Small business owners often don't have many assets or write-offs to account for when just starting their business. You may only have a handful of employees or may only make a few monthly sales. It may seem ridiculous to get an accountant. However, a business accountant is a wise investment for several reasons.

Trust in Experience

Using software like QuickBooks is a great idea but those software plans only do so much. Software without education and experience can only get you so far. Not only will an accountant help you with the books, but they'll also help you learn more about accounting as your business grows. According to BusinessDIT, 60% of small business owners lack accounting knowledge. You could be making critical mistakes that cost your business money without knowing it.

File Taxes Correctly

Filing taxes as a standard W-2 employee and a small business owner are two different worlds. As a small business owner, you can deduct more from your earnings to reduce your taxable income. Freelancers can often file as sole proprietor but may have more tax breaks if they file as S-Corp. Those who work from home can deduct their home office and a portion of utilities from their taxes. An accountant will know these tips and more as part of their experience.

Plan for the Future

Planning for the future is essential to owning a business. A business accountant will ensure you have a clear picture of your finances, like how much monthly revenue you make. This lets you know when your peak season is, too. Critical financial planning is essential to grow and help your business succeed. You'll know exactly how much you must spend on inventory, staffing, and whether you're hemorrhaging money.

Save Money Long-Term

Most businesses avoid hiring a business accountant because it's another expense. However, an accountant with a wealth of knowledge about small businesses will save you so much money in the long run that they will pay for themselves. You'll save money on taxes thanks to a structured tax strategy. They'll help you learn how to be more cost-efficient, ensuring you don't lose money you don't have to.

Hiring an accountant is an investment but it's well worth it. Ready to save time and money that you can put back into your business? Contact Schaeffer CPA to schedule your consultation today.