Bill Gates, Richard Branson, and Mark Zuckerberg have one thing in common - aside from being some of the world's richest people, they are also experts at delegating work to the right people. In fact, many of the world's most successful business owners are supported by incredible individuals and teams.

So, if you are a business owner, your business will have a far greater chance of success if you get the perfect mix of professionals working for your company. One of the professionals that you should have on-board is a Certified Public Accountant. The following are the reasons why having an accountant on retainer is beneficial:

1. Allows You to Focus on Your Business

There's a lot of work that goes into running a business. As the business owner, you may be forced to assume multiple roles, depending on the number of staff you have. One of the roles that can eat up plenty of time is that of an accountant.

There are many accounting tasks to handle, from simple responsibilities such as recording receipts and bookkeeping to serious responsibilities such as setting financial targets and filing tax returns. While these types of tasks are important to business stability and success, they also take up a lot of time.

Once you enlist one of our accountants on retainer, you will be able to delegate these time-consuming tasks so you can focus on what's really important - generating revenue. The time you get back will not only help you to focus on growing your business, but it will also allow you to have a good work-life balance.

2. Manages Complex Accounting Tasks

It takes several years to become a qualified accountant, which speaks volumes about the intricacy of the job. While some accounting tasks are simple, there are many others that are incredibly complex. Unless you have an expansive knowledge of accounting practices and procedures, taking up the role of an accountant or delegating the task to an unqualified staff can lead to costly mistakes.

If you have been struggling to manage complex accounting tasks, having one of our accountants on retainer is the most sensible thing to do. Our accountant will ensure that complex accounting tasks are handled effectively, leaving no room for costly mistakes.

3. Helps Keep Costs Down

While you are busy searching for opportunities to grow your business, you may fail to notice some costly financial drains. For instance, you may continue making regular payments to vendors, lenders and suppliers, even long after you've settled the balance.

Part of our accountants' job is to keep an eye on the financial well-being of the businesses that we serve. The needless expenses that you may not identify when your attentions are focused elsewhere will be easily unearthed by our accountant. So, having an accountant on retainer is beneficial as it helps keep costs down by ensuring that money is not spent unnecessarily.

4. Helps Fulfill Your Tax Obligations

There is a lot that goes into ensuring that tax obligations are met. You have to keep your business aligned to the most recent tax laws, complete compliance paperwork, and ensure that your business status is in good standing on government registries. You also have to ensure that payroll responsibilities are kept within all tax codes, all payments are recorded correctly for tax purposes, and that business tax documents are appropriated organized and maintained.

If you don't already know, there are dire consequences that usually occur when tax obligations aren't met. Incorrect tax return filing or missing out on a tax deadline, for instance, attracts fines and penalties that can hit your business hard. One of the benefits of having an accountant on retainer is that the professional will ensure that all your tax obligations are met accordingly.

5. Helps You Reduce Your Tax Bill

There are various ways you can minimize your tax bill. Methods to reduce your tax bill can both be run throughout the ear and utilized on the tax return day. As much as you may want to utilize such methods in order to keep costs down, you may neither have the time nor the expertise to utilize them.

Our accountant, on the other hand, is conversant with all the methods that can help slash your tax bill. Therefore, having our accountant on retainer will also be beneficial in the sense that you will free up money that you can use to grow your business.

6. Improves Your Chances of Obtaining a Business Loan

Obtaining a business loan is not usually as easy as most business owners would like. Financial institutions take their time to scrutinize your business to check its financial health and creditworthiness.

Just having our accountant on retainer will show potential lenders that you are serious about your business. An accountant will also secure all the relevant financial documents and statements and help you come up with an effective loan application in facts and figures. What's more is that an accountant will also provide you with important insights about the lender's terms and conditions and inform you of the loan types that are more ideal for your company.

7. Helps You with Valuable Advice

If you are looking for a financial expert, then you'll find one in an accountant. Accountants know business in and out, thus can offer valuable advice on everything from day-to-day business operation to financial acquisitions. So, having an accountant on retainer will enable you to obtain sound financial advice that can help you avoid pitfalls and set up your business for success.

The importance of an accountant cannot be overemphasized enough. Having an accountant on retainer means that you will get the support that you need to grow your business, every step of the way. From keeping your accounting books in check to helping you meet your financial obligations to helping you obtain ideal business loans, an accountant on retainer will always be there to help you make the best business decisions.

If you are in need of an accountant on retainer, you should consider the experience and competence of Wayne W. Stanforth CPA.