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Many business owners, especially those who manage small businesses, neglect to see the importance of accountants in their business. They only realize the importance of accountants when facing the following circumstances:

• Filing of Income Tax Returns and Audited Financial Statements;
• Renewal of business permits and licenses; and
• BIR or Other Government Agencies Audit

Oftentimes, they look for an Accountant when it is already too late; they cram to find whoever will help them quickly.

As an Accounting Services Provider, we understand that small business owners find it costly to maintain a retainer to do the monthly bookkeeping and tax preparation for their business. But what these business owners do not realize is the monetary and non-monetary benefits of maintaining one. In this article, we will try to explain the importance of an accountant in business, no matter how small it is.

Organized Record of Financial Data

Most business owners want to focus their time and energy operating and growing their business. As such, their financial documents for personal and business uses are often mixed up. Having unorganized financial documents creates stress and causes headaches to business owners because they do not know if they are making money or losing it. 

The first importance of accountants is that they maintain an organized record and file of business day to day financial records. This is often referred to as Bookkeeping. When the business has a systematized and organized record keeping of business transactions, it will save you time worrying about whether you are earning money or losing it. Also, you need not worry about how to organize all the receipts you need to file and record.