Many entrepreneurs don’t know that around 80% of the small businesses in the US fail within the first 18 months of starting. That is primarily because of poor financial management.
Despite these alarming numbers, many business owners still end up managing their financial tasks by themselves. Around 50% of all the business owners still don’t use an accountant, and that is a big mistake on their end.
While some businesses can survive without hiring an accountant, you should hire an accountant to automate most of the repetitive tasks and have more time for other constructive tasks.
You Can Get Your Deductions
With all the economic activity going on these days, you’d definitely want to get the most deductions possible when filing your tax returns. The best way to get more deductions is by hiring an accountant. These professionals stay up to date with all the taxation laws, and can definitely help you get all the deductions that your business deserves.
Keep in mind that there’s a particular time frame for these deductions, and you can’t simply include them at the end of the year. So, have a full time accountant working for you throughout the year to maximize your chances of getting more tax deductions.
They Can Help You Avoid an Audit
Another big benefit of hiring an accountant for your business is that you can easily avoid an audit. Keep in mind that you can’t do anything after this happens, you’ll have to be well prepared to avoid an audit. Your business can stay away from audits if you decide to keep the services of an accountant with you year-round.
These were some of the reasons on why your business should hire one of the best accountants in Glen Ellyn, IL.