You might not be aware, but an accountant can help you and your business in multiple ways. Multiple life changing ways. Regardless of having a big or small business, having an accountant is not just about taxes and bookkeeping. Accountants can be an important part of your financial team, and help you navigate all the important decisions that impact your finances and your business.
Most people assume that if they are good with numbers, they do not need an accountant, this couldn’t be further from the truth, the challenges that an accountant can tackle need the expertise that they have. An accountant can be an important and necessary partner in your success story. They will help save you time and money.
An accountant is a financial advisor who can add immense value to your business as they guide you to grow and improve. Once you hire an accountant, you will get insights into the overall financial health of your company that you wouldn’t have had otherwise. Your accountant will guide you on taxes, keeping your organised and accurate when you file them, help minimise tax bills and keep a precise report of your cash flow.
At N-Accounting, we understand that many business owners in Milton Keynes are in dire need a qualified accountant. We are accountants in MK who can make a difference to your business. We would like to help you deliberate over whether to hire an accountant, we have listed the many ways in which an accountant can help you and your business.
Recommend The Best Legal Structure For Your Business
While you may be the expert in your particular industry, you might not be unable to decide what legal structure suits your business best. Choosing the right legal structure is a necessary part of running a business. An accountant can help you understand the options available, whether you have just started the business or are looking to expand.
Specific types of businesses are best suited to certain structures. You may have a sole proprietorship or a partnership and depending on your funding and liability structure, you may choose the right structure for your business. Your accountant can help you decide whether you should be a Limited Liability Companies (Ltd) or not.
You should look for accountants in MK who will take into accordance your company goals as well as local and federal laws and pick a legal structure that best fits your company’s culture and specific needs. The accountant can also help you with the expenses that can be written off on your taxes.
The accountant will emphasize on the right business structure because tax implications, liabilities and business scalability relate significantly to it. Depending on how you deal with income, debts, tax and profits, an accountant can guide you on a legal structure in line with your business vision. An accountant will also keep an eye on government policies to ensure that everything is above board, even when changes are introduced.
Help You Grow
Your business aims will change multiple times throughout your journey as a business owner. Having an accountant on your side as you draft your business plan will ensure you remain on track thought out the years with fail proof, number-based aims and goals. Your accountant can be an excellent help when it comes to putting together a business plan. Accountants usually work with multiple businesses and have a keen sense of what it takes to run a company and can offer good advice on strategy.
Hiring an accountant to help you with important decisions and not just annual tax filing can be the best decision you make on your own. For every other decision regarding taxes, cash flow, strategy and a multitude of other things, find yourself an accountant you can rely on.
Your human capital is your greatest asset. An accountant can help you manage this asset by providing people-focused financial metrics each month. These could include average expense per employee, operating profit per employee and help you make important decisions about your workforce especially in succession planning.
Accountants can advise you on tax planning, asset protection and business growth. As your financial advisor, your accountant is the one to help you set the foundation to manage risk and grow your wealth. Accountants have a full overview of finance and strategy and are usually in the best position to provide growth advice.
Help You Save Time
Having an accountant by your side to help with such a daunting task such as running a business can be a huge help, especially for a busy business owner. Minute financial decisions and the associated stress can be especially troublesome, to have a third party take care of it means you can spend more time on growth strategy. Accountants can help you out during every stage of your company’s development and you can concentrate on what you love doing. Your business is your specialty and you should be giving it your maximum time, leave the financial details to an accountant.
You may find that you are wasting valuable time completing tasks that could be easily delegated to an accountant. You can concentrate your time and energy to more important aspects of your business by shifting the responsibility to someone else. If you feel that you are investing too much time in managing your finances, it is high time that you hire an accountant. All the time spent on tasks like updating books, managing payrolls, and filing taxes is better spent elsewhere.
Taking on admin tasks can greatly hinder your ability to get worthwhile things done for your business. Doing your own accounting means to learn accounting software and to keep your own records, this can really leave you struggling to get everything done, so hire an accountant to do it for you.
Satisfy Your Investors and Save Money
Your investors expect to have a detailed report of your profits. If someone has invested money in your business, you must keep them satisfied by letting them know how your business is performing. Your accountant is the best person to do this. Since accountants work with other business, they know what investors expect and they can cater to that. An accountant can prepare a detailed report that can impress your investors and make them invest again.
You might think that hiring an accountant is an added expense that you can do without but in the long term an accountant can save you some serious money. A professional accountant can help reduce the risk of making costly errors when it comes to tax and financial records. Not only that, an accountant can provide you with business advice for every financial decision and help you make the most cost-effective choice. Accountants will also help in preventing you from making mistakes that can potentially cost you a lot of money.
Accountants can identify bad debts and unprofitable products and services, that may deter new investments.
Monitor Your Revenue
You will find many accountants in MK who can keep your books. A good accountant, however, will help you increase and monitor your revenue while improving your expenses in a realistic manner. A professional accountant also knows there are ways to measure exactly how your business is moving ahead and it is not just limited to what your invoices show. To know what the return on your investments is, you need an accountant who keeps a proper record of every penny spent and every penny earned. Having access to this kind of information will guide you in strategizing your business growth and help you make the best financial decisions.
Whether you want to move to new office, hire a new manager or develop a new product, your accountant will help you figure out how much it’s going to cost and what will be the potential return on the investment. Consulting with your accountant before making a business decision is crucial, as they will be able to give their informed input on what to do depending on your current and future financial health. Accountants are financial experts and can give informed financial advice tailored to your business.
Help You With Loans and Mortgage
Accountants are critical to your success in getting your mortgage in Milton Keynes or any other loan approved. It is common knowledge that self-employed people, i.e. those with their own business find it harder to get a mortgage. It is true. Someone with a job may need 3 months of payslips, while a business owner might need to show 3 years’ worth of accounts and tax work. A few banks now ignore accounts altogether and make the mortgage decision based on an applicant’s personal tax work.
An accountant can help you keep your accounts clean. The point is not to present a healthier account but to maintain healthy accounts that are accurate and reflect the performance of the business. For a limited company owner, it’s pointless having a business that’s making profits if they aren’t being distributed properly through salary and dividends as mortgage lenders will often ignore them.
Your accountant can also help you choose which loan or which mortgage type suits your financial situation and business needs. They can also tell you if the bank’s terms are favourable to you. If you are planning to apply for a business loan, the bank will want to see that you can afford the repayments and if you are wise with your money or not. Finances that are in order thanks to your accountant will help your case.
Accountants have knowledge on which loan you are likely to get accepted for and you can together craft a compelling application which has a higher chance of acceptance. Just the fact that you have an accountant can improve your chances, as it implies that you are serious about your finances.
Hiring an accountant means less stress for you. The kind of stress you could do without while running your business. Keeping your finances in order is a mammoth task and it is best done by the experts. An accountant can have it all under control. Accountants are an excellent source of support; they can handle pay roll and ensure all your employees are paying the right taxes. They can suggest ways you can free up cash flow, save money and raise capital for expansion.
It doesn’t cost anything to meet with an accountant and figure out if it’s worth hiring them. We are accountants in MK and can let you know our ideas for your business and how it is better to hire us than losing tax revenue or other financial mistakes that only financial experts such as ourselves can judge.
We’re based in Milton Keynes, to find out more on how an accountant can help you and your business, get in touch with us today!