Springtime has come, and you know what that means. It’s time for a spring cleaning! Spring is a season for growth and rejuvenation, the perfect time to do some pruning and sorting and clean up your life. Your business is no different. A lot of waste and clutter can build up over time and cost you time and money. Separating the wheat from the chaff in your business as part of your spring cleaning could do your pocketbook a world of good.
At Hacker Accounting we know just how much a spring cleaning can benefit your business. Here’s how your accountant can help you cut costs during your spring cleaning.
Follow The Money
Accountants are invaluable in their ability to ‘follow the money’. A great accountant can go through your finances and show you where your money is going. They can break down your expenses, losses, profits, and every other financial aspect of your business. Giving you this in-depth understanding of how your money works also gives them another advantage. They can see where things aren’t quite right.
Accountants can figure out where you’re spending too much. They can focus in on what aspects of your business aren’t working and encourage you to rearrange your spending so you’re not throwing good money after bad ideas and inefficient processes. It can be hard to view your own business objectively and see all the individual parts as they are. Accountants, on the other hand, are trained to look closely at those individual parts and see which ones are pulling their weight and which ones are going to rust.
An accountant doesn’t just tell you how to save money. They can help you find more effective ways of making it. In addition, they can find out which parts of your business are excelling and encourage you to focus on what you’re best at. Also, they can help you find savings with vendors, staff, and operating expenses.
Making accounting mistakes could cost you greatly. Come tax time you could be hit with a barrage of tax penalties and fines if your bookkeeping isn’t up to date and on the up and up. Having an accountant can spare you from incurring these costs. They can keep thorough, accurate, and detailed records that won’t raise any eyebrows come tax time.
Your accountant can also help you find your ‘control gaps’. A control gap happens when a business collects a large amount of cash but has no process put in place to keep it secure before it gets deposited. This makes it easy for funds and profits to go unrecorded, to get lost or misused or even forgotten about entirely. Your accountant can find these holes in your business and implement strategies and best practices that will give you tighter control of your money.
Let us help you spring clean your business into tip-top shape. Give Hacker Accounting a call at 602-375-5251.