Can an accountant help your small business? Or are you better off bootstrapping and doing it yourself? Here are 6 ways an accountant can help your small business:
1.Save You Time
An accountant can help you by giving you more time back to run your business. Ten hours a month sorting out your accounts and taxes is ten hours lost. Time lost could instead be used to earn you money. Just think, what is the rate you charge out your time? And what is 12 months of 10 hours a month worth to you? Can you afford not to hire an accountant?
2.Provide Tailor Made Expertise
We are in an age of information overload. However, your business is personal to you. It needs to meet your goals. It needs to work for you. How does all the information out there relate to you? For example, you may be at the VAT threshold and need to get registered for VAT. But what about Flat Rate? What are the advantages and disadvantages for your business? What about structuring your business? Would you be better or worse off as a limited company? Every financial decision in your business is like this. You need answers tailored to you and your business needs.
3. An Accountant Can Help You Minimise Your Tax Bill
Tax is complicated. You need to focus on what you do best. And how can you do that when you you are trying to get to grips with tax rules. You have a clear choice. You can try try to navigate your way through this tricky minefield. Or you can hire an accountant. An accountant can help you make the most of any tax reliefs and allowances that you are entitled to.
4. Help You Manage Change
It is highly unlikely that things will stay the same long term in your business. You may add a business partner, lose a business partner. Circumstances may cause you to change the structure of your business. Or it may be fulfilling a legal requirement that you need help with, like auto enrolling for pensions. Or just making things better, like setting up a childcare voucher scheme. Whatever changes you face in your business, big or small, an accountant can help.
5. Help You Control Your Cashflow
Cashflow is one of the trickiest things small business owners have to deal with. Because of this, cash flow often controls business owners. Wouldn’t you prefer to control your cashflow instead? So if this is something you struggle with, why not talk to an accountant. They can steer you in the right direction to help secure your business a better future.
6. Keep You On Top Of Your Legal Requirements
And of course an accountant can help you deal with taxes, accounts, annual returns and keeping on top of all those deadlines so that you are ahead of the game.
“Coming together is a beginning, staying together is progress, and working together is success.” – Henry Ford