Over 80 percent of all the business in the US fail within the first 18 months of starting. That is probably because of poor financial management.
But despite these alarming numbers, many business owners still decide to deal with the finance part of their business by themselves. A survey shown that over half of the small businesses don’t use an accountant at all.
Well, not all businesses that don’t have an accountant miserable fail, but we still can’t ignore the value an experienced accountant can provide you with especially in the initial phase of your business.
Here is why you business is better off hiring an accountant.
Getting The Deductions You Deserve
Many business owners don’t even know the opportunities they have to make tax deductions. Even if they come to know at the end, it is usually already too late.
However, an accountant can keep you in touch with all the tax deduction opportunities during the year, and will help you avail those opportunities at the end of every fiscal year.
Keeping Away From The Audit
Many companies go through an audit from the IRS every year for not complying with the tax preparation guidelines. Remember that you can only avoid the audit when you already have an accountant or firm like Odoni Partners accounting working for you, you won’t be able to fix the issue by hiring an accountant afterwards.
So, get the guidance and counseling of an experienced accountant to avoid getting audited from the IRS every year.
Making Better Decisions
Many business owners are great leaders, but they don’t know anything about risk assessment and financial management. They get confused about the feasibility of any change that they’re going to make in their business.
An accountant can help you in this area too. You’ll be making better decisions with an accountant working for you.