WHY YOUR SMALL BUSINESS NEEDS AN ACCOUNTANT IN 2023

Many small businesses in South Africa fail due to a lack of proper financial management.

Business owners have a lot on their plate, and their areas of expertise mostly do not involve finances and tax. Having a dedicated accountant by their side could make all the difference in the success and longevity of their professional undertakings.

Here are four motivations for your business to obtain a financial partner.

Saving time and money

Small business owners often view an accountant as an unaffordable luxury, but this is a misconception.

Entrepreneurs should be focussing on running and building a business. The time wasted on figuring out the finances – often resulting in wrong turns and business losses – is not worth it. Accountants do the work quicker and more efficiently while providing invaluable advice, all of which will improve your bottom line.

Comprehensive tax assistance

An accountant does more than simply take care of the administrative headaches involved in reporting to SARS. They advise on navigating the tax scene – not paying more than you should and getting all the deductions for which you qualify. They also ensure there are no bookkeeping errors that might get you in trouble when an audit comes your way. This input could be the make or break for many businesses.

Planning and decision-making

Accountants have a clear picture of your business’ financial history,  its current state and trajectory, as well as the economy in which it operates. This means they can provide counsel on real-time decisions – e.g. making large purchases or hiring new employees. With the data and expertise at their disposal, they are the best people to help with budgeting and monitoring cash flow.

Future-proofing

Chartered accountants are highly qualified to see the bigger financial picture. They help structure and maintain a business to make it more robust against the economy’s ups and downs while taking the specific company’s season and industry into account. The skills and services that a chartered accountant brings to the table are invaluable to the long-term success of a small business.

Is your small business in need of a qualified financial partner to help steer through the murky waters of 2023 and beyond? Our dedicated and experienced team at Huysamen Westraad Inc. would be honoured to come alongside you. Please send us a message.