Any business, big or small, should have a professional strategy in place for their finances, which is why many people seek help from an accountant. Juggling every aspect of your finances as well as running other parts of a business is a hard task for anyone, so why not lighten your load and ensure things are done properly. Accountants have a range of skills that can be used to help with payroll, tax and generally keeping track of your ingoings and outgoings.
Whether you need financial guidance or you’ve just started a business and want to give it it’s best chance at success, below we detail all you need to know about having a business accountant.
What does an accountant do?
The role of an accountant is to prepare and examine financial records to ensure your business is financially stable, and that you are complying with relevant financial regulations. The amount of contact you have with your accountant will vary – some people will speak to their account weekly whereas others may only be in touch just before tax season.
Other tasks include:
- Suggesting practical ways of reducing outgoings
- Improve business efficiency
- Keep books up to date
- Prepare tax returns
- Overseeing payroll
What are the benefits of having an accountant?
There’s a lot to be said for having an accountant – unless you’re a complete whizz with number and have in-depth knowledge of finance then hiring some extra help can only be a good thing.
Saves you time
Organising your finances need to be done with care, as rushing it or guessing how things are done could result in serious problems for your business. For those heavily involved in their business it’s a sensible decision to have an accountant that can take care of your finances while you concentrate on other aspects of the business – a discussion with your accountant will determine exactly what you need help with so you still feel in control.
Removes worry
According to 2016 statistics, after just five years of trading only 4 in 10 business will survive with financial problems being a main clause of failure. Much of this worry can be removed simply by having financial help in place such as a business accountant. Not only will this help secure the success of your work but will remove the stress which comes with finance-related operations – although running a business does require a lot of hard work you should also be able to enjoy your accomplishments without stress.
Improves your business
There are a lot of tasks that come with organising your finances which mean things can get confusing. However, an accountant will have experience in ensuring people’s finances are in order, which is why they are an important element of starting up a business. Not only can they help you produce a finance plan for your start-up, but once you’re up and running they can suggest ways for you to improve your cash flow through detailed insights into your outgoings and create financial forecasts so you can make better decisions.
If this blog has got you thinking about seeking help from an accountant, then Barron & Co based in Birmingham, have a team of highly experienced accountants that can help with your needs. It’s important that you keep up with taxation laws that could affect your company, as well as generally ensuring that your business finances are in a good position. To find out how one of the best recommended firms can help you, contact us today.