Are you a small company struggling with time to keep up with your bookkeeping? As a small business time is of essence and cash flow can be tight but budgeting well and incorporating an accountant into that budget could save a lot of time and money in the long run. Let’s take a look at some of the benefits of hiring an independent accountant for your business.
1. Save time
Whether you’re a freelancer or a small business, staying up-to-date is a key part of not being overwhelmed by unnecessary administrative burdens when year-end comes along. Updating your expenses once a week, can help you to quickly catch expenses that are spiralling out of control before they become a problem.
Having an accountant that can take the stress of meeting key financial deadlines and having the ability to dedicate their time to ensuring your budgets are managed well will give the time to do what you need to do.
2. Save worry
Completing business accounts can be a daunting task especially if you don’t enjoy this aspect. Often this turns into procrastination and that’s when fines are issued as deadlines get forgotten. Accounts can feel like a burden and can end up taking precious time away from other important tasks and therefore an accountant can lighten that load and save worry and anxiety.
3. Help grow your business
Growing a business starts with an idea but the financial implications are also just as important. An accountant will be able to advise you and help you plan for forecasts or budgets that the banks may require, or investors may ask for if you’re looking to expand. They will take time to get to know your business and understand what it is that you’re looking to achieve which will enable them to give you the best possible financial advice unique to your business.
4. Guide you in a business plan
Along with growing your business long term, as mentioned above, an accountant can help you determine what you can afford and help you with the initial stages with the HMRC and registering your business correctly. They will also be able to help with planning for the future and making your initial business plan.
5. Save money on your tax bill
A good accountant will ensure that you’re aware of ways to minimise your tax bill. They will keep you fully aware of changes to tax laws and ensure that you are always paying the right amount of tax. Tax planning is a great advantage of having an accountant and will offer you resources and guidance on what to do throughout the year and help you plan ahead rather than just looking at your figures at year end.
For more accounting tips and advice, get in touch!