AN ACCOUNTANT IS MORE THAN JUST A BOOK KEEPER
Whether you are just starting out, looking to grow, or you’ve got the contractor business model down to a tee, having an accountant is a must. Every business – especially new businesses – need financial guidance to help achieve growth and to keep ahead of potential issues caused by lack of financial planning.
No matter what size, or stage, your business is at the following is true.
save you time – a good accountant will take away the burden of financial deadlines and book keeping allowing you to focus on your business. We all know that you didn’t start a business because you enjoy spending hours paying taxes.
save you money – by analysing your spend your account will highlight areas in which you could be saving money. Nobody likes to waste money; you’ll be shocked at just how much you can save in certain areas.
help you avoid penalties – although tax is going online to reduce the need for paperwork, making sure you do things at the right time is still key. If you miss deadlines, you’ll get a financial penalty. Leave the deadlines to your accountant and save yourself the penalty fines.
help improving cash flow – running low on money at the wrong time could be the end to your business. This can occur when you haven’t planned for cash flow properly. What happens when you owe your supplier a ton of money that you have just used to promote your brand? Your accountant will help you manage your cash flow situation and spot potential issues before they happen. They’ll provide with a spending plan to make sure that there is enough money in the bank for your business to succeed. If your business gets into a situation where you need some quick cash, your accountant should be able to advise you on some opportunities such as loans or grants. This kind of experience will help provide you with the temporary cash flow support that your company needs to get through tricky times.
There’s so much more to working with an accountant that filing a return and making sense of your receipts. You should think of your accountant as your first ‘board member.’