Avoid the potentially costly pitfalls of doing your own accounting and invest in the success of your business by hiring a trained expert.
For a non-specialist, the maze of ever-changing tax regulations can be baffling. An accountant will ensure that you pay your tax returns correctly and on time meaning that you’ll never have to face a fine for missing a deadline.
Tax accountants can help you make the most of each tax year and can advise you on the most tax-savvy plan for your business. By hiring an accountant in London they can inform you whether you’re better off trading as a sole trader, a partnership, or a limited company.
It is important to make sure that you use a seasoned professional who knows what they are doing. It’s worthwhile to pay a bit extra for an expert as this will save you time and money in the long run. Try and find someone with experience relevant to your business and ideally someone who works in the same location as you to allow for ease of communication. If you work in London, for example, it would be a good idea to also hire an accountant in London or from elsewhere in the UK.
Business Planning and Growth
Hiring an accountant at the early stages of writing a business plan is an excellent investment as they will be able to use accounting software to add financial projections and other reports to it. This will help you create a business plan that’s realistic and attainable.
When meeting a potential accountant for the first time ask whether they use cloud-based accounting software, if so they’ll be able to share your business accounts with you quickly and easily. Having an accountant as part of your team means they will be able to provide you with tables and charts to help you understand your company’s current financial situation. This will help you monitor the pulse of your business and keep track of important things like cashflow and can aid in making important business decisions.
Information is power, and therefore the more detailed information that an accountant can provide you the more power you have to make your business as streamlined and efficient as possible.
The reports that an accountant can provide will quickly allow you to see where your money is going so you can cut costs wherever needed. This information will also help you understand which of your business investments yield the greatest returns so you can be more strategic about spending.
An accountant can also spot trends that you can take advantage of to make greater profits – and even find savings with vendors, staff, and operating expenses.
It’s easy to fall into the trap of thinking you’re saving money by doing your taxes yourself but have you ever considered how much your time is worth? If you have you’re likely to be aware that spending a great deal of time on doing taxes or producing complex reports may not be the best use of your time or your skillset. Hiring someone to manage your accounts will also reduce the costly errors that are frequent when business owners try to manually track their expenses.
Hiring an accountant in London can save you both time and money and improve future prospects for your growing business. Whether they simply make things easier for you to run your business or free up some headspace to look at the bigger picture, it’s worth investing in your business by employing an expert accountant.