Making Business Decisions Without Speaking to a Professional

Small business owners don’t know what they don’t know 

With the intensifying competition in the business world, it is now more important than ever to make metrics based decisions intended to achieve more profitable outcomes. Particularly when the consequences of these decisions can be financially significant. 

 

Business owners wear many hats and are very busy people.  During the growth trajectory there comes a point where the owners get stretched thin.  In order to sustain growth and graduate to the next level, it is necessary to focus on the areas where the owner adds the most value; this typically includes the customer experience, service, sales and quality.  Other areas ought to be outsourced to experts, including HR, payroll, bookkeeping and taxes.

 

 Insufficient knowledge and experience with financial management, tax and accounting limits your ability to make smart business decisions and can lead to inaccurate financial reports, statements, and tax problems resulting in fines and audits. Not understanding and complying with government regulations can also lead to penalties and legal issues. By hiring a professional, you can stay in compliance with regulations and develop a tax strategy to maximize deductions and minimize tax liability leading to a more profitable outcome, while freeing you up to focus on core business activities.

 

The true value lies in the specialized advise that only an accountant can offer

As a business owner, every choice carries a certain level of uncertainty, yet there are certain risks with decisions that could cost them dearly. It can be challenging to determine when to embrace certain choices and when to involve others in the decision- making process.

 

We are here to awaken small business owners into the world of what a skilled accountant can do for a business. Collaborating with accountants can greatly contribute to the profitability of small businesses. Accountants do so much more than just maintaining accurate financial records and filing your taxes. They have a strategic mindset and help businesses grow, offering high-value advisory services. With the guidance of an accountant, there will be no missed opportunities for growth and expansion. You will feel more confident in running your small business while also learning how fundamental this financial knowledge is for maintaining a growing business.  

 

Accountants will take care of the financial side, while you focus on running your business

One McKinsey study found that small businesses that work closely with accountants and advisers end up being more profitable than those who do not. One of the biggest problems small business owners face is cash flow problems. Your accountant can help identify the root cause of the issue and advise you whether to raise capital, to solve the working capital gap, or to trim expenses to address a profitability gap.  Bookkeepers can help with invoicing and accounts receivable, as well as accounts payable, often freeing up working capital for other purposes.

 

Who doesn’t want a trusted advisor

Accountants give you one less thing to worry about. By putting you on a path to success.

  • Capital structure, including raising capital
  • Bookkeeping:  AR, AP, Bank reconciliations, etc
  • Cash flow management
  • Tax strategy
  • Audit compliance
  • Cost optimization
  • Exit strategies

 

Here at Oakum Chartered our accountants are always available, knowledgeable and helpful, finding and providing solutions for your business needs.  We will act as your accounting partner to support your goals.




Published On: February 28th, 2024 / Categories: Accounting /