As the owner of a start-up business, your main goals are most likely to maximise income while keeping costs as low as possible. Therefore, in most cases, the appointment of professional accountants is placed on hold to save money as online accounting software is readily available, inexpensive and seems easy enough to use. But are you really saving money by following this route?
When appointing professional accountants, you have to measure their impact on your business, not only as a monthly expense, but also by determining the added value that they bring to the table – in both quantitative and qualitative terms. A professional, or more specifically, a registered accountant, is more than just a bookkeeper – they are custodians of Compliance, Taxation and Corporate Governance, of which the bookkeeping/accounting role forms an important piece of a much larger puzzle.
Something as simple as missing a tax submission deadline at SARS or obliviously overstating or understating an expense or income line item, can cost your company dearly. And, unless you have an accounting background, combined with an up to date working knowledge of the application of best accounting practices, tax legislation and statutory compliance, you might not even be aware of SARS/statutory requirements and deadlines, effective budgeting or pro-active cost management. So, accounting fees might feel like an avoidable expense, but it’s without a doubt cheaper than the penalties that SARS could impose or the tax that you would’ve paid without professional guidance and advice.
So, when should you appoint a professional accountant? As a business owner you should be spending most of your time doing what you do best – running your business. Thus, it’s an easy answer. AS SOON AS POSSIBLE. But beware, some entities offer accounting services although they are not accountants and that could cost you a lot more in the long run.
At Business Services we pride in having accountants that are registered at the Chartered Institute of Business Accountants, to ensure we offer the best advice for your business. We also tailor our offerings to suite your needs, ensuring you’re only paying for the services you truly need. No matter how big or small your business is – give us a call today and start experiencing the value that professional accountants can add.