Although many of us think of hiring an accountant to help with financial tasks such as submitting tax returns, they can also help with many other areas of your business. An accountant can assist with everything from company formations and business plans to important loan applications.
If hiring a business accountant full-time is too costly for your business, it is possible to pay for just a few hours of their services. In many cases an accountant will be able to complete tasks quickly, which would otherwise be very time consuming for you and not the best use of your time. They may even cost less than the amount you would pay yourself for the period of time spent on the task.
Writing a business plan
When you write a detailed business plan it is important to use financial projections, as the figures will help you plan your overall goals for the future. An accountant will be able to use professional accounting software to create realistic financial projections. Hiring a business accountant at this key stage will ensure your business benefits from their financial knowledge and understanding.
Assistance with company formation
When you form your company, there are a variety of potential legal structures, such as limited companies, sole traders and limited liability partnerships. An accountant will explain which structures are available to your business, so that you can find the ideal fit for you. For example, if you choose to operate as a sole trader working on a self-employed basis, there may be some tax advantages. However, this will mean you are personally liable for business debts. Whereas, a limited liability structure will mean that you do not have any personal liability.
Many business owners oversee several aspects of their company, which can leave them stretched too thinly. If you need to reduce your workload, delegating the finances to an accountant can be a great place to start. By trusting an accountant to handle your financial affairs, your business will be well taken care of and you will have the time you need to manage other areas of the business.
If you are currently handling your own businesses accounting, you will know that it can become complex. An accountant can help your business stay on track by managing details such as how much your business is owed and the ratio of salaries to total revenue. An accountant will be able to produce simple to understand charts, which will help you quickly understand your businesses finances.
An accountant can take care of key requirements, such as tax returns, compliance documents, annual statements of accounts, payroll and directors records. It is important that your business conforms to any regulations and an accountant will ensure your company is completely up to date with any changes in the law. If your company is audited at any point, an accountant will remove the stress and can also offer advice about the process.
If your business is looking to raise finance through a business loan or overdraft application, an accountant can improve your chances of being accepted. An accountant will be able to present the key figures to support your loan application, while also helping you compare the lenders terms and conditions.
Here at BusinessComparison, we can work with your business to help you compare and find the best deal for your financial products. Whether you are looking for a loan or a great energy deal, we can help you find the ideal product for your business. To find out more, please contact our experienced comparison team today.