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Five Ways Accountants Can Boost the Success of Your Small Business

When it comes to small business, enlisting the services of an accountant isn’t just about balancing the books. In fact, nowadays, it’s not uncommon for experienced accountants to essentially double up as business advisors. When you hire a chartered accountant to handle your small business finances, they’ll have a clear overview of your entire business and it’s operations, so are naturally in the best position to guide you through your company’s journey.

If you’re in the process of setting up a small business or you’re looking to expand your existing venture, now is the time to hire an experienced and qualified accountant. Just remember, it’s essential that you choose an accountancy firm that’s experienced in handling small businesses and small business issues, such as adequate working capital, good stock control and invoicing.

Once you’ve found a knowledgeable, experienced authority in small business success in the form of an accountant, you can reap the benefits and boost the success of your company. Below, we take a look at five ways hiring a qualified accountant can improve the scope of your small business.

Save you time

When running a small business, there are a whole host of things you need to consider and the sheer amount of admin can not only feel overwhelming, but also take up a lot of your valuable time. Managing the financial side of things is an entire job in itself, but it’s not uncommon to see small business owners trying to spin all their plates at once. However, if you’re not a numbers person (or even if you are!), why take on everything yourself? Passing the responsibility over to a seasoned expert will allow you to dedicate your time to running your business, managing your team and, essentially, doing what you do best.

Hiring an accountant will save you endless hours, days and even weeks spent toiling over bookkeeping, payroll and tax forms. They’ll take on all financial matters of your business and get you set up with an efficient accounts system that’s easy for you and your employees to use.

Your accountant will also be solely dedicated to preparing your accounts throughout the financial year and submitting the relevant information at relevant times; you’ll no longer need to stay up all night filling in self-assessment tax returns or amalgamating financial statements to file at Companies House. Accounts preparation is a truly valuable service that will save you a lot of time spent completing admin.

Save your business money

Along with saving you time, hiring an experienced accountant can also help your business to cut margins. By trade, accountants are experts in money management so can analyse the way your small business spends, earns and saves money; they’ll advise with authority about how you could increase your profits.

Your accountant will have the most in-depth overview of your finances from carrying out accounts preparation and filing your financial statements, so they can dedicate their time to identifying things that you perhaps may have missed. Here are a few things that your accountant can do for you when you give them free rein to organise your finances:

  • Eliminate unprofitable products or services.
  • Restructure financing.
  • Review labour costs.
  • Negotiate with suppliers.
  • Scrutinise operating costs.
  • Maximise pricing where possible.
  • Track advertising and marketing investments.
  • Identify valuable customers.

All of these things will be profitable to your business financially, however, most importantly, your accountant will ensure that you always understand your accounts and explain everything that’s going on clearly and concisely. This will stop you feeling out of the loop and will enable you to plan for the future from an informed standpoint.

Streamline your business accounting systems

One of the main reasons small business owners enlist the services of a professional accountant is if they feel that their accounting systems have got out of control. Do you have stacks of paper documents filling up your office space? Do you want to go paperless but you don’t know where to start? Well, most accounting firms are now equipped with state-of-the-art cloud-based accounting software which enables clients to fully computerise their business finances, making them more efficient and streamlined. Equally, if you already use a cloud-based accounting system but you’re struggling with it, your accountant can carry out a health check on your existing system and suggest new ways of utilising it.

A good accounting system will incorporate a range of aspects so that you can carry out all of the necessary tasks to run your business in one place. For example, it should include an efficient payroll system that enables both you and your employees to access pay information at the click of a button. Payroll software eliminates the opportunity for human error, ensuring that you’re paying your employees correctly and on time- this, in turn, will improve your relationships with staff members and boost team morale.

Accounting software can also assist the backend of your business in the form of quality bookkeeping software. For cloud-based bookkeeping software, all you need is an internet connection; from here, you can write invoices and email them directly to your clients, keep track of debtors and generate financial reports efficiently. Once your accountant has got you set up on your system, you can reduce the number of staff dedicated to bookkeeping services and put them where they’re best placed elsewhere in the business.

Overall, accounting software is one of the most valuable tools that your accountant can provide you with; all of your finances will be organised into one accessible space, giving you a clear view of what’s happening at all times so that your eye is never off the ball.

Receive trusted tax advice from a qualified tax accountant

If you asked small business owners which aspects of running a business are most difficult, managing taxes would most certainly be on the list. That’s why many opt to appoint a qualified tax advisor to stay on top of your company’s taxes. The tax calendar is notoriously difficult to keep up with and if you’re busy running things ‘front of house’, it can be easy to slip up. Your accountant will prepare your accounts in time for important dates in the tax calendar and register you for VAT at the correct point, which could enable you to reclaim tax on business expenses.

With the help of a qualified tax accountant, you can ensure you’re legally making full use of any tax allowances and reliefs. They’ll keep your business bang up to date with tax regulations so that you don’t have to spend time constantly researching and catching up with changes within HMRC.

Help you to grow your business

The final way an accountant can boost the success of your small business is to set it up for future growth. Your accountant will help you to make sense of your business finances, giving you ‘big picture perspective’ so that you can create a plan of where you want to take your venture over the next few years. You can work on your pricing strategies with your accountant, ensuring that your business is aligned with the current market and matching your competitors.

Another major benefit is that your accountant can help you to save money, as well as make more of it. They can advise on loans and overdrafts so that you can save for the future, and even support you in selling shares of your business, crowdfunding or finding angel investors.

With a dedicated accountant, your business will have the space to grow and develop without fear of repercussions that could put you in financial jeopardy. They’ll help you to manage change within your business when it occurs, for example, if you expand your team, customer base or products and services. If and when you’re ready for limited company formation, your chosen accountancy firm will also be on hand to guide you through this process.

AS Taxation Ltd: Professional accounting services for your small business in Guildford

Here at AS Taxation Ltd, our team of qualified accountants proudly support businesses in Guildford and the surrounding areas to stay on top of their finances. Our experts are equipped to offer valuable and forward-looking advice in order to make your venture a success. We provide a comprehensive range of accounting services, including bookkeeping, company formation, tax planning and everything in between.

We’re also able to set your company up with KashFlow, an award-winning cloud-based accounting software, so that you can simplify your bookkeeping, invoicing and accounting. Using this efficient system, along with advice from our accounting experts, your small business will surely be a success.

Whether you want a fully committed accountant to support you in all areas of your business finances or you’re simply in need of some one-off advice about business tax, you can rely on AS Taxation Ltd. All of our experts are fully qualified chartered accountants and have experience in a wide range of business sectors, including manufacturing, construction, service businesses, professional services and many more. If you’re looking for an accountant who will listen to your needs and take a proactive role in developing your business, get in touch with our friendly and professional team today.


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