One of the services in which we have at LeVeon is accounting advice, closely linked to the tax area and very necessary for all types of companies, but especially for SMEs. The reason for having this type of service? Very simple, 80% of SMEs fail in their first year due to poor financial management that could have resulted with the proper advice.
A recent report found that 53 percent of small business owners don't use an accountant at all. Even more shocking, 27 percent of these entrepreneurs simply use pencil and paper to keep track of their finances. Although we should not conclude that these businesses are worse for not having an accounting consultancy, we cannot underestimate the breadth of knowledge and experience that having this service can provide us.
Most people don't repair their cars at home. Instead, they take them to a professional mechanic who can keep things running smoothly and spot potential problems. Small businesses need the same attention from a professional. A good accounting advisory service does more than file taxes. As they perform tasks such as evaluating finances and creating a forecast throughout the year to keep a business in a healthy and prosperous state.
It can be daunting to let a stranger go into the intimate details of how your business is run, especially if you've had trouble managing your finances in the past. That is why from LeVeon, we invite you to come and meet us so you can see how we will help you achieve your goals and how we will help you achieve long-term success. With that, here are five reasons why it is important to have a service like this in your company.
1. Get all deductions
During this busy season of tax, most business owners are thinking about how they will be able to maximize their deductions. However, by the end of the year it is too late to influence this. Counting on the accounting advisory service of LeVeon we will help you easily identify these potential deductions throughout the year and advise you on how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses, and home office space. Don't leave money on the table!
2. Avoid an audit
Another really convincing reason to hire this type of service is to avoid the dreaded audit, since once this audit has been carried out it is very difficult to fix the problems that have been detected in it. That is why we also put at your disposal an audit service in which we help you to have all the points in order. The important thing to remember is that an audit can easily be avoided if you get the right advice and guidance.
There are many explanations for why a business is audited: from too many errors on tax forms, to being too "charitable," to excessive penalties. With both accounting advice and advisory services, you can save yourself many future problems.
3. Save time and energy (and sanity!)
Most employers think that a tight budget means that they will not be able to afford our services. But when you think about how much time and effort you put into trying to manage your finances yourself (not to mention the potential mistakes you could make during reporting, and the losses related to poor financial decisions), the benefits certainly outweigh the cost.
As an entrepreneur, your focus should be on managing your business. Investing in professional advice will help you maintain that focus, while keeping you on track towards your business goals.
4. Make decisions in real time
When you ask business owners, they often tell you that they wish they could easily calculate the consequences and potential implications of making a large office purchase or hiring more employees. Having this type of service helps you budget and constantly monitor cash flow, allowing you to navigate any obstacles that occur in real time. At LeVeon we always encourage the entrepreneurs we work with to adopt a collaborative approach with us, which allows us to make joint decisions based on the most recent data and taking advantage of the consultative relationship that can help you make decisions. business when you need them.
5. Plan for the future
Finally, one of the biggest benefits of hiring accounting advisory services is getting advice on how to plan for the future. Together, you can get reports from previous months and examine the seasonality of a business. Doing this will help you, as an entrepreneur, determine the best time to buy inventory, and budget for high-value investments so that you can remain competitive and viable.
As a business owner, you worry more often about the day-to-day operations of the business. However, with this service, the person in charge of managing the accounting can take a step back and look objectively at the big picture to find the best way to support the longevity of their business.
The life of a business owner can be isolating, especially when you're left with a bunch of receipts and invoices to post at the end of the month or year. It does not have to be this way. As the saying goes, “Many hands make work easy”, you put at your disposal our skills and experience to guide you through your journey. What will prepare you for lasting success. Contact us at LeVeon today!