Without good financial management, very few businesses will survive. From stock prices and profit to employee wages and future endeavours, even experienced business owners struggle to keep on top of all areas. Luckily, by seeking a reliable and professional business accountant, you can give your business the best start and make informed decisions that will help it to grow.
Read on to learn about the most important reasons for organising your business finances.
Correct tax
Filing an incorrect tax return could mean a financial loss for your business. Of the millions of tax returns received by HMRC each year, it’s estimated that 19% believe they’ve made an error or not understood the form fully. Miscalculations may result in an additional tax bill or a penalty, and not getting it sent of on time is just as bad. However, by hiring a business accountant or a professional taxation service you can eliminate all of these problems and have the security you need for your business.
Forecasts
How can you plan for the future if you don’t understand your financial situation? A bookkeeper can provide you with financial reports that will give you an overview or forecast of your business. If you’re thinking of expanding or want to see your business on a small and large scale, reports will provide this information. Is one area of your business doing better than another? Does your profit justify expansion? All of these decisions should be made with your past and current financial situation in mind.
Reducing stress
Rooting through piles of paperwork and not having a strong grasp on how your business is doing will cause you a lot of stress. As a business owner you should know exactly how much you’re making, what your outgoings are and how much your employees are paid. By organising your finances you’ll know exactly where to look for these pieces of information, so you can feel more in control and less overwhelmed.
If you’re looking for a team of professional accountants, then look no further than Barron & Co Ltd, based in Birmingham. From big businesses to small, we’re on hand to keep your finances up to date, organised and as profitable as they can be. Improve your efficiency today and join the list of businesses who choose our premium service. Get in touch today for more information.