Why small businesses should hire accountants
Accountants are highly skilled professionals that can support any business owner, but they are particularly useful when you have a small business. This is due to the fact that they can help with many aspects of business finance and can help to free up business owners to focus on increasing their sales and growing their business. A good Stroud Accountants like https://www.randall-payne.co.uk/services/accountancy/stroud-accountants/ can support businesses from the start-up phase right through to their sales.
Here are some of the ways that an accountant can support a small business.
Bookkeeping – keeping on to your business accounts can be time-consuming, and when you are building a business, it can be difficult to find time to do everything. This is why it makes more sense to pass your bookkeeping over to the professionals. They are able to keep your accounts up to date, and this will make filing your end of year accounts much easier.
Tax filing – accountants are aware of the need for self-assessment, corporation tax and VAT filing requirements. This makes them best placed to prepare your reports and file them for you. You can then arrange for any tax amounts to be paid directly to HMRC. It is worth using an accountant for tax reporting and filing as they are able to make sure that you make the most of your tax-free allowance.
Funding – there are times when you may need to access funding for your business. Accountants are able to help you find sources of funding and can support you with any paperwork and reports that you might need to submit to accompany your funding application. They are also able to talk you through the positives and negatives of a number of different funding opportunities as some options can see you need to surrender some of the equity in your business.
Acquisitions – when you eventually come to a point where you want to grow your business, an accountant can help you look at whether you grow through acquisitions or by looking into other markets and sectors. There are benefits and drawbacks to both, so your accountant will be able to look at the options that are best for you and your business.
These are just some of the ways that accountants can support a small business. To explore other options, it is best to speak with an accounting firm like the one mentioned above.