A good accountant is the backbone of any business. They can help you find ways to reduce taxes, negotiate contracts, and even teach you how to be a better business owner! Let’s take a look at five reasons why you should instruct an accountant for your business.
1. A Good Accountant Is Confidential
Your accountant knows all about your financial situation because they access sensitive information like cashflow information and other insights into business spending habits. That means that they won’t tell anyone else what they know about your business finances unless given permission by law or instructed by a higher authority. This is especially important if you are self-employed or own multiple businesses with different bookkeeping systems. You don’t need to worry about your financial information being shared with anyone on the Internet.
If your accounting is of Chartered status, they are also governed by clear legislation and accounting best practices.
2. An Accountant Can Help You Prepare For Your Year End & VAT Returns
Time for Tax is never fun. If you’re self-employed or own multiple small businesses, tax season can be an absolute nightmare if you don’t have the proper preparation and planning done for it. Instructing an accountant well in advance of your year end, or upon initial set up of your company, will give you the benefit of having your accounts appropriately prepared, making them easier to file. Accountants are also familiar with all sorts of deductions that can help reduce your taxes drastically at the end of the year ensuring your company is running efficiently and you as a busy business owner are informed at all times.
3. A Good Accountant Will Teach You How to Be Better Manager
Not only do Accountants do a lot of work behind the scenes, but they also have valuable knowledge about managing your business correctly. Accountants can teach you all sorts of valuable lessons, from how to make a budget and stick to it to help to assess if an investment is worth it or not. You’ll walk away as a better manager because you’ll know how to make the right financial decisions for your business.
4. An Accountant Can Help You Find New Opportunities
Businesses don’t just exist in the present – there are all sorts of things to think about when thinking about the future and how you can ‘future-proof’ your business, especially with the current climate being the way it is. Accountants can help you plan for your business next steps, figure out an exit plan for retirement, maybe acquire new premises, purchase equipment to improve efficiency, hire more employees to expand, and more… They know business law and financial regulations, so that you won’t get into legal trouble with the Government or miss out on potential opportunities too.
Instructing an accountant for your business is crucial because they are the backbone of any successful company. If all these reasons have convinced you that instructing an accountant is essential, let’s me introduce you to Armstrong Accounting. We have been with Armstrong’s in one form or the other since formulating our company back in 2019.
We’ve referred Armstrong’s to many clients and have received nothing but glowing feedback.