An accountant can be extremely useful in terms of helping you with your business in many ways.
Firstly, when they complete your accounts they are able to see what expenses are most costly for your business and can advise you on how to reduce the expenses your business is incurring in order to make it more profitable. In addition, they can spot expenses which you may have overlooked. This can not only help you moderate the amount of money going out of the business as, by claiming for these expenses, your tax bill can also be lowered.
Accountants are not only helpful at the end of the year when you want to gain insight into the transactions occurring in your business, but also on a day to day basis. They can offer advice on purchases you are considering and weigh up the benefits and limitations of things like going VAT registered or changing to a limited company, on your behalf. They can also advise you on more tax efficient ways of obtaining assets for the business such as whether to lease or buy a car.
Another way accountants can help you is with HMRC investigations. HMRC can choose companies and businesses at random to investigate. Undergoing an investigation by HMRC can be time consuming and stressful. An accountant will help you if you were to be investigated and deal with the revenue on your behalf, bringing their knowledge and expertise into your corner.
A good accountant will always look out for the best interests of their client and not HMRC. Your accountant should understand the difficulty of setting up and maintaining a successful business and therefore should work towards helping you save money and time in whatever way they can.
All in all, an accountant can be a real investment as they can help your business in a lot more ways than just compiling accurate sets of accounts. They can be your advisor for the many business decisions you need to make and take the weight of tax off your shoulders leaving you to focus on what you know best.
The Accountancy Partnership offers unlimited ongoing support and advice inclusive in your monthly fee. For more information please do not hesitate to phone or email us, or alternatively, you can simply use the live chat link available.
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About The Author
MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.