Growing as a business is certainly of importance to most business owners. After all, you will want your company to flourish and continue to experience growth for many years to come. However, in order for your business to head in a positive direction, it helps to utilize proper financial planning and analyzing…that’s where an accountant comes into play!
Are you aware of how accountants can benefit your own business? Many might believe an accountant just helps with the crunching of numbers, but you’ll be surprised that great accounting practices actually help businesses grow and generate more profits in the process.
We understand just how beneficial an accountant can be for a business! We have helped several businesses in the Chicagoland area and provided them with great information that’s helped their businesses. That’s why we have gathered five ways in which accountants can help a business grow by working with an accountant like Motl Accounting in Dundee, Illinois. If you would like to discover what these ways are, be sure to continue reading:
- Creates Budgets & Forecasts Reporting. It’s important that every business has a plan for their future. Therefore, you will want to set up goals to achieve over the next year, as well as create charts and graphs to keep yourself on track and complete them. By working with an accountant, you can have reports created which will showcase how your fixed and variable costs compare with your sales volume throughout the year, providing you with knowledge of the market conditions that you will need for profitable growth.
- Discovers Key Performance Indicators. Every business has key performance indicators. If you are in retail, you might use inventory turnover for construction or it might be job costing. Your accountant should assist you with discovering yours, as well as advise on methods to set up reports, allowing you to see how they perform over time so that you can make the best decisions for your business for its future growth.
- Maintains Cash Flow Projections. If there is one thing you want to understand as a business, it’s your cash flow! After all, without cash your business wouldn’t be able to operate at the level you’d want it to. An accountant will create financial reports right out of your accounting software which will assist you with planning your key performance indicators and properly maintaining your cash flow. It’s important to know how to expand your product lines, increase direct costs and add employees in a way that keeps your cash flowing just as it should.
- Determines Your Businesses Value. It’s important that you know the value of your business so that you can plan for your future. Seeing as opportunities or life events can present themselves at any time, you will want to know how much your business is worth, given the current market conditions. An accountant can assist you with getting to determine your businesses value, so that you can maximize it and your tax liability. We have professionals we partner with at Molt Accounting that help our clients with business valuations.
- Creates Advisory Boards. For your business to remain fiscally strong and healthy, you will want to be advised and know what to expect for the years to come. An accountant will work with you to develop a system so that you can forecast budgets, cash flow management and an overall financial analysis for your business. This way you can monitor your goals and business growth through a dashboard and ensure that it is always headed in a positive direction.
These are just a few ways in which an accountant like us can assist your own business with growing.
Are you ready to work with an accountant in the Northwest Suburbs of Chicago to grow your own business and provide your peace of mind in the process? If so, please get in touch with us one of our accounting therapists at Motl Accounting, as we would be pleased with the opportunity to assist you with doing so!
In order to maintain a successful business, it’s advisable to work on keeping your finances in check. Bookkeeping is the recording of financial transactions made by your business and is an essential aspect of ensuring that your accounting remains on track.
Overall, bookkeeping is similar to going to the doctor…no one wants to take the time to do it, but it is something that can’t be neglected. Therefore, in order to save you time and to have confidence in your business’s finances, you should consider outsourcing your bookkeeping operations to a vetted bookkeeper.
We understand just how important it is for your business operations to run smoothly! Our award winning accounting services provide bookkeeping for several businesses in Dundee, IL and neigbouring cities That’s why we at Motl Accounting have gathered some benefits of hiring a bookkeeper for your own business. If you are looking to gain some great insights, here they are:
- Prevents Errors. Even the most experienced business owners make mistakes when it comes to their books. From data entry errors, missing entries, double entries and even mixing up types of expenses, there is certainly a great deal of room for errors to occur. By hiring a bookkeeper, you can ensure that their keen eye won’t miss any errors.
- Saves You Time. You are busy as a business professional! Do you really want to spend time managing your books and paying bills when there are other areas of the business that need more of your attention. Bookkeepers know when it’s time to spend within your budget, along with accurately invoicing and handling your accounts receivable. By hiring a bookkeeper, you can have more time to focus on your business operations, while also having confidence that your bills are paid on time.
- Provides You with Insight. As a business owner, you may believe that you have a good sense about the state of your business’s finances. However, having another pair of eyes overseeing yours could provide you with some surprising insight! Bookkeepers typically provide reports that show you how your business is doing each month, where the funds are going and how your efforts are paying off. This way you can see the big picture once the numbers are crunched and learn of areas where you may need to make improvements.
- Saves You Money. Without money you wouldn’t be profitable as a business. Therefore, saving it in any way that you can is certainly of importance! The salary and benefits of hiring an in-house bookkeeper can be significant. So by outsourcing your bookkeeping services, you can save a great deal of money while still having your finances taken care of.
A bookkeeper is a wonderful asset to a business! Our clients appreciate the relationships they have with their dedicated bookkeepers and the technology we have for them to have access to their statements at their convenience. These are just a few of the many reasons as to why you should consider hiring your own.
If you are ready to learn about our bookkeeping services, or ready to have us assist you, please get in touch with us here at Motl Accounting. As a leader in the Northwest Suburbs, we would be pleased to have the opportunity to assist your business with our award winning accounting services.