The Role of an Accountant in Ensuring Asset Protection for Your Business
While your accountant may seem the last person you would consult about disaster preparedness, your accountant is actually in a terrific position to provide you with the insight you need to protect your assets.
After all, a small business has the most to lose from a disaster or other unexpected event. However, it’s not just the physical assets that matter. Your business is also comprised of important data, intellectual property, and customer relationships. If your business is damaged or destroyed, you don’t want the loss of these assets to be the end of the story.
A well-researched business continuity plan can ensure that the legacy of your business lives on even if it is damaged in a disaster. Your small business accountant can help you avoid costly mistakes by guiding you through the process of identifying your business assets and determining the right strategies for protecting them.
How Can Your Accountant Help You through Disasters?
1. A Small Business Accountant can Bring Clarity to Your Assets
Your business is a collection of assets. These assets can be tangible, such as vehicles and office equipment, or intangible, such as the right to use a particular business name, website, or software. Your small business accountant can help you identify your business assets and determine which assets are most important to protect.
2. A Small Business Accountant can Project Tax Deductions for Your Assets
You can use tax deductions to reduce your tax liability and help protect your assets. Your accountant can analyze your business and tax situation and identify different tax deductions you may be able to take advantage of in the case of a disaster.
You may be able to deduct the cost of disaster preparation, the cost of recovery, or even the cost of replacing damaged assets.
3. A Small Business Accountant can Plan Your Asset Protection
After you’ve determined the most important assets to protect, your accountant can help you determine the best methods for protecting them.
Your accountant can help you purchase insurance, identify business partners you can depend on, and put emergency procedures in place. Your small business accountant can also help you develop emergency plans for your employees, in case they need to make alternative plans for work.
4. A Small Business Accountant can Help Create a Will with all the Relevant Insurance Details to Protect Your Company's Legacy
In the unfortunate event of death, a will can make sure that your heirs are protected after your death. In addition to identifying them, you can also include important details about your insurance coverage, so that they don’t have to go through the stressful process of filing claims on your behalf.
The Bottom Line: The Importance of Having an Accountant to Protect Your Assets
Protecting your business and its assets is one of the most important things you can do to prepare for a disaster. Your small business accountant can help you take the right steps to protect the legacy of your company.
Your business can continue to thrive even after a disaster. Disaster preparedness can help you ensure that your business continues to operate, even if a disaster destroys your physical location.
How Can We Help You?
Running a business is often a balancing act, but we can help stabilise your strategy by offering financial mentoring services to grow your venture. New Wave Accounting handles one of the best accountants on the Gold Coast, so get in touch with us and see how our end-to-end accounting and bookkeeping expertise can help scale your business.
We understand that keeping tabs on your finances and taxes can be overwhelming, so check out our services and learn more about how we can help you today!