Accountants are able to help your business in a variety of ways, whether you’re starting up, looking to grow or thinking about an exit strategy.
As a small business, the decision to bring in an accountant is not something that is made lightly. Finances are often stretched and many are put off by the thought of having to fork out money for something they think they are able to do themselves.
However, an accountant can and should do so much more for your business than crunching the number. You don’t even have to bring one in on a full-time basis. Even if it’s just for a few hours every month, having access to a trusted advisor you can turn to can make a real difference to your company and its finances.
We’re probably a little bias, but we’ve put together some of the key reasons why you should consider engaging an accountant:
You can free up a considerable amount of your time by using an accountant, allowing you to focus on other areas of your business. Just think how much time you spend sorting tax and payroll then multiply that by your hourly rate – is this really a good use of your time?
Accountants can also provide you with real-time business data which can help you make better business decisions while tracking growth and change in your business. Having access to such comprehensive data will help create a much healthier business in the long-run.
With a qualified accountant on board, you’ll have access to a wealth of knowledge that can ensure your business remains tax efficient. Are you claiming R&D tax relief? Have you considered the most efficient way to pass on your wealth? If you own property, how are you approaching VAT, capital gains, and stamp duty land tax? An accountant will be able to help you with all of these.
A trusted advisor
A specialist small business accountant will bring a wealth SME experience which you can draw upon to help shape your business decisions. The numbers are only the beginning; a trusted advisor will look at the story behind the numbers and provide you with a pool of financial knowledge. Having access to an accountant who understands your goals, and responds to your queries quickly and accurately will pay dividends in the long term. Think of an accountant as an outsider looking in, seeing things you don’t.
Take back control
One of the best things about owning a business is that feeling of control. That could be control of your business strategy, determining your own hours or your workload (to an extent). However, as our ‘For Love or Money’ survey found, business owners are often overstretched and burning the candle at both ends – often at the expense of family, loved ones and their health (for the full report see here).
Bringing in a specialist small business accountant who understands your pains and motivations will help to smooth the day-to-day running of your business; you’ll spend less time worrying about the numbers and more time working on the things that matter.
Making Tax Digital
Even though plans for MTD were further pushed back this year, the changes coming to the way you report and pay your taxes are going to have a massive impact on your business. An accountant will help to ease you through this monumental change, by holding your hand and providing advice and guidance on how to adapt.
Haines Watts Darlington – Specialist small business accountants in Darlington
As a Top 15 firm of chartered accountants, we provide our clients with a service expected from national brand but delivered with the personal approach of a local firm. You’ll have a dedicated accountant who will be available to you all year round.
We love hearing about businesses, so if you’ve got a spare hour, why not arrange a meeting with one of our small business accountants in Darlington? Our initial consultations are always free and there’s no commitment to anything.
Want to know more? Call us on 0191 2699 960 or email firstname.lastname@example.org