by Nick Robinson | Jun 17, 2013 | Accounting
The answer to this question is undoubtedly a resounding “yes”.
Although you may be tempted to pinch a few pennies either with your start-up or smooth-sailing small business, the value of a good accountant cannot be measured.
Managing your own business, accounting incorrectly can cost you more money in the future and will hurt your business not only now, but also in the long run.
If you are a new business, there are a number of ways in which can accountant can provide help, advice and support. They can help determine the best business structure for your operation, as well as assist with the financial aspects of your new business plan. If you need help or advice on the type of accounting software you may need or assistance in opening a bank account for your business, then having an accountant by your side can make all of this run smoothly.
Unfortunately, once your business is up and running it does not mean that accounting becomes plain sailing. Ensuring that your accounting procedures for your business follow HMRC regulations and requirements can be a headache to say the least, so having an accountant on hand ensures this can take some of the stresses and strains away from managing your business effectively. Having an experienced professional can help you understand your financial statements and take the worry out of company payroll, as an accountancy firm can take care of that for you.
A seasoned accountant will understand the ins and outs of tax law and ensure that you are never paying too much, instead keeping you within the legal minimum – allowing you to spend more on your business. Having an accountant for your business also means that they can create your annual reports and submit your taxes along with all necessary paperwork to the HMRC on time, so you don’t have to.
When you’re ready for your business to grow, an accountant can help you determine areas for growth by assisting you with cashflow and business financing, as well as providing advice on property and equipment leasing.
An accountant can also make the process of being audited far easier if necessary, through good bookkeeping and accounting strategies.
Finally, an accountant can help you foresee your business future ever more clearly though the creation of financial forecasts and a business budget to support your goals.
So, no matter what point you’re at with your business, it’s always a good idea to have an accountant on side to make sure you’re always getting your money’s worth out of your business.
Having an accountant gives you more time to focus on your business – actually allowing you to make more money. An accountant also offers support for the small business owner – knowing that your business is in secure hands and that your money’s being taken care of.