1. Bookkeeping advice
Keeping track of all the day to day transactions allows you to account for the money coming in and out of the business. There are different ways to keep your books, depending on the type and size of the business, and an accountant can advise on which would suit a particular business best. Choosing the right one can save you time and make sure you claim all the expenses you can to reduce your tax bill. If you really have a problem doing this yourself, many accountants will be able to offer this service as well.
2. Cashflow Advice
If you get your cashflow wrong you can actually got out of business. It’s all well and good having orders in the pipeline for the coming year, but if you haven’t got cash in the bank to pay the bills that are due right now, you’re still in trouble. An accountant can help you plan properly to check your cashflow is keeping up with expenses, and if it isn’t, to spot the problems early enough to give you a chance to head them off.
3. Cost Control
Every business has overheads and bills to pay. An accountant can look at the way your business is running, see where the money is being spent and advise you on ways to keep those costs to a minimum.
4. Annual reporting and returns
These are a legal requirement and you will be fined if you are late submitting them, or don’t actually bother. The fee an account charges for completing the returns on your behalf is much less than it will cost you if you get this wrong.
5. Knowing where you stand
A clear picture of your financial situation allows you to make sensible and timely decisions. Many people need help with reading their financial statements, such as Profit and Loss and Balance sheets, and making good choices and plans based on what they tell you is crucial to the prosperity of a business.
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