14 Sep 9 ways your accountant will save your business money
Yes, you need an accountant for tax planning and administration – but your chosen firm can also save your business valuable money and time. Let’s take a closer look:
1. Getting it right from the start
A good accountant won’t just deliver tax planning and administration services for you – they will provide valuable insight and guidance in how you can best structure your business to support your ambitions now and in the future.
Your accountant can help you to accurately forecast cash flow – a topic that many small business owners struggle with, but which is essential to the health and success of your enterprise. Get it wrong and you could be in real financial trouble.
3. Sector knowledge
Most accountants have cross-sector experience, meaning that they can act as consultants on related topics and offer you valuable insights into the ways that other successful businesses operate in your field.
4. Trusted advisor
Setting up a new business represents a huge learning curve and entrepreneurs will make costly mistakes along the way. A good accountant can act as a trusted advisor on financial issues, directly supporting or signposting to sources of reliable advice to save you money.
5. Digital software
Good accountants increasingly employ advanced digital tools that make their processes faster and slicker, and which allow them to offer increasingly cost effective packages to small businesses. Embrace the cloud!
6. Payroll support
As your business grows and you take on staff, your accountant can offer efficient payroll services to save you time and money in this complex area.
Accountants are invariably respected in the business community and often provide their clients with networking contacts, which can lead to profitable business relationships. It is well worth building up a relationship with your accountant for mutual gain – far cheaper than marketing!
8. Pay what you need to
Accountants are up to date with the latest HMRC rules so that you don’t need to be. This means you won’t waste money paying more than you need to.
Finally, accountants adhere to the letter and spirit of the law and ensure that their clients do too. This means that you will avoid any inadvertent breaches and have peace of mind as a result – not to mention the avoidance of costly fines and fees!