When starting a business, it can be tempting to put off having a conversation with an accountant, and instead concentrate on other aspects of your business such as sales or marketing.
However, the reality is, the sooner you have the conversation the better, and here’s why.
With Google at our finger tips, it’s easy to think that we have access to all the information we need in order to run a successful business. However, chartered accountants can train for years to become fully conversant on all taxation and accounting legislations, and more importantly how they impact a business.
By hiring a professional who has trained with an accountancy body such as ICAEW, ICAS, ACA, ACCA, CIMA or CIPFA, you’re not only investing in expert advice but also the peace of mind of know that everything is being dealt with in the correct way.
Like most business matters, organisation and preparation are key to success. Small businesses who manage their bookkeeping and accounting throughout the year are always ready when it comes to tax time.
Moreover, by engaging with a good firm of accountants you’ll have expert assistance at your side throughout your business’ growth and development, and will therefore be ready for anyopportunities (or hurdles) that may come your way.
Maximisation of Savings
A professional accountant will not only keep your accounts organised but also suggest ways you can save money and take advantage of tax reliefs. It goes without saying, that any extra cash is a huge benefit for any small business, allowing you to invest or save.
Don’t just hire a bookkeeper, hire their analytical and advisory capabilities. A good accountant won’t just organise your money, but instead will help you understand the numbers in order to maximise profits.
When hiring an accountant, it’s important to see whether they offer services such as writing business plans, financial forecasting, investment advice and insight reports. These services will help your business grow and ensure its sturdy enough to withstand the test of time.
To summarise, if you’re starting out in business, it’s really helpful to develop a relationship with a professional accountancy practice from day one. Not only will it save you headaches in the long run, but a good small business accountant will be excited by your company, and so will go the extra mile to help you succeed and grow
This article was written by Cottons Chartered Accountants.