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Signs that you need an accountant for your business
Post By: admin November 05 2022

Signs That You Need An Accountant For Your Business

Business finances aren’t everyone’s cup of tea, but this won’t change the fact that finance plays a major role in your business’ success. One incorrectly placed "zero" can change the game for you. Finance has no place for errors; it’s do or die. To relieve their shoulders of the burden of finance, businessmen need professional accountants. 

Here are a few signs that indicate that your business might be in need of an accountant:

  1. Your excessive time is being invested in bookkeeping: For an entrepreneur, every aspect of business holds major importance, but when one of these aspects starts eating up the time of others, it’s a sign that you need to delegate or outsource it to someone who is an expert at it or even better than you.
  2. You are thinking of taking out a bank loan: Banks are strict when it comes to loans. They need all your books to be in order and in good condition. For this, you need a professional accountant who maintains your books on a regular basis so that these situations can be tackled easily.
  3. You are planning to have an external audit: One of the first things an external auditor does is go through your books, If they aren’t up-to-date and in a proper format, it can create a bad initial image of the business and its operations.
  4. You had a tax penalty levied: If you hire an accountant, they can file your taxes on time and help you avoid any penalties or extra charges that are levied when you fail to file your taxes in a timely manner, which is possible when you are doing a lot of important tasks all at once.
  5.  You wish to generate more profits: Yes, you heard it right. A professional accountant can help increase your profit margin. How? Good accountants are well versed in cost saving methods of doing business. These methods will reduce your costs and help you generate more profits while keeping your price constant.
  6. You want to take important decisions regarding your company’s expansion and growth: An accountant knows your finances and understands the depth of them. Big decisions like expansion need strong financial advice, which only a financially sound person, who knows your business finances inside and out can provide.
  7. You are thinking of making an important investment: Big investments need big financial know-how, which, by default, an accountant has. They can help you figure out the pros and cons of the investment that you are thinking of making. Big investments are a one-time thing and hence should be done right.

If you are in any one or more of the situations listed above, there is no doubt that you and your business need an accountant. 

There are a few other benefits to having an accountant for your business as well:

  1. The right man for the right job: If you keep an accountant to look after the finances of the business, you can focus on other things that require your expertise.
  2. Available for financial advice: An accountant can benefit a lot of areas of your business by providing sound financial advice on certain matters.
  3. Regular maintenance of books: You can avoid the haphazard finding of certain things in the books when they are properly maintained. You will get easy and efficient access to everything that you need in the books when you have an accountant working on them.
  4. Helps find things invisible to the naked eye: An accountant knows where to look and what to look for in that huge pile of financial records.
  5. Helps save money: An accountant who is good at their job can help you save money by reducing your taxable income and decreasing the amount of tax that you have to pay.

All this information is enough to know that there is no harm in keeping a dedicated accountant for your business. They can help solve all your existing financial problems and create precautions for those that might come in the near future. It’s high time you hire an accountant for your business and see the magic for yourself.

How can CDA help you?

CDA being one of the well-known accounting firms in Dubai, UAE can provide you with quality accounting services in the most professional and personalised way. CDA can provide solutions for all your accounting challenges in the most efficient manner. It provides an all-round service package to its clientele, where they can approach the experts when they are in need of any advice. To explore in detail about CDA feel free to contact us now.