Accounting is a crucial part of any business. At the start of a newventure, you have the option of sorting out your finances yourself, or having an accountant do it for you. While engaging an accountant does have a financial implication for your budget, it also allows you to place your accounts in a pair of expert hands right from the beginning, so that you can concentrate instead on developing your business and maximising profits. A clever accountant can also help you find cost savings and reduce your tax obligations so that they could end up saving you more than they charge you for their services.
When you start out in business, you will probably be chiefly concerned with basic bookkeeping and recordkeeping services. This includes recording sales, handling invoices and receipts and monitoring financial transactions related to the business. Accountants will also prepare and submit self-assessment tax returns and other financial documents on your behalf. They can also help you investigate potential investment opportunities and guide you through your various statutory obligations.
As your business grows larger, having the services of an expert accountanton hand becomes even more important. They can help you with cost accounting and budgeting, internal auditing and tax planning. Developments such as taking on staff, buying commercial premises and expanding abroad will require expert, and sometimes specialist accountancy support.Tax obligations, too, are better handled by a professional on behalf of larger businesses, especially in the case of HMRC investigations or disputes.
Hiring an accountant is straightforward. The best way to find the right one is by recommendation or word of mouth. If someone you trust is happy with their accountant’s services, it is likely that they will work well for you too. Try and find an accountant specialising in the industry that you are working in, or that works for businesses the same size and scale as yours. Keep in regular touch with your accountant, to ensure that they understand your business and have your needs at the forefront of their minds.
A proactive accountant will add a great deal of value to your business, as he or she will be more likely to make valid suggestions, offer details of courses and keep you in closer touch with legal and policy changes that could affect your business. They can also prove invaluable when it comes to reducing your tax bill each year.