The cost of appointing an accountant means many new businesses choose to try and complete their own tax returns and accounts.
Whilst there is nothing wrong with this (and at JMC Accountancy Ltd I try to support small businesses do this by offering training) there are many ways that having an accountant can make you more profitable and save you money.
Here’s a list I’ve put together of things I could be helping you with:
- Letting you know the most tax efficient structure for your business (sole trader, partnership or company) and helping you make the change smoothly
- Helping you make use of all available tax reliefs and identifying all allowable expenses for your tax return
- Helping you to avoid late filing penalties and interest. I will be on top of all the deadlines and give you reminders when needed
- Provide you with regular management accounts and reports (and explain what they mean) to help you make good decisions for your business and show you how your profits compare to last year/month
- Help you put together a business plan, budget and cashflow. This can be especially helpful if you are applying for a loan
- Help you plan for expansion. For example helping you plan for the costs of moving into business premises or hiring your first employee
- Helping you to set goals for your business and checking in with you regularly to see how you are progressing.
- Showing you how different parts of your business are performing if you have more than one income stream
- Save you time working on your tax affairs so that you can focus on what you do best
- Taking you along to or recommending networking groups
- Reviewing where your business is spending too much money and identifying waste
- Estimating your tax liabilities through out the year so you have money put aside to pay
- Providing you with bookkeeping software such as Xero at a discounted rate
- Identifying customers who are slow to pay and helping you find ways to encourage faster payment