Accountants are expensive and if you are running a startup or a small business it might feel like a luxury you can’t afford. But before you start googling ‘how to file a tax return’ read on and discover our five reasons why finding an accountant will offer you so much more than just a huge bill.
1. Save you Time
When you are running a business or startup your most precious resource is time. Not just demands on your own time running the business, managing staff or answering sales calls but also making sure the business stays on track to meet a launch date or marketing deadlines pivotal for growth.
Time is the one thing we can’t get back so let an accountant deal with all the form filling and number crunching while you focus on running your business and meeting strategic deadlines rather than sifting through receipts.
2. Business Structure
Finding an accountant to give you the right advice can keep you on the right side of the tax man and avoid penalties but also ensure you have a structure that is tax efficient and protects you if you have loans, investors or other shareholders. The right business structure can also attract funding and investment. So finding an accountant to work with you can help you prepare to take your business to the next level.
3. Tax Efficiency
A good accountant will ensure you are being tax efficient and help with tax planning. In many cases, the amount your accountant saves you in tax should make their fees cost neutral to you and your business. An accountant should give you peace of mind that you have claimed all allowances you are entitled to as well as having the right business structure to minimise your tax liabilities.
4. Help you Grow and Plan for Change
Financial Planning is part of your road map to success. If you are a start up an accountant can help you build a realistic plan which details your short, medium and long term goals, how these will be met and set measurable targets. Most small business owners know goals and circumstances can change and your accountant can help you plan for these changes to ensure to keep you on track and make sure you meet your goals.
5. Real Time Results
Having a financial plan is great but how do you know whether you are measuring up against it and are on the way to achieving your long term goals? Having an accountant regularly maintaining your books and offering you insights into your real time results as well as taking time to talk through any variances is empowering. It gives you the knowledge you need to make decisions, check you are not wasting money and that you are sticking to the short term plan which feeds into your medium and long term goals.