The Right Bean Counter Can Make a Good Business Great

Most business owners understand the basic equation behind success – make more money than you spend. But ensuring you're meeting your obligations and maximizing your profits requires careful management. At Merchant Capital, we recognize that while you're great at running your business, you may not have the time or expertise to handle accounting on your own.

With challenging times ahead, having the right team and resources, including a skilled accountant using the right software, can make a significant difference in your business’s success. Here are some benefits a great accountant can offer:

1. Manage Your Money

Understanding your business’s financial performance is critical, but as a business owner, you may not have the time or knowledge to get caught up in numbers. What you need is an accountant familiar with software that provides an easy snapshot of your income, expenses, payments due, payroll, and overall financial health.

There are numerous accounting software options available, offering various levels of insight. Work with your accountant to invest in a solution that fits your needs and comfort level. They can guide you in selecting a tool that keeps you in control of your finances.

Thought starter: Once your accountant has helped you select accounting software, spend time learning how it works to stay informed.

2. Benefit at Tax Time

Accountants do more than just balance the books—they can guide you on when to invest, when to spend, and how to maximize your returns at tax time. A good accountant understands the tax system and can help reduce the stress and panic often associated with tax season.

If you’re still exploring financial software, choose one that offers automated tax documentation. This makes filing and claiming much easier and helps avoid penalties.

Thought starter: Give your accountant access to all relevant documents, from payroll to receipts, to help plan for tax season.

3. Invest in the Best Accounting Software

There are many accounting software suites available, each with different features. Selecting the right one is essential for helping your accountant make better decisions.

While we don’t endorse specific products, the following are popular among many of our customers:

• Xero
• Sage One
• QuickBooks

Thought-starter: If you need assistance connecting with a trusted accounting partner, Merchant Capital works with a wide range of quality suppliers. Let us know if you'd like a recommendation.

4. Plan Accurately

Most business owners are satisfied knowing whether they’re profitable or not, but during tough times, deeper insights are essential for planning ahead. Your accountant can give you an honest overview of your business’s financial health and help you streamline operations.

A good accountant can pinpoint areas of overspending and recommend solutions to rebalance your finances and support continued growth without increasing debt. Real-time data from accounting software, combined with automated reporting, allows your accountant to focus on cost-saving strategies.

Thought-starter: Talk to other business owners for recommendations on the best accounting software and take advantage of free trials.

5. Adjust and Optimize

Investing in the services of a qualified accountant will benefit your business in the long run. They can provide the information and insights you need to manage your money smartly and stay on track during both dry spells and growth periods.

With the right tools, a good accountant serves as your financial conscience—helping you make informed decisions that lead to sustainable success.

Conclusion:
Hiring the right accountant, equipped with the right software, can take your business to the next level. They’ll help you manage your finances more effectively, optimize your tax situation, and provide the insights you need to keep growing.