If you’re a business owner, hiring an accountant is one of the best investments you can make, whatever the size or stage of your business. A good accountant can save you time, money, and a lot of stress.
Whether you have a start-up business, are a sole trader or are a director of a limited company, there are so many benefits to using a good accountant, but here are 10 of our favourites.
1. Set up your business correctly
When you first decide it is time to set up your own business, it is important that you take the necessary time to make sure you are setting your business in the correct way. Whether this is as a sole trader, a partnership or a limited company. Each have different pro’s and con’s. This is where your accountant can help you, by making sure that your business fits your circumstances and plans for the future.
2. Keep your books up to date
Bookkeeping is an essential, but time consuming task that so many business owners hate doing. You need good bookkeeping for any business, whatever the size, to help you manage your finances and see what you have coming in and going out. A good accountant can take this hated task off your hands, leaving you to focus on other aspects of your business.
3. Prepare your taxes
Preparing and filing your taxes correctly can be complicated, especially if you have a complex business structure with lots of different aspects to your accounts. A good accountant can help you prepare your taxes accurately, and on time.
4. Identify tax savings
There are many schemes, grants and tax rebates available to individuals and businesses. Researching all of these and learning how to apply for them takes a lot of time, but our team have already done the leg work for you and are here to help you save money on your tax bill. Make sure you take full advantage of your accountant’s knowledge, it could save you a lot of money!
5. Manage your cash flow
Cash flow is essential for the success of any business. It is important to have a good understanding of your cash flow at all times. A good accountant can help you track your cash flow and develop strategies to improve it.
6. Plan for growth
A good accountant will be able to work with you to understand the direction your business is heading in, and help you make any necessary adaptions to your current accounting and bookkeeping. This may be a very gradual process, or can be more sudden. For example; if you start to employ staff or make your business a limited company.
7. Advise on financial decisions
As a business owner, you’ll need to make many financial decisions for both yourself and your business. An accountant can provide you with expert advice on these decisions, helping you to make well informed, planned out decisions.
8. Comply with regulations
Businesses are subject to a variety of regulations, and getting your head around all of these can often feel very overwhelming. Don’t stress yourself out about it! Get in touch with your expert accountant who know all of these regulations like the back of their hand. They can help you make sure you are complying with everything.
9. Provide peace of mind
Knowing that your finances are in good hands can give you peace of mind, so you can focus on running and growing your business. Whatever level of support and guidance you need from your accountant, they can help you feel more relaxed and at ease knowing your accounts are in safe hands.
10. Never miss a deadline
Throughout the accounting year, there are many deadlines and dates for the diary. If you use a good accountant, they should keep you up to date throughout the year and give you plenty of time to collect and submit any paperwork needed in time, avoiding any potential fines.
At Turas Accountants in Telford, we are committed to providing every one of our clients with the very best accounting experience, including advice, guidance, and a service that you can rely on. We can be as involved in your bookkeeping and accounts as you’d like.
To find out more about our services, please contact us here.