So why are accountants important? There are important reasons for hiring an accountant at all stages of your company’s growth. From a business plan to company formation, loan application to tax investigation, an accountant can make life easier for you at every step.
You might already consider using an accountant for compliance serves like payroll and tax returns. But have you considered the other specialities that your accountant can help you with, such as business advisory services and tax relief? Accounts can cover a variety of important services for their clients.
In this article, we have gathered 7 key reasons why we believe accountants are important for every business.
1. Accountants provide expert advice when writing a business plan
Are you focusing on the right areas of your business? Will your business plan actually help you reach your goals? An outside perspective from an expert business adviser will help you clear things up, and make sure that you’re moving your business in the right direction.
Accountants are extremely important to businesses that are starting out or who are looking to revamp their business plan. Accountants have experience working alongside a wide range of businesses, in a variety of industries. They will know what has worked for businesses in the past, and which strategies haven’t been as successfull. Their guidance can help you carve out the perfect business plan for your company, keeping in mind the direction you want to go in and the level of growth you want to achieve.
2. They can help you understand your numbers
Use your accountant’s expertise to make the best decisions for your business. Your accountant should be able to help you with forecasting, cashflow control and finances. They should also be able to help you understand your numbers. This makes you better positioned to make strategic decisions with confidence.
Running a business isn’t just about profit and loss. A lot of the time, statistics within your financials can provide a key incite into how your business is performing and how it can be successful in it’s future growth. Accountants have extensive experience in all types of financial data that can be incredibly useful to your business, you just have to know what to look for. Accounting experts are important for understanding these numbers and how they can effect your business’ success in the short term and long term.
3. Accountants can give you advice on your company’s structure
An accountant can give you advice on different company structures, and help you choose the right structure for your business. They will also be able to give you proactive advice to decide if and when you should change the structure of your business in the future.
Accountants see the structure of your business like a machine. Some machines are efficient and some are long winded and not as successful in completing tasks. An accountant can be an important advisor to how your business should be structured. A business’ ideal structure will depend on who your employees are, which skills and strengths they have, the type of leadership team you have, what type of product or service you provide and how you operate as a group and business. A fine-tuned business structure can be a vital tool to your success.
4. They can assist you during every stage of your business
Whether you’ve just decided to start a small business, or you’re in the process of selling or closing it down, or anything in between, your accountant will be able to help you.
We help clients through every stage of business, from making the first crucial decisions, through setting and reaching their goals, to exiting the business. Working side by side with you every step of the way, we will get a thorough understanding of your values, strengths and weaknesses, and how your business can succeed.
5. Accountants can deal with HMRC on your behalf
It can be quite a challenge to deal with HMRC. For accountants however, it’s often a normal part of their day. An accountant will know exactly what to say, where to turn and how to efficiently deal with HMRC enquiries on your behalf.
If you run a business on your own and take care of all of your financials, dealing with HMRC can be very difficult at times. An important part of accounting is making sure every detail of your financials is above board and in compliance with HRMC. Accountants will speak the same language as HMRC representatives and be able to communicate successfully with them in order to portray an accurate representation of your business’ financial statements and data.
6. They can help with applications for financing, grants and more
Your accountant can help you find grants or schemes, and to apply for these. Accountants can also help you apply for finance, and write reports and letters to help you find suitable finance, investors and more for your business.
7. Accountants can stay compliant with the law
Accountants are kept up-to-date with changes to laws and legislation. When your finances are managed by an accountant, they can ensure that your numbers are run by the book.
Accountants are important investments
It’s important to understand that an accountant is an investment, rather than a cost. Gone are the days when your accountant was someone who would sort out your paperwork a once a year. In 2021, you should consider your accountant an important part of your team. They can help you move the business forward, help you make great decisions, and save you money by being proactive with business and tax advice.
Having a quality accountant could be the best business investment you’ve ever made. If you want to learn more about how Outrise works, and how we can help you, book a free call with one of our expert advisers today, and let’s talk.