Accountants can be extremely beneficial to your business at various stages; they are equipped to handle much more than just your payroll and tax returns. Hiring an accountant is a smart move for any business.
Accountants North Wales are able to help your business through all of its stages, including the business plan, company formation, loan applications to tax investigation – an accountant can make your life easier at every step.
Challenges for growing small businesses
Small businesses often don’t have the budget to hire an accountant full-time or hire one on a retainer basis – sometimes working with an accountant for a few hours will be enough to get you started. For small business owners, time is a very hot commodity; so spending hours poring over receipts and invoices instead of actually running the business could cost you big time. By getting an accountant to take care of the time-consuming tasks like taxes, it’s quite likely that their time will cost less per hour than you would have lost doing it yourself.
Needing advice on your company’s legal structure
Not all businesses are structured the same – there are different types which are determined by a number of factors. Some fall under the bracket of limited companies, others are limited liability partnerships or corporations and other could be sole traders or proprietors. If all this legal jargon is confusing you, hiring an accountant that can explain it in simple terms, and can help you choose the right type for your business is only going to make your life easier.
This is the obvious one – business accounting can quickly become a minefield if you try and do it alone. You can lose track of who owes you money and how much, an accountant can help you to stay on top of the paperwork and get you on track. An accountant will also be able to help you measure key business metrics such as the ratio between salaries and other employee expenses to total revenue; they can manage your payroll and produce graphs that can show how the ratio changes over time.
Ready to delegate? Hire an Accountant
Being a business owner, you like to have complete control. Setting your own working hours, sorting your business strategy, regulating your workload and managing your own finances. This could be holding you back, you might be wary of letting someone who isn’t intimately involved in the business take control, learning to trust the professionals will only help you. Delegating the company finances to a trusted and experienced accountant will free up some time to focus on other areas of the business.
Hire an Accountant to deal with the Government
Running your own business comes with pros and cons, dealing with government paperwork is most definitely a con. This is why many small businesses hire an accountant when tax filing is due. But accountants North Wales can help you with much more than just tax returns.
A good accountant will have the skills to keep your business up-to-date with the latest tax laws, prepare statutory accounts, handle your payroll and ensure that all information is kept recorded correctly and maintain records of directors and other administrative personnel. Preparing tax documents is only a small part of the wider job of an accountant, they will also use their knowledge of tax laws and legislations to suggest ways in which you could free up cash flow, raise capital for expansion and save money.
Accountants can help your business every step of the way
Accountants can help you at every stage of your business development, this doesn’t mean that you have to hire one, but the right accountant can make life much easier for you, so you can concentrate on the business instead.