While managing your own accounting may seem like the perfect solution to save your company money. It may actually stunt the growth of your potential earnings. In fact, poor financial management is one of the main reasons a business fails.
- Misplaced Talent
Not everyone is comfortable with accounting or good with numbers, but an accountant has to be. If your accounting is delegated to an employee that is not qualified, experienced or familiar with the latest regulations you may be setting them, and your company, up for failure. As a business owner, you want to place your employee in positions they will thrive in. Requiring an employee to work outside of their skill set or scope of work can make your employee feel inadequate, unhappy and searching for new employment. A high turnover rate can be financially damaging.
- Sensitive Information is at Risk
If your company faces a high employee turnover rate, your financial information can be at risk. It is important that financial information is not shared with any personnel other than the accountant and business owner. A breach of financial information can lead to fraud or theft.
- Expensive Accounting Mistakes
When it comes to accounting, accuracy is crucial. There is no room for a mistake when it comes to accounting. Even the smallest accounting error can lead to huge financial repercussions.
- Tax Errors
An Accountant will be up to date on all the new rules and regulations. On top of costly tax errors, you may miss out on tax deductions you were unaware of, underpay your tax bill. Even the slightest tax error can lead to penalties, interest and fees.
- Valuable Time Lost
The more time you spend on teaching yourself the latest accounting techniques, the less time you spend actually growing your business. As a business owner, you want to focus your time on what is going to make your business thrive. Every hour you spend doing something that does not generate money for your company is simply a waste of your time. Hiring an accountant will free up your time and get you back to doing what you love.
Disasters such as these can easily be avoided when you hire an Accountant Professional. At Rosillo & Associates, we deliver personalized solutions for every business. Hiring an Accountant is the best investment you will make. Call us today!