While you may be a small business owner it doesn’t mean you should do everything alone. You may be used to using your initiative and getting stuck in all aspects of your business, but one area you shouldn’t tackle yourself is your business’ finances.
As a business owner you may think hiring an accountant will be costly and end up having an adverse effect on your margins, this however isn’t the case. Without the proper knowledge and experience managing your own books can be very hurtful to your business, not just now but in the long term too.
Hiring an accountant on the other hand can be very beneficial for your business, why you ask? Well read on to find out just some the benefits an accountant can bring to your business.
If you’re yet to even start your business then you should think about hiring an accountant immediately At this stage, there are all kinds of financial decisions you need to take and an accountant can help you make them.
Have you decided the structure of your business? No, well an accountant can help you with this. By consulting an accountant they can advise you whether your business should have sole trader status, whether it should be a partnership or whether it should be a limited company.
Have you secured the financing for your business? If you’re in need of capital, an accountant can help you draw up a business plan to present to the bank and other lenders. Once this is done they will then be able to assist you with opening a business bank account.
Are you aware of tax regulations? Not yet? Ok, you may plan to read up on them but an accountant has vast knowledge and experience of these regulations, and they won’t just provide you with the facts they will also give you their valuable input and advise you on the best possible steps to take for your business.
Been in business for a while?
Even if you’ve been in business for a while an accountant can still help you, you just don’t know it.
An accountant will be able to show you where you are overspending, how to cut unnecessary expenditure and how to streamline your finances.
Importantly an accountant will save you time, taking the responsibility off of your shoulders an accountant will be able to oversee your company payroll and your payment process.
An accountant will also be able to show you the progress you are making as a business. By producing annual reports your accountant will show you how your business is performing year by year, month by month, from here they will be able to provide you with feedback on what you are doing right, what you are doing wrong and what needs to urgently change.
Are you on top of your tax return? No? Even if you are, an accountant will be able to save you valuable time that you could be using to concentrate on other areas of your business.
An accountant isn’t just there to help you manage your money, as a growing business an accountant can also advise you on the best way to arrange additional finance without putting your business at risk.
Ultimately an accountant will:
Save you time
Your time is best spent doing what you’re good at. An accountant will leave you free to focus on your business and providing the best service to your customers.
Manage your HMRC documentation
HRMC forms can be long-winded, complicated and time consuming, but if you miss a deadline for important documents, such as submitting company accounts to HMRC, you will face heavy fines.
By hiring an accountant you won’t have to worry that you’re not filling them in correctly or getting them in on time.
Save you money
Three words that every business owner likes to hear. A good accountant will make sure you take advantage of every legal way to minimise your tax bill, they will notify you of any ways you can reduce your expenditure and they will make sure you’re getting the best rates on any financing you may need.
Grow your business
In addition to doing the paperwork and minimising your tax bill, your accountant will also be a great source of advice to help you grow your business. Objective input from someone who knows your business inside-out, but unlike yourself has no emotional attachment to it, is priceless.
Want to find out more? Should you require any further help or assistance, Avin Accountants will be happy to help. Call us on 01923 803358 to find out exactly how an accountant can help your business.