Updated: Apr 5
As a small business owner, Self employed person or 'Onetrepenuer' its only normal to want to keep your costs as low as possible. Considering hiring anyone is not something that you take lightly. You may have a solid plan, but life does has a way of throwing a spanner in the works. Hiring an accountant could revolutionise the way you do business and help you save money while earning more!
Expertly Manage Cashflow
In case you haven't heard, cash flow is king! The most vital thing you need to do in business is to keep your cashflow healthy. Accountants can help you every step of the way, from improving record keeping, to managing your debts and extracting payment from creditors in a timely manner. They can also provide you with financial advice to help you make better decisions about what to buy and when to sell, help you predict market movements, and more.
Stop Overpaying Tax
One of the primary approaches your accountant can take when saving you cash is running a fine tooth comb through your tax bill. Tax guidelines are exceptionally complex and it’s easy to be paying too much. Small business operators often don’t recognise what they are able to claim against their tax. If you’re self-employed, there may be a one-of-a-kind way to prepare your books that is tax efficient.
Easier Access to Loans & Funding
When you’re attempting to impress a lender or small business bank, it truly helps to have an accountant in your team. You’ll appear better in the banks eyes by showing them a detailed business plan and be seen as an enterprise that is focussed on getting the numbers right. The banks like to work with people who appear to be financially accountable. Accountants can also assist you to pick out relevant grants and loans and get a far higher hit rate in your applications. They’re priceless while you’re negotiating with potential investors.
Pay Employees On Time
One of the most substantial issues faced by people operating in a small company is they find it tough to control their personal budget because they don’t understand precisely when they’re going to get paid. Having an accountant on board resolves this trouble and additionally means that there will be no errors in calculating unique wages with all the attendant adjustments, deductions and bonuses. Expenses can be paid directly and effectively in order that nobody is overlooked , lowering stress all round.
Small businesses are very likely to experience fraud at some point. Scammers are all over the web these days, and to a new businessperson it can be hard to know who is the real deal or not. Sometimes fraud comes from inside your business! It’s carried out by employees who think they can skim a little off the top because you won’t notice. An accountant will notice and can keep you protected from fraud by keeping a close eye on your numbers and are also able to help you prepare necessary reports and evidence in the event you want to prosecute.
Simplify Your Workload
Your first dreams of business likely didn't involve sitting in front of a logbook making sure all your numbers add up and worrying about tax deadlines. Outsourcing the bean counting and deadline watching to an accountant like us allows you to focus on doing the things you love about your business! You can get back to growing your business and looking after your customers. You will also spend less time fretting about the money and double checking your tax returns because a professional accountant puts all those worries to bed.
Hiring a professional accountant is one of those daunting ideas for small businesses and the self employed, but making the leap is a rare decision where spending money actually ends p saving money! Making these decision is what can turn a small operation into a great business, holding onto every penny in the hope that it will magically duplicate will lead you nowhere. If you expect others to invest in what your business has to offer, you first need to invest in it yourself.