When you’re starting up a new business an accountant may seem like an added expense that you could do without. What do you need one for? After all you’ve got a calculator! A good accountant isn’t just a number cruncher, it’s someone who understands how to run a business in today’s economic climate, an experienced professional who will get to know you and your business and will provide you with essential support. Ultimately your accountant is someone you should regard as a trusted business advisor. When you are starting out your accountant can help you evaluate your business idea, help you plan for a successful future and make sure you keep proper financial records.
Don’t underestimate how important your accounts are, they are a representation of your company so it’s crucial that you keep accurate records from the start, remember you may need to produce them for external parties such as IRS, FTB, or your bank. Its not just bookkeeping, an accountant can help you in numerous areas of your business such as Corporation Tax and Self Assessment. How much you use them is your choice and it doesn’t have to cost a fortune, accountants offer fixed fees agreed in advance and have a unique charging structure to help with your cash-flow. So, that just leaves whether or not you decide to use one? Well, that should be an easy decision and to help you to make it, here are some of the benefits summed up for easy reference of using an accountant:
Talking to an accountant when you decide to become self-employed in any manner will help you effectively evaluate your business ideas from a financial point of view. This will help you to learn about raising finance and reducing your tax obligations. An Accountant can also help you set up your financial record keeping systems, which in the long term should reduce your accounting bills. Our specialized knowledge ensures that your business will be set up in the best 'legal form' for your needs. These options include: a corporation, partnership, sole-proprietorship, limited liability company, or limited liability partnership.
Take advantage of the skills of a qualified accountant, whose experience may be able to find legitimate ways for you to pay less tax and save you money.
An accountant will take care of your accounts. This includes helping you with budgeting and forecasting your cash-flow, as well as offering advice on how to free up cash-flow and where you can make savings. As your business grows they can advise you on how to manage the growth to help maximize your profits.
Accounts can be time-consuming, using an accountant allows you to save time so that you can concentrate on what you do best: running your business.
Accurate financial information will help you analyze your business performance; it will enable you to assess what you have achieved as well as forecast and plan for the future. Plus looking to the future, accurate accounts will prove advantageous with your bank manager if you decide you need to raise capital for expansion. Bank managers are often impressed by the output from good accounting systems. They will also have confidence in the financial data we present. Proper record-keeping is a legal requirement for those in business - you could face a fine if you don't keep accurate records.
Whether you’ve just started or are now beginning to grow your business, an accountant has experience across a variety of industries and can offer you good quality professional advice and business solutions.
Everyone has to pay tax, you can try and calculate it yourself but there are expensive penalties if you get it wrong, is it worth the risk? An accountant will be aware of all the relevant current legislation and will make sure that you comply with your legal requirements in the most efficient way.