Think again – A good accountant isn’t just a number cruncher, it’s someone who understands how to run a business in today’s economic climate, an experienced professional who will get to know you and your business and will provide you with essential support. Ultimately your accountant is someone you should regard as a trusted business advisor.
When you are starting out your accountant can help you evaluate your business idea, help you plan for a successful future and make sure you keep proper financial records.
Don’t underestimate how important your accounts are, they are a representation of your company so it’s crucial that you keep accurate records from the start, remember you may need to produce them for external parties such as HM Revenue & Customs and your bank.
Its not just bookkeeping, an accountant can help you in numerous areas of your business such as VAT, Corporation Tax, PAYE and Self Assessment. How much you use them is your choice and it doesn’t have to cost a fortune.
So, that just leaves whether or not you decide to use one?
Well, that should be an easy decision and to help you to make it, here are some of the benefits summed up for easy reference of using an accountant:
• Pay less tax
However good you are with numbers you’re not an expert: Take advantage of the skills of a qualified accountant, with their experience they may be able to find legitimate ways for you to pay less tax and save you money
• Improve profitability
An accountant will take care of your accounts, they can help you with budgeting and forecasting your cashflow, they will be able to offer advice on how to free up cashflow and where you can make savings. As your business grows they can advise you on how to manage the growth to help maximise your profits
• Save yourself time
Accounts can be time-consuming, using an accountant allows you to save time so that you can concentrate on what you do best: running your business
• Accurate accounts
Accurate financial information will help you analyse your business performance, it will enable you to assess what you have achieved as well as forecast and plan for the future. Plus looking to the future, accurate accounts will prove advantageous with your bank manager if you decide you need to raise capital for expansion
• Invaluable business advice
Whether you’ve just started or are now beginning to grow your business, an accountant has experience across a variety of industries and can offer you good quality professional advice and business solutions
• Reduce the risk of getting the figures wrong
Everyone has to pay tax, you can try and calculate it yourself but there are expensive penalties if you get it wrong: is it worth the risk? An accountant will be aware of all the relevant current legislation and will make sure that you comply with your legal requirements in the most efficient way.