Most people think that accountants just sit around all day waiting in fervent anticipation for the next VAT form to land on their desk, but that just isn’t the case. Of course, a large part of our job is completing and submitting tax forms, but that’s not all we do. In fact, we’d be tempted to say, that any business, and especially those that are just starting out, would be remiss not to have an accountant on board. From keeping your business compliant to providing valuable advice and insight on business growth, a good accountant can make all the difference to the success of your business.
Find out 7 ways in which an accountant can really help your business thrive.
1. Submit tax forms
Let’s start with the most obvious one. Most people hire an accountant to make sure they submit all their taxes on time. So, whether you need to file Self-Assessment, Corporation Tax or VAT returns, we’ll make sure all the forms are filled out correctly and submitted in the right format and on time, so you don’t incur any late-filing penalties. And because we’re managing all of this for you, your time can be spent on growing your business.
2. Ensure your business is 100% compliant
One of the big decisions you will have to make before you even start your business is which type of business structure is going to work best for you. As well as providing advice on this area, we will make sure you are registered with all the right agencies and have a clear idea of what types of information need to be submitted by when.
We can also provide guidance around PAYE schemes and even run it for you if you would rather be focused on running your business.
3. Keep track of your money
Bookkeeping is crucial to any business as it enables you to keep track of your business’s overall revenue and to see when money is coming in and when money is going out.
Given it can be a bit of a time-consuming job, it’s well worth letting your accountant manage your bookkeeping for you. And a good accountant will keep you fully informed about what your revenue is and whether you’re making a profit or a loss, so you can take mitigating steps when you need to.
Another advantage of letting us manage your bookkeeping is when it comes to submitting tax returns, we will already have access to all the information we need, so you won’t be faced with a last-minute panic.
4. Save you money
Not all accountants are made equal, and while all will submit all the right forms at the right time to the right people, the really good ones will also be looking for ways to save you money. That could be through identifying tax savings, informing you about the best ways of reducing your tax liabilities or by telling you about any grants or schemes your business could benefit from.
And of course, by looking after your books, we will also help save you oodles of time, which you can then spend on the things that will actually generate money for your business.
5. Help grow your business
With access to all your financial records, we are perfectly positioned to provide advice on how to grow your business. We will be able to spot trends, identify areas for improvement, such as which products or services are unprofitable or whether you need to increase prices, as well as helping review the viability of expanding your business.
We would go as far as to say that your accountant shouldn’t just be someone who files your tax returns, but someone who should be seen as an integral part of your management team.
6. Provide independent advice
Chances are you will be emotionally invested in your business, which can make it incredibly difficult to understand why things aren’t going quite to plan. Maybe your products or services simply aren’t selling as well as you imagined or maybe you’re unsure whether now is the right time to hire new people?
Whatever the issue, a good accountant will come to it with fresh eyes and provide you with invaluable advice about what you should do next. Think of us as an independent sounding-board on hand to scrutinise any new business ideas and help you make hard decisions.
7. Help you sleep
There’s no doubt about it, running a business, especially when we are going through such difficult economic times, is stressful, so do you really want to add sorting out your own VAT or worrying about Payroll to your to-do list? Shouldn’t you be focused on making your business thrive, rather than hanging on the phone to HMRC for hours, just because you entered a figure incorrectly?
By taking on those tasks for you, we will save you time, energy, and a few sleepless nights. And let’s face it, you can’t put a price on peace of mind.
So, as you can see, a good accountant doesn’t just submit tax returns but can actually be a real asset to your busines.
If you would like to learn more about our services for startups or are thinking your business could do with a bit of independent business growth advice, please get in touch. We would love to hear from you.
