How accountants can add value?
As a business owner, have you ever wondered, if an accountant can actually add value to your business? Would it be financially beneficial to acquire their services? You may think that acquiring an accountant service would only laden your balance sheet with another extra cost. As business owner, you might feel:
- Accounting is nothing more than crunching numbers 2+2
- At the very best accountants can do, is to prepare tax return (only some time business owners think they struggle with taxes)
- You certainly have a better understanding of the business
Let us scratch the surface a little bit. Generally speaking, entrepreneurs are smart and are well organized. So, what normally happens?
They often use Excel Sheets to manage the income in/outflow, expected income, payrolls, material, and other major expenses.
However, they are missing many things, here are just to name a few of those;
More often, business owners do not maintain an excel sheet or even consider bank charges as an expense. Recently, one of my client was shocked to learn in the report that she had incurred more than AED 17,000 in bank charges ($5k approx) in one year alone. She realized that she never counted this as an expense.
Are they really making profit?
Staying with the same client, she also had an idea that she made a loss due to a new business venture. However, when we presented her the report, she understood that she was way behind the actual figure. How she missed it? Because she was taking some income from the year before into this year.
There are many other areas in which business owners while trying to manage their accounts on Excel, miss easily. These errors happen because understandably business owners are not qualified accountants. They end up in overstating income or profit which often leads to unrealistic business commitments and ventures.
Outsourcing an accountant is not expensive anymore and It will save you, as a business owner, not only time and money but more importantly you will get an accurate business position. Get in touch on 00971 50 5025594 to see how we can add value to your business.