As a business owner, you have many responsibilities and obligations to fulfil. You have filing and payment obligations to HMRC, and also Companies House if you have a limited company. The accounting and other financial responsibilities, plus remaining compliant with legislation, can require too much time – in many cases, that time is just not available. Outsourcing to a professional who provides a complete accounting service can save your company valuable resources.
There are many areas an accountant can help with:
Business growth
Once your company is established, you may be considering expanding the business, perhaps trading overseas. Prior to making decisions, an accountant will calculate the potential risks and how to minimise them. Your resources may not be adequate and this is another area where your accountant can help. Investment, information technology, the market, and other areas should all be carefully considered, and an accountant will have measures in place throughout the year so you know whether expansion is possible.
Becoming an entrepreneur
Once you make the decision to become a business owner, there are many aspects to consider before the company is actually up and running. Many of the mistakes as a new business owner are made during the formation period and the initial year of trading. Outsourcing to an accountant will minimise those errors and ensure you create a solid foundation for your company. A reputable accounting company will provide advice about the business structure and potential benefits.
Planning
Planning is a necessary aspect of any company, from early years formation right up to the very last day of trading. Starting your company on the right basis will help to create a profitable venture, while financial planning throughout will minimise risk and encourage growth. Tax planning is another vital step in which an accountant can help.
Business management
Once you have an established company, you will need to manage the business on a regular basis. Your cash flow has to be closely monitored, as negative figures will place the business in jeopardy. Regular cash flow forecasts will provide snapshots of the financial health of the company. The progress of the firm can also be monitored by regular reports produced by an accountant, including profit and loss and financial activities.
If you would like to know more about accounting and how it can help your company, contact us today for a friendly chat with a member of the team.