Top 10 Reasons to Hire an Accountant for Your Business!
Posted on 8th March 2017 at 10:18
Running a business can be very challenging especially when the business is growing and you are trying to manage various roles at once. Therefore, having an accountant can benefit you. Here are 10 reasons why having the expertise of an accountant will benefit your business:
1. When You Need Help with Your Finances. Accounting yourself for the business can become difficult and rather stressful. On your own you may feel like you don’t have complete control of your debtors and creditors. Or simply you may not have a strong financial understanding, therefore hiring an accountant may be easier for you.
2. Help Create a Business Plan for You. An accountant can give you great advice towards writing out a business plan. With an accountant’s financial knowledge, they will be able to help you create a realistic business plan with the likelihood of business success.
3. Before you’re Buying or Selling a Business. You can either start a company from scratch or purchase a company that’s already up and running. An accountant can help you before making a purchase by looking into the company accounts to see their financial standing and to give the all clear on the safety and stableness of the company.
With selling a business an accountant will help gather financial records and create clear statements of accounts for possible buyers to view.
4. Help Apply for a Business Loan. An accountant has the ability to convince any financial institution by presenting proof with figures that you have the ability to repay the loan.
5. When the Company is Growing. A company growth can vary and often change depending for various reasons. An example could be you’ve just taken on a big client which has boosted your growth suddenly. An accountant can help handle the transitions better to help control changes such as hiring new employees or moving office space. This would mean the accountant would then look after the payroll, property tax, utility payments etc.
6. In Case You Have a Tax Investigation. It’s possible that your company could be investigated, as on occasions it does happen and this process is very time consuming, stressful and can be expensive, therefore having an accountant would be wise if this process is to occur.
7. When You Have to Deal with the Government. It may be daunting when receiving and dealing with various letters and paperwork form the government. Hiring an accountant may be easier especially businesses who are filing their first tax return. Preparing tax documents correctly can save you money which is why hiring an accountant to do this correctly may be more beneficial to you.
8. Giving Advice on Company Legal Structure. An accountant can give you advice as well as explanations as to which company structure would suit you best. Choosing the right one is vital whether it’s a limited company, partnership, sole trader etc. because each one have different benefits depending on how you are, the size of your company and what you are trading.
9. Saves You Time. Dealing with paperwork, managing accounts to watch expenses can be very time consuming. Hiring an accountant can be easier as they know the latest tax regulations and deadlines. But they also understand all HMRC requirements and therefore can save you time from researching what something may mean, as you could just ask advice from them instead.
10. When You’re Ready to Delegate. The benefit of running your own business is that you are in complete control of everything. But as the business grows this can become more challenging. The time will then come to delegate some of the financial responsibility and work load to someone else. Hiring an accountant to help control some financial elements means you’re less stressed and can focus on other areas of the business.
Tagged as: accounting
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