.

4. Provide Help in Debt Management

Debt can be devastating. Whether it is a large mortgage or a slew of tiny payments to various companies, managing debt is difficult. Even a tiny collection of payments might get out of control and harm your business.

Accounting allows you to maintain control over your accounts payable and receivable. A skilled accountant can also assist you in streamlining or even lightening a load of small business debt consolidation.

5. Offers Smarter Marketing and Branding Campaign

Every company must spread the word about its services or products. As a result, marketing and advertising are critical expenses for any firm. Accounting departments provide information to management about advertising costs and the relative efficacy of costs vs gross sales.

Accurate accounting data may help you determine the best time to launch a marketing or a branding campaign and determine whether your marketing activities are producing the desired outcomes. Financial records provide information about your expenses and cash flow, which can help you make better marketing decisions.

The Takeaway

Needless to say, accounting is essential in all of these cases. So if you want to achieve business success, having a great accountant on your side is probably a smart idea. As small businesses expand, business owners should hire a qualified expert, like an accountant to help lead the company down a route to financial success. Find a trustworthy business accountant with more experience in the financial industry if you want to grow your company to greater heights of success!

One call can make all the difference when thinking about accounting, bookkeeping, audits, taxes, or business consultancy.

From small business solutions to smarter financial decisions, the best accountants in LA are here to drive healthy long-term business growth.

Talk to us! Affordable and experienced professionals from The Bookkeepers R Us!

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[summerells]

A wise accountant may do much more for you than just provide you with more spare time! Here are some more surprising facts for you! Read on!

Source: thebookkeepersrus.com

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Do you understand the importance of basic #bookkeeping for small businesses? Offload your bookkeeping tasks and start saving time for what matters most—growing your business! Read on!

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What These 3 Simple Analytics Tell You About Your Financials

Cash flow: your bottom line—really

Your cash flow statement shows the flow of cash in (how much cash you receive) and out (cash you spend) of your business during a set period of time. Used with your income statement and balance sheet, this is a key way to make sure you’ve got enough to keep going, even when times are tough.

For small businesses who run on tight margins, checking this regularly (monthly) is critical. You need to know if your everyday operations are generating enough money for you to basically stay in business. If you’re running low on cash, you might want to check it more frequently.

The best part about this statement is that it really does show your bottom line of the cash in hand—it doesn’t give you “credit” for money that clients owe you but haven’t paid you yet. It excludes money from loans that you receive, too. It’s a genuine picture of what you have on hand—your ”net cash balance.” You’ll be able to spot patterns that let you predict potential downturns in your cash flow (for example, good months versus bad months; or the best time to pay for major expenditures). You can spot red flags, too (e.g., if the net income you receive from the services you provide is equal to or less than what you’re spending to operate your business,)

But the most important thing about a cash flow statement is that, simply put, it lets you see your liquidity—if you have what you need to stay afloat.

Cash flow runway: when will your small business run out of money?

No one wants to run out of money. But, as we noted previously, it’s tough to run a small business, especially when you’re first getting started. Sometimes, every penny counts. That’s why it’s important to know not just how much money you have on hand today (cash flow statement, see above) but how long you have before you run out of cash (if you were to stop generating revenue). Definitely the worst case scenario, but if you’re a small business and just starting out, there will be months when you spend more than you make. Understanding how long you can keep doing this, literally, is super important.

If you generate more cash than you spend, that’s known as a positive cash flow. If you spend more than you generate (if you have to dip into your savings), that’s known as a negative cash flow. For example, if your net burn rate (how much you generally spend a month for payroll and other expenses) is $20,000 a month and you have $100,000 in the bank, you know that you have 5 months to start generating more cash (a positive cash flow).

Revenue growth rate: Does your small business have a future?

Revenue (how much money you take in) is one thing. But comparing that figure over time (year to year, for example) gives you the big picture—the trend that tells if you’re actually growing or not. And that’s key for everything from knowing how much to spend on marketing, whether to hire more employees and even whether to open up a new franchise. Learn more!

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A wise accountant may do much more for you than just provide you with more spare time! Here are some more surprising facts for you! Read on!

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[thebookkeepersrus]

Keep your firm afloat, big or small! It is crucial that you maintain accurate and up-to-date financial records. Let us give you a clearer perspective. Read on!

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[thebookkeepersrus]

Do you have what you need to stay afloat? Check out these helpful hints. Read on!

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[thebookkeepersrus]

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