Finance & Economics

Ways hiring an accountant can save you money

Isabella Goode

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While most people would advise hiring an accountant to start-ups with a sense of valid urgency, there is also a need for more established businesses not to leave hiring an accountant too late. Don’t hesitate if you are growing and you suspect that your finances might overwhelm you or your team members and employees. As time goes on an accountants’ role as the person focusing solely on the money will become more vital. Handling the money can be stressful and time-consuming and may detract from other employees’ roles in your business.

If you are thinking about hiring an accountant, take a look at all the ways they could save you money within your business.

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Ways hiring an accountant can save you money. Source: pexels.com

Tax advice

Tax deadlines, limits and amounts are constantly changing, making it hard for someone not trained in finance to stay on top of. This is a particular issue as your business grows and it moves from self-employed to limited company or otherwise.

The simplest of taxes cause people to go cross-eyed. Business taxes are begging to have you making mistakes. The right accountant will be an advisor on the latest regulations, how to maximise your benefits and minimise your taxes each year. Penalties for mistakes in taxes can quickly pile up. A good accountant will create an efficient tax plan and make you stick to deadlines to avoid these penalties.

Accountants in London and beyond can also look out for money left on the table. They can apply moves that will reduce the amount you have to pay and increase your investments.

Financial forecasting

Every business needs a plan to help it grow but looking at the future starts with looking at everything happening now. Do you know where your money is going and where it’s coming from?

An accountant will determine your best choices by helping you identify your most valuable clients and areas that are gaining the biggest profit and setting goals accordingly. They can also handle all outgoing cash, like wages, office rent and insurance, etc. and in turn scope out what can be cut back on.

Keeping an eye on your finances now will avoid or help you prepare for problems down the line in good time.

Growing your business

More than just looking for ways to keep your taxes down, accountants can also aid in improving your entire business setup. They can look over your business’s projections and financial plans with a critical eye and advice accordingly. They can also present to your various available options and advise you on how, or if, to change the structure of your business as your business grows.

Accounting firms can offer advice on business improvement services, financial planning and restructuring and insolvency, for example. Investment, be it in the form of a bank loan, business angels or investors, can be aided by an accountant helping you to create a solid plan which will detail your forecast and your accounts to date. They can offer guidance and make sure everything is covered. They will also present professional reassurance to investors that your figures are accurate and realistic.

Finding money

An accountant can systemise your bookkeeping to present to you on a daily or weekly basis a simple representation of your finances. Better record keeping is the simplest way to “find money”. You can glance at your finances and see what you can cut back on and what investments are gaining the greatest returns so you can be more strategic about what you spend.

A good accountant will spot trends for bigger profits that you can take advantage of and find savings with vendors, staff and operating expenses.

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