As a small business owner you don’t always have the same responsibilities than a larger organization but you still need to take care of your finances, as this is the backbone of your administration success. That means that you should have a great team in charge of your accounting services, but this can be expensive at times. This is why more and more business owners are starting to consider outsourcing your accounting services.
Outsourcing has many benefits. Not only can you save significant time and money, but you can also benefit from having an expert team by your side that can give you the advice you need when it comes to important financial decisions and taxes. You need to know from the beginning where you stand in terms of your finances so that you can know when to expand, or even where you might be losing money.
Cost effective accounting services can also help your team to confirm whether any transactions and statements are accurate. Another benefit of using cost effective accounting support teams is that your tax payments will always be on time and accurate to the receiver of revenue. Your returns will be submitted in time and the team will make sure that you are paying the correct amount of tax.
Keep in mind that accurate records of all transactions is important for any business, large or small. In South Africa, you should keep record of all transactions for at least five years. This can also help you in the event of you experiencing a customer dispute, as you will be able to provide proof of transactions, payments, and communications with the specific client. This can reduce your liability as well which is something that every business can benefit from. Reducing liabilities mean that you will reduce the likelihood of being responsible for damages towards a customer or a third party, and these expenses can be costly.
Making use of professional accounting teams will ensure that your business always stay compliant. You can also hire an auditor who will go through your business transactions, financial statements and work processes to ensure that you run your business properly and that you are not exposed to any unnecessary risks.
Regardless of your business industry, type or size, you can benefit from outsourcing your accounting to a team who knows how to handle your finances. This means a reliable service for your business, accurate records and reduced expenses. That is why more and more people around the world are considering using an outsourced team for their own accounting needs, so that they don’t have to hire their own in-house team.
Colin Smith & Co has been was established in 1979 and has a history of excellence. We specialize in business advisory, accounting, taxation and Bryanston auditing services, and we work with a variety of markets.