6 Reasons to Find the Right Accountant
Posted on 3rd May 2022 at 15:16
Whether you are a fledgling, established or growing business there are many reasons to engage the services of an accountant. You should also look for an accountant that is the right match for your business and will be proactive in supporting your business in the challenges it faces.
Here are six reasons why you should have an accountant supporting your business:
Engaging a good accountant can be a cost-effective exercise as they will be able to find areas in your accounts and business where you could save money, such as claiming for all the expenses you are entitled to so that your tax bill can be reduced.
When you are choosing your accountant however you shouldn’t be swayed by cost as the cheapest won’t necessarily deliver the greatest overall savings and the saying ‘you get what you pay for’ is often true. Investing in a good quality advisor can pay for itself and add real value to your business in terms of the advice gained.
Save your time and direct your expertise to where they best lie within your business. As a business owner keeping track of your financial records and understanding your figures can be stressful and time-consuming, it can also take you away from other essential tasks like driving income into the business. This is where engaging an accountant has a wider benefit to the business and your wellbeing. Accountants are specialists for a reason, they focus on the financial side for you and ensure that you deliver all your financial requirements on time without you having to worry about missing a deadline.
Invaluable support and advice
An accountant isn’t just there to file your accounts or do your bookkeeping, a good accountant can offer commercial advice to you that can assist you in growing your business or making decisions. They can provide a sounding board for financial decisions such as buying larger premises or hiring a new salesperson to drive sales.
An accountant can assist you by preparing a financial plan and projections for your business that can give you the confidence or enable you to obtain funding to achieve your growth plans. The right accountant will also advise you on the options that are available to you and can guide you in the right direction if you need assistance.
At some point, your business may require an injection of cash to help it grow or fund equipment purchases. Some funding options involving banks or investors may require you to have a detailed business plan that includes forecasts and up to date management accounts. An accountant can help guide you through the options and ensure that you have covered everything in your business plan including that your figures are realistic and accurately presented. We can also make introductions to a range of brokers and funders that offer a variety of financial products such as asset finance, bank loans, VAT loans and overdrafts.
Provide a greater depth of services
Some clients prefer to hand over the management of their accounts to their accountant, however, they are still legally responsible for their accuracy. Where this happens, the accountant will complete the tax return, manage PAYE, file VAT returns and file the accounts with Companies House on behalf of the business. This hands-off approach is favoured by those who need to focus their attention on their business, and they do not have the in-house capabilities to manage these activities and regular reporting occurs with the business to ensure transparency of the finances.
Put in place the right processes
Who hasn’t lost sleep or had a headache over a spreadsheet, tax return or audit? It is often down to the lack of good processes or systems in places that causes this stress. A good accountant will help you get your financial affairs in order and implement a good accounting system, such a cloud accounting package that allows you to access your accounts from anywhere. Click here to find out more about Xero accounting software.
Hiring an accountant makes sense whatever stage your business is at. Contact us on 01937 584188 to find out how we can help your business.
Tagged as: Accountancy, Business Growth, business support, cost reduction, Financial Advice, financial planning
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