1. Your Taxes
Taxes can be complicated enough as it is and a maze of regulation and compliance which is why businesses hire an accountant to do them on their behalf. They will advise on which ones apply to you, payment deadlines and they may even save you money.
2. Step in and take control
Ultimately you will hire an accountant because it can get quite complicated if you’re doing the accounting on your own and DIY won’t necessarily work, which is why you should leave it to an expert. Let’s face it they’ll do a much better job and could potentially save you money.
3. Help with your business plan
Writing a business plan isn’t the easiest of tasks and any help you can get is a bonus. An accountant can offer invaluable advice by advising you on the right tools you may need to help you with the numbers. This will definitely add a professional and realistic touch to your plan.
Accountants are great mentors and it’s important you have an understanding of what they do and why, because it’s your business. You need to know your business inside and out so digest everything your accountant tells you.
5. Advise on your structure
Do you know if you’re going to trade as a sole trader, partnership or a limited company? An accountant will explain all of these to you and help you choose the right one for you.
6. Deal with HMRC
There are lots of rules and regulations that all businesses have to adhere to and these are by no means easy tasks and as well as helping you with these an accountant will also make sure that you pay your tax returns and on time!
7. Help with your development
Accountants can help you during every stage of your business development. They can provide some crucial insight into your current financial situation and make sure you are on track and alert you if there is a problem – before it becomes a serious problem.
8. Work with you side-by-side
Whether you need to reduce your expenditure or even save money in ways you didn’t know how, such as on your taxes, an accountant will know where those little holes are.
9. Save you money
An accountant will provide great support when you need it. They have a vested interest in the business and will do everything they can to help you make a success of it – after all they probably know your finances better than you do!
10. Help your business grow
Making sure you make the right financial decisions early on in the business is crucial. Mistakes can put you out of business but your trusted accountant will see that you make the right decisions in order to help your business grow.
We are a market leader in accountancy and taxation services for SMEs and entrepreneurs and have produced this guide for anyone in the initial stages of starting a business. It’s commonly known that 50% of all small businesses fail in their first year and 80% of entrepreneurs fail within the first 18 months. As Accountants we have been able to implement tax planning and financial arrangements for our clients so that they can continue to run and develop their business. You can find out more about what we do on our website and feel free to call us if you need business advice or accounting services. www.aims.co.uk