Forbes regularly lists reasons why businesses fail, and the magazine is always packed with great advice about what to do or what not to do.
In fact, the reason Forbes has been so successful is the expertise and insight offered for many professions. Readers enjoy the suggestions and are encouraged to apply the lessons or examples to their workplaces.
Last September, its “don’t do this” list shared that 8 out of every 10 businesses fail within the first 18 months.
Some of the predictable causes boil down to human factors like poor customer service or poor leadership, but ultimately they’re about money – how much there is and how well it is handled.
An accountant can be a vital asset for both areas, which is why this career and accounting skills are so important.
Whether you have someone on staff with accounting credentials, or contract with an outside firm, either way you’ll be provided with an excellent reckoning of your current financial situation plus projections for future growth opportunities or possible declines.
If you’ve ever considered hiring an accountant in Atlanta to help your business, here are some advantages.
- Help make sense of the numbers.
To some accountants, helping people solve problems is what gets them going and what a lot of them even studied for years. But smaller companies sometimes may have been launched by placing non-accounting people in critical bookkeeping roles simply because no one else was available at the time, and an “everyone does everything” philosophy. While this entrepreneurship is commendable, a smarter move is to either hire an in-house or contracted accountant who can focus primarily on the financials. This will let other company leaders utilize their non-accounting skills in other areas, such as marketing, product development or research. (Managers should still be aware of regular financial numbers through)
- Keep up with changes.
Just because you took some accounting classes in college years ago doesn’t mean you know all the current ins and outs. Both the State of Georgia and the U.S. government are regularly making modifications to their respective tax codes. For instance, some states, including Georgia, offer what’s informally referred to as an “Amazon tax” which requires retailers to collect sales tax on online orders even if they don’t have property or employees in that state.
- Experience with non-profits.
In many cases, non-profits have plenty of people with passion and spirit for whatever objective the group promotes or opposes. It also may have a surplus of volunteers just dying to help in any way they can. But well-kept books are essential especially at a non-profit that may have a lean budget. An accountant in Atlanta familiar with non-profits can also make sure all appropriate paperwork is filled out on a regular basis to keep their legal exemption designation.
- Help at all levels.
Depending on their experience and training, an accountant may be more familiar with the financial needs of different types of businesses, such as limited liability corporations or limited liability partnerships or even tiny home-based products or service providers. Just as there’s no “one size fits all” approach to what type of business models exist in Atlanta, there’s a lot of flexibility in how much or what areas customers may need the services of an accountant. They could need extra assistance in handling all details where money is involved, or only certain specific aspects. A company could have its own bookkeeping staff take care of day-to-day revenue and expenses, but bring in a pro to help with end-of-month reconciliations or annual/quarterly tax preparation services. Accountants can also offer extra assistance with payroll.
- Non-business assistance.
Qualified accounting help isn’t just available for Atlanta-based businesses. Private accountants also can be willing to help with individual financial needs, especially people trying to put their own tax documents together or navigate Quickbooks. The popular software program has released several updates over the year, but still may be a little confusing to some users. Accounting firms can handle all the duties or even offer some training or troubleshooting.
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Post Excerpt
Modern Atlanta accountants are the superheroes of the financial world. They can jump in anywhere clients need help or even show company owners useful techniques.Sources: https://sbsaccountants.com/ http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/ http://www.cnet.com/news/confused-about-online-sales-taxes-youre-not-alone/ http://www.incorporategeorgia.us/choosing.php