If you are wondering how an accountant can help your business in more ways than filing tax returns, let us explain.
Many business owners, set up a company and look after financial affairs themselves. But as their enterprise grows, they start running out of time to look after their accounts. Also, as they don’t know how to interpret some of the numbers, they could be missing important details.
While there is a selection of online accountancy software, learning how to use it could mean you make mistakes. We recommend Quickbooks, but we also strongly advise training before you use it – something we offer.
And without the knowledge and experience of an accountant, you could have issues with compliance and tax efficiency. Should HMRC then investigate your accounts, making mistakes may cost you – even if they are genuine errors.
But that is not all accountants offer you.
5 ways an accountant can help your business
1. Save you money
We are chartered management accountants and that means we live and breathe money management. Our experience in analysing how your business earns, spends and saves its money means we could help you increase profits.
When preparing your accounts and filing financial statements, accountants can spot issues early. They can help reorganise your financial affairs, such as:
- Finance restructuring
- Eliminating unprofitable services or products
- Scrutinising costs and overheads
- Labour cost restructuring
2. Save you time and stress
Time is money – that is how the saying goes! And it really is true. If you are spending time inputting details for your books or payroll, you aren’t using your unique skills that makes your business your own. Rather than meeting clients, you’re stuck looking for a missing payment or figuring out why the books aren’t balancing.
Using an accountant throughout the financial year not only frees your time during the year but also at year-end. They can help you file tax returns or financial statements to Companies House ahead of deadlines.
All this means it’s less stressful for you, too.
3. Streamline business accounting systems
Cloud-based accounting software is a revelation. With apps such as AutoEntry you can stop saving paper receipts. Simply scan them with the app and they will be loaded into your system.
All this saves you time but also makes running your business so much simpler. There is only one place to go when you’re sending invoices, checking management accounts or keep track of spending.
And if you use an accountant for bookkeeping or payroll, it means they can access your data immediately. This can help you free up you and your firm’s admin staff to do other important tasks rather than try to keep tabs on your accounts.
4. Qualified tax advice
Taxes really are taxing if you do not have a working understanding of them. Making a mistake with your taxes can lead to penalties, even if they are genuine errors.
Also, there are tax allowances and reliefs that you may not know about. Qualified accountants, however, like those at Guidon Group, are up to date with all tax compliance issues. This can help you run your business more efficiently and as you will be compliant, you won’t face unexpected penalties.
5. Growing your business
An accountant views your business via its finances and looks at it from a different perspective. With this overview and their experience, accountants can be well placed to spot opportunities to grow.
They can also provide advice on how to fund any growth. And because you will be saving money and time, you are more likely to have the funds and extra hours to invest in the growth.
There are a host of other areas how accountants can help you boost the success of your business. Why not contact us today and arrange a virtual chat. There’s no obligation, it costs nothing but it could change your business and your life!