November 25th, 2015
Hiring an accountant is all about opening up your business to new, exciting prospects, both internally and externally. While there are many ways in which working with a qualified accountant can be advantageous, there are really 3 advantages that shine brighter than the others: greater productivity, and more opportunities. Here’s how your business may benefit from the services of an accountant:
Dual roles can sometimes work well. By providing one employee with multiple responsibilities, it ensures you’re fully utilising your staff. However, this only really works in cases where a single responsibility does not equate to a full time position. Unfortunately, we’re starting to see employees feel overwhelmed by their responsibilities, leading to roles not being performed to the best of their ability. It’s important to recognise the limitations of our valued workers.
For small businesses especially, accounting is usually deemed to be a position that is not worthy of a full time position. However, what this means is that you could be reducing workplace productivity by tying up your precious internal resources and taking them away from their regular tasks. Hiring an accountant can make a huge difference to your in-house productivity levels, leaving your staff with more time to focus on their important day-to-day tasks.
Small businesses in the UK are fortunate in that there is a wealth of growth and development opportunities available for them, whether that’s through private investments or government-backed schemes. But what’s financially best for one business may not be the best decision for yours, and it’s important not to jump at the first opportunity that arises. Planning is an essential part of ongoing growth and, as they say, failing to plan is planning to fail!
An accountant can work with your business to help identify those areas where your financial resources would have the biggest impact for your company. They can assist you in formulating long term goals, determining operational objectives, and monitoring the performance of your investments to ensure that you’re continuing to see the benefits even as your business evolves. Ultimately, an accountant can provide you with straightforward analyses and clear projections.
While a small amount of carelessness on a one-off basis will usually not get you much more than a spanked bottom, if the HMRC determines that you’ve been negligent in the information you’ve provided, you can and will be subjected to a pretty hefty fine. Unfortunately, many businesses struggle with supplying HMRC information, most commonly because they do not have a structured system in place for ensuring that records remain up-to-date and accurate.
Accountants can remove the hassle of record keeping and give you more peace of mind with bookkeeping services. They will ensure that your records are kept up-to-date, and, perhaps even more importantly, that they comply with the latest statutory regulations. It’s well worth hiring a professional for matters such as finances, as the HMRC stipulate that businesses can pay fines of up to 100 percent of lost revenue. It’s one of the best ways to financially protect your business.
If you’d like to learn more about what an accountant could do for you, and how they could benefit your business, contact us now at compareyourbusinesscosts.com. We’ll put you in touch with some of the best accountants around, helping you to protect your valuable assets.
‘Accountant’ is a very broad term, and what many businesses don’t realise is the extent of financial services that an accountant can offer. Here are just a few ways an accountant could help you out:
Accountants can prepare accounts and perform audits to give you a more accurate overview of your current financial situation, helping you to identify any areas of particular weakness.
Routine bookkeeping may be straightforward, but it’s also time consuming. An accountant can take over in areas relating to cash flow, profits, credit control, and performance monitoring.
Accountants are able to assist you in making important decisions about your company’s future, highlighting the growth opportunities that would enable you to meet your aims and objectives.
Building a business is never simple, but you can remove some of the strain by passing over financial business plans, budgets, forecasts, and registration procedures to your accountant.
Businesses can be fined for failing to supply paperwork to the relevant authorities. Accountants can undertake any behind-the-scenes administration tasks relating to the Companies Act.
If you’re in need of a business loan, an accountant can help you to decide what’s right for you, whether that’s a traditional bank loan or a form of alternative financing such as invoice trading.
Many businesses are not aware of the tax relief opportunities that may be available to them. An accountant can help identify these opportunities, and assist with corporate tax self assessment.
Accountancy and HR often go hand-in-hand. An accountant can help to identify tax-saving solutions for employees (childcare vouchers, for example), and maintain PAYE records.
As your business grows, you may be in a position to invest in other companies. Accountants can assist in finding suitable acquisitions, and discuss ways to raise the necessary capital.
Accountants are able to liaise with Inland Revenue, and complete necessary end-of-year reports. They can also take over all aspects of PAYE, pension scheme administration, and cost analyses.
Mistakes made with VAT can be costly to a business, which is why an accountant is recommended. They can assist with VAT registration, reconciliation, and VAT returns.
To see how an accountant could help you and your business, contact us today. At compareyourbusinesscosts.com, we’ll help to put you in touch with professional, qualified accounts that not only meet your business needs, but meet your budget, too! Simply complete our short online form to get started!