Do you have an accountant onboard your business? If not, why not? The reasons to do so are compelling – a case made recently by Sage after reviewing results of its own survey.
‘Two of the findings struck a chord with me,’ writes Jennifer Warawa, Vice President and General Manager of Sage Accountant Solutions at Sage North America, in a piece published on Forbes, ‘as they pertain to working with accountants, something I am very passionate about.’
‘The top business challenges identified during start-up were marketing and taxes, and top personal challenges were work/life balance and money management. When it comes to asking for help, start-ups said they turn to family and friends; different from more established businesses, who turn to accountants, lawyers, and bankers.’
It’s this, really, that Jennifer Warawa challenges – this ‘mindset of start-up businesses’, as she calls it.
‘Does an accountant cost money? Yes, of course, which is probably one of the deterrents entrepreneurs see when considering utilizing a professional accountant. However, I prefer to look at it as an investment, not an expense.’
9 good reasons
The piece, published on Forbes and, in similar vein, on The Globe and Mail, sets out 9 good reasons a startup should partner with an accountant.
Here we paraphrase those.
#1 It will allow you to focus on why you started your business
‘Entrepreneurs are passionate’, reads the Forbes piece. And we’re sure you’d all go along with that. But why get bogged down in all the necessary details that don’t engage that passion?
It’s an argument – maybe entrepreneurs and accountants, by nature, complement each other? Hence, their partnership could make real sense as a symbiotic relationship?
Put another way, employ an accountant to deal with all the ‘boring’ detail while you get on with being passionate, out there, creative.
But don’t delude yourself you can do the one without any care for the other. Engaging an accountant means you can trust the necessary nuts and bolts behind the business remain well oiled.
#2 Achieve work/life balance
Another big gripe for entrepreneurs is how to manage their time so they give all they want and need to their enterprise without totally sucking the life out of all else.
Again, the answer can be to work with a trusted accountant. Let them share the load – or, as the Forbes piece puts it, ‘accountants take on the tasks you are less than thrilled about handling, allowing you to sell, market and grow during the day, and take your son to soccer practice at night’.
#3 Improve your professional image
Your accountant can be relied on to project a professional image wherever they go, and to represent you and your company well, says the piece.
No one’s going to be unimpressed you have an accountant onboard!
#4 Learn from others
The results speak for themselves. One Sage survey, conducted among US business owners, showed a staggering 89% of respondents ‘agreed that working with an accountant was a critical element of their success’.
It really is a win, win.
#5 Allow a new perspective
As we’ve already said, accountants can be very different people from entrepreneurs. They’ll also be coming in to your business from the outside.
Undoubtedly they’ll bring a new perspective into your boardroom – and that can only help.
‘Meeting with an accountant can be like taking a step back’, says the Forbes piece, ‘looking at the bigger picture and gaining a fresh, new perspective. Sometimes that’s all it takes to come up with the next big idea’.
#6 Accountants have reach
Learn learn learn from others’ experiences and mistakes. An accountant will bring to your business, as well as all their professional skills, insights from having worked in all sorts of other businesses even industries.
They’ll know what’s worked for others, and what has monumentally failed. Why, asks the piece, ‘reinvent the wheel if you don’t have to?’
#7 They’ll help you write a roadmap
You need a plan – you need to know where you are going, and why. ‘One reason thousands of businesses fail every year’, according to Sage, ‘is because they don’t have a plan. When asked why, they said, ‘I just didn’t know where to start.’’
Any accountant worth their salt will be able to help you massively with this. They’ll help you build that ‘roadmap to success’, says the piece on Forbes.
#8 Accountants understand tax
Sounds obvious, doesn’t it? Of course they do.
But just sit back for a moment and think what this could mean for you?
Imagine having someone properly onboard, invested in helping your business thrive, who actually understands every twist and turn in the ever-changing regulations around tax. Imagine not having to worry any more about compliance, but knowing that’s already competently sorted?
What are you waiting for?
#9 They’ll make the most of what you’ve already got
A good accountant will help your business thrive by analysing your data for growth and profitability opportunities.
Without such help onboard, your data will, as the Forbes piece says, be left ‘sitting’ in a database somewhere, doing nothing to help you forward. An accountant will interpret and interrogate this information – use it ‘to help drive your business direction and decisions’. Without this, ‘you’re missing out on a great opportunity’.
Here’s how the Sage piece ends. We’d go along with every word of it.
‘Can your start-up survive without the assistance of an outside accountant? Possibly, but the extra insight, guidance, and expertise an accountant offers can be the catalyst that makes your business thrive.’
Original article written by ad sourced from – businessadviceserviceblog.com