Hiring a good accountant can add real value to your business. Not only will they help you manage your accounts, they will also help you to make better business decisions, help your company grow, legally minimise your tax bill, and, of course, save you lots of time on admin.
Grow your business
A good accountant will be able to offer guidance on taking your business to the next level and the best way to do it, from structuring the business properly to making sure you avoid pitfalls such as overtrading. Good accountants provide consultations for free and will be up to date with the latest technology that can save you time and money.
Minimise your tax bill
Few people can say they’re genuinely on top of taxation rules and regulations, but that’s just what your accountant is there for. An accountant will go through your business with a fine-tooth comb and check to see that you’re making full use of any tax allowances and reliefs you can claim.
Help you to raise finance
Accountants aren’t there simply to manage your money. They can also steer you in the right direction for additional finance without putting your business at risk, looking at options such as taking out a loan, increasing an overdraft or issuing share capital. They can also help you sell shares in your business, crowdfund or find other investment.
Meet your needs
Before hiring an accountant, take time to consider what your business needs. If you’re a small start-up that needs a lot of handholding, don’t opt for a firm that specialises in accountancy for multi-nationals. Make a list of all the things you’d expect your accountant to help you with, and then shop around for the accountancy business that best suits your company’s needs. An experienced accountant, for example, can advise a small business on issues such as adequate working capital, good stock control and invoicing. If you want cloud accounting products and add on business apps, pick an accountant that uses them and is an expert. Ask questions and make sure you’re a good fit.
Register you and advise you on VAT
If your annual turnover is getting close to or is above £81,000, you’ll need to become VAT registered. If you make all, or nearly all, of your sales to VAT-registered businesses, you may benefit from being VAT registered even if you are under the threshold, as you can then reclaim VAT on any business expenses you incur. An accountant can deal with VAT registration for you – leaving you with less admin to worry about! Don’t forget there are many VAT schemes – your accountant can advise you on the best one, and even advise you to switch if it benefits you.
That’s just 5 ways hiring a professional accountant can help you.
If you meet with a Xero Accountant with expertise in helping you choose the best business apps to use in combination with Xero you’ll see great results in time saving and better business processes.