As a business owner, you probably have a lot to contend with – from the management and recording of your finances to your taxes, calculating profits and losses etc. It can become quite overwhelming to ensure you have everything in the proper order. Fortunately, there is someone you can turn to so you can make sense of it all – and not only that, so you can rest easy and have the peace of mind you need knowing that all your financial affairs are in order.
We’re talking about an accountant, of course; but what else can an accountant do for you? The bigger question is how can you know if you really need an accountant? Here are some of your main questions are answered.
The accountant’s role
An accountant is essentially someone qualified and trained in bookkeeping procedures and financial analysis. Part of their role is to prepare yearly financial reports, and they can also coordinate your tax returns as well as help you with budgeting and financial planning.
An accountant can do a lot of things for your business, but what they do will often be based on your choice and decision. There are some business owners, for instance, who will only meet with their accountant every year just prior to end of year tax returns. Alternatively, it is not unusual for some business owners to engage the services of an accountant on a regular basis as a consultant.
When do you potentially need to engage an accountant or accountancy firm?
- If you aren’t sure about tax returns
Tax returns can be a nightmare for many business owners. Dealing with complex forms and the potential of fines for missing deadlines or providing inaccurate financial information is a business reality. The mere act of knowing the difference between the IR35 as well as the R40 can be downright difficult unless you are experienced and know what you’re doing. If you hire an accountant to handle your taxes, you can be sure that you will avoid any fines for late payment and they may even be able to save you money in regards to your overall tax liability.
- If you don’t have enough time
Running and operating a business will take up a big chunk of your time, of which you may already be aware. You aren’t just involved in your business during regular hours – you will also have to do other things outside business hours; ordering stock, meeting regular and potential clients and many other duties which are the norm for business owners.
On top of all of this, you also have to make sure you have the right work-life balance. It can be difficult to maintain do this if you are too trying to stay on top of your financial records and paperwork. If you feel that you haven’t got enough time to tackle your finances on top of everything else, hiring a professional such as accountants central London Griffin Stone Moscrop & Co can give you the extra time you need to devote to your personal life.
- If you need help with planning your finances
Bookkeepers will usually just take care of your payroll and invoices, but an accountant will be able to help you plan your finances, help you budget for potential expansion etc. They will have a good understanding of your finances and which direction the business is headed.
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