As a small business owner, it might be tempting to manage the business finances yourself (with the idea of saving money), but financial matters can be delicate and may require a trained professional to handle them correctly. Professional accountants assist business owners in making right financial decisions while adhering to the compliance requirements.
Here are some of the main 3 key reasons to invest in an accountant for your small business:
1/ Accountants and bookkeepers save time
Accountant and bookkeepers can keep your financial records up-to-date, tidy and very importantly, accurate. Business owners should be able to retrieve and review the transactions whenever required.
They take care of calculations and filing to the tax authorities. Business owners have more time to focus on other aspects of their business.
2/ Alleviate stress
Accountants and Bookkeepers can make sure all compliance deadlines are met on time, according to the most current laws and regulations.
They can calculate the tax liabilities, but more importantly they will make sure the tax liabilities are as low as possible, ensuring that all tax-deductible business expenses are accounted for, often saving hundreds or thousands of £.
3/ Accountant and bookkeepers are key to financial success
Well-kept, organised and accessible financial records provide the basis for better analysis to plan strategically for the future and can also be used when applying for a loan or securing investment for the business.
Business owners need to plan how they allocate their resources (labour, machinery, equipment and cash) towards accomplishing the objectives of the business and increasing the efficiency of business processes.
The financial statements produced at year-end will show the financial situation of a business at that time. They will show how much capital has been invested, how much funds the business has used, the profit and loss and the number of assets and liabilities of a business.
Accountants and bookkeepers will help determine the cash and other liquid resources at your disposal to meet financial commitments. That information is vital as it will reduce the risk of bankruptcy and prevent your business cash flow from running dry.
Poor financial management is one of the primary reasons for small business failure especially in the first year of business. Therefore, hiring an accountant or a bookkeeper can mean the difference between financial success and disaster for any company.
An accountant or a bookkeeper will, more often than not, save you money and stress!