If you are considering hiring an accountant for your small business, but are unsure if this is necessary, there are many things to consider. As your business grows, you may find yourself becoming busier with company accounts, filing documents with Companies House, and remembering various deadlines. An accountant will ensure you keep on top of your finances and manage your cash flow effectively, so that you can focus on the important task of running your business. Allow us to provide a bit more detail on how an accountant could offer a helping hand to sole traders and small limited companies, even if they are not managing your finances.
Reducing your workload
If you run a business yourself, this can take up the vast majority of your time, even without having to worry about the accounts side of things. Having a good accountant can take this stress off your shoulders, as they can take over any financial responsibilities that may have been weighing on you heavily. How much of the financial side of your business you would like your accountant to take care of is up to you. But they could offer support by reminding you of any upcoming deadlines, accurately tracking your income and expenses, or even filing your accounts on your behalf.
The financial landscape is always changing, with new trends cropping up and regulations constantly being updated. A competent accountant always keeps a close eye on trends and new regulations that are about to be introduced. They will inform you of anything that may affect your business, so that you can plan accordingly and protect the long-term future of your company.
Filing annual returns
Remembering to file all your tax and VAT returns can bring about a lot of stress, with deadlines to track and paperwork to complete. Consulting an accountant can allow you to receive advice on any tax returns you are eligible to pay, exemptions you may qualify for, and upcoming deadlines. They can calculate exactly how much tax you should be paying to ensure that there are no unnecessary outgoings on tax returns. The bottom line is that this can drastically improve your tax efficiency to save you money and help you avoid penalty charges.
Even if you decide against employing a full-time accountant to manage your finances, getting to grips with the latest accounting software will be important if you wish to carry out your own business accounting. An experienced accountant will be able to advise you on the most suitable software for your bookkeeping or financial reporting requirements.
If you run your own business and find yourself struggling with the accounting and tax side of things, why not employ a professional accountant to take care of these areas so you can focus on day-to-day operations. At Omer & Company, we have regularly helped small business owners with our complete accounting services. You have the choice of how much support we provide, and we can give as little or as much of a helping hand as you need when it comes to managing your finances. To find out more about our business accounting services and how we could help you, give us a call on 020 8850 0700 or email email@example.com.