As most business owners are looking to save money, they may think that they are unable to afford an accountant. An accountant does not have to be a full-time position and the more organised your accounts are, the less time you will have to pay your accountant for. An accountant will free up your time, giving you more time to concentrate on the core competencies of your business, and the knowledge that your finances will be an accurate representation of your business performance.
Setting up your accounting software and business goals
When you are writing your business plan, it is useful to get the realistic opinion of the accountant so you can set yourself achievable goals. Hiring a professional from the beginning will give you a head start in financial knowledge, saving you time and money. An accountant will be able to set you up on accounting software to give you transparency over your finances and set your financial projections. An accountant will also be able to set you up with a legal structure to ensure you are paying the correct taxes.
Help organise your finances
Do not make the mistake of trying to do everything in business. Small business accounting can be complex and time consuming. The success of your business depends on its cash flow so it pays to be on top of who owes you money. An accountant will be able to suggest ways you can free up cash flow and save you money, as well as measure key business metrics.
If you and your account use an online accounting software, they will be able to share your business accounts with you at your demand so you can keep on track of your accounts at all times.
Seek advice from an accountant when filing tax
Business owners have a growing list of legal compliances such as health and safety, employment laws and tax laws. Your accountant will be able to keep your business up to date with changes in tax laws and complete and file the required legal and compliance documents. An Incorrectly prepared tax document could cost your business a lot of money.
Advice when applying for a loan
An accountant will look favourable when applying for a loan. They will have a legitimate record of your figures to support your application. They will also be able to offer nonaligned advice around bank terms and rates and advice you on any small print.
An accountant is a valuable asset to your business growth. If you and your accountant use online software, you will always know how your business is performing.