3 Mistakes to Avoid in Small Business Accounting

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An accountant can be a valuable asset to a small business. The best accountants do a lot more than process tax returns at the end of the year. They also help business owners strategise and reach their goals. Ideally, an accountant in New Zealand will help a small business owner avoid these three mistakes some new business owners make.

The first major mistake small business owners make when it comes to accounting in Wellington is hiring an accountant that does not understand their business. There are tens of thousands of small businesses in New Zealand, and each one of them needs accounting services. Since few businesses are truly unique, there is usually an accountant out there who has experience in any particular type of company. Finding that professional can make setting up a system that will help the business grow easier and faster.

Small business owners sometimes assume an accountant can only help them when it’s time to file their taxes. In fact, accountants today have many more skills and areas of expertise that can benefit their clients. Some even market their services as business advisors in Wellington in addition to accounting. Failing to take advantage of the accountant’s vast knowledge base is a mistake that can cost a small business a lot of money. If the company is paying an accountant, they aren’t getting all the potential value if they only use them to crunch numbers.

Accountants are very familiar with the various types of small business software available today. Choosing xero accountants in Wellington can also help a business maximize their investment in professional services. Software can help a company stay organised, grow their business, and be ready when it’s time to file taxes. Choosing an accountant who relies on paper accounting or a software package that isn’t user-friendly is a huge mistake.

Every business should have an accountant. Whether the company is new or looking for a new provider for accounting in Wellington, Stephenson Thorner is a great choice. You can visit them at www.stephensonthorner.co.nz for more information on their services. By working with professionals who understands how to grow a business as well as keep the financial records, a business owner will have the time to focus on their own area of expertise.

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