Have you noticed the increasing number of small business closures in the U.S. lately? A 2024 study by the U.S. Small Business Administration discovered that over 20% of new businesses fail within the very first 2 years, mostly because of bad financial management. In case you operate a business or are starting one, this can be your wake up call.
Although many business owners understand the clear responsibilities of accountants, including tax filing and bookkeeping, a number of advantages of having an accountant go well past those fundamentals. As a matter of fact, a great accountant may just be your ideal business partner, assisting you to make more effective decisions, remain compliant, and expand your company.
Here are a few hidden benefits of using an accountant that you might not have thought of, particularly in case you are divided between employing an accountant or doing it alone.
Hidden Benefits of Using an Accountant in the USA
Here are some of the hidden benefits of using an accountant that you might not have considered before:
1. Accountants Do More Than Count Money
You most likely think of accountants as people who tally income and expenses. However, the fact is that lots of accountants are trained to evaluate financial details, forecast future trends and also assist you to determine where you can invest and where you can reduce spending.
Once you introduce a new product or relocate to a brand new location, an accountant can help decide in case your business can afford it. Their guidance means you can spend smartly and that also impacts your bottom line.
2. Strategic Business Advice You Didn't Expect
One of the best kept secrets of using an accountant is the business strategy they help you make. Simply because accountants have practical experience with various clients in numerous industries, they understand the things that work and what does not.
A great accountant can:
- Develop a budget that mirrors your growth.
- Identify unneeded expenses which are eating profits.
- Recommend pricing strategies based on data.
- Advice on business structure (LLC, S-Corp, etc.) for tax efficiency.
Consider your accountant not as merely a bookkeeper but a financial adviser that knows your business inside and out.
3. Cash Flow Control = Peace of Mind
A business which looks profitable on paper might fail because of cash flow problems. Running out of money despite healthy sales is a top reason startups fail.
An accountant tracks money movement into and from your business and also warns you of shortages before they become crises. They also create cash flow projections for your rent, payroll and vendor payments.
Therefore, if you employ somebody to file taxes, you are investing in financial security all year round.
4. Time-Saving Technology Setup
If you still use spreadsheets or outdated programs, you most likely spend hours each week doing things which could be automated. A good accountant can enable you to choose and install contemporary accounting tools including QuickBooks accounting, Xero, or FreshBooks and integrate them together with your current company systems.
Better still, a remote accountant can handle your books from anyplace and keep your records current. This lets you concentrate on your main business instead of juggling the books late at night.
5. Tax Planning Is Not the Same As Tax filing
There is a huge difference between filing your taxes once annually and planning your taxes year round. Many small businesses overpay because they don't know about tax-saving methods.
Having an accountant early in the year could:
- Suggest deductions you may be missing.
- Time purchases or investments to lower taxable income.
- Help you pay estimated taxes correctly to stay away from penalties.
- Take full advantage of retirement payments and tax breaks.
All of what this means is less stress and much more savings when tax season comes.
6. Exit Planning & Business Valuation
Whether you are selling down the road, bringing in a partner or even seeking investors, you want a clear valuation of your business.
Accountants can prepare detailed financial statements, perform business valuations and also enable you to realize your organization is worth more than the figures in your bank account. This is critical as you scale, sell or pass your business on.
7. Helping You Stay Compliant (and Out of Trouble)
Tax laws and business regulations change continuously. Missing a quarterly tax payment, misclassifying a worker or even ignoring a local compliance requirement can cost you big time.
An experienced accountant tracks all these changes for you. They:
- Make certain you are paying the proper taxes at the proper time.
- Help you adhere to local, state & federal regulations.
- Keep your books current and avoid expensive penalties or audits.
This peace of mind is the most overlooked benefit of using an accountant.
8. Valuable Industry Connections
Many accountants assist clients in different industries. In case you need financing, suppliers, tech vendors or maybe even prospective buyers, your accountant might already know somebody who could introduce you.
This makes your accountant nit just a numbers guy but more of a growth facilitator that opens up new doors for you.
9. Remote Accountants Offer Flexibility & Savings
Gone are the days of requiring a full time, in office accountant. Today, remote accountants make professional financial services accessible to small businesses and startups.
With cloud-based tools, they could :
- Access your books from anywhere.
- Offer hourly, project-based or monthly packages.
- Spare you the trouble of employing a full time employee with benefits.
That means you can find a qualified accountant who suits your budget without losing expertise.
10. Better Decision Making with Real-Time Data
You might be used to following your gut. But imagine making each business decision, such as hiring a new team member, starting a campaign or even increasing your price on a good financial basis.
An accountant helps you:
- Generate reports on revenue trends, customer acquisition costs & profit margins.
- Compare monthly/quarterly performance.
- Learn what your decisions will cost financially prior to you making them.
Such a data driven approach will make your business grow quicker and smarter.
Related Resources
- Unlock Growth: Major Benefits of Hiring an Accountant Explained
- 5 Mistakes to Avoid When You’re Trying to Find a New Accountant
- Startup or Growing Business? Here’s How to Find the Right Business Accountant
If you have always seen accountants as tax preparers, maybe it is time to reconsider their role. From strategic advice and cash flow forecasting to technology integration and exit planning, an accountant offers more than you may think.
Whether you are getting started or operating an expanding business, the benefits of using an accountant, particularly a tech savvy remote accountant, can provide you with the guidance, support and structure you need to do well in 2025. Connect with our experts at The Fino Partners to learn more.
