Your accountant is the person who tracks and manages your financial records, more importantly they are who you rely on to submit your tax returns. A good accountant is so much more than that. If you want your business to grow then your accountant is an incredibly valuable asset. Let’s look at how a London accountant can save your business money.
What they do
What can your accountant do for you? While many business owners only use them for tax preparation they can offer some sound advice when it comes to saving money, financial planning and what is happening in the industry. Your accountant is far more than a bookkeeper, they can also help your business become leaner and more profitable.
When you first hire an accountant find out what they can work with you on besides your taxes, here are some ways an accountant can help you.
Management and Planning
If you’re business is new or you’re looking to expand then your accountant is crucial for helping you put together a viable business plan. If you have been in business for a couple of years they can look into your books and help you streamline where you need it. Here is how an accountant can help with your business plan.
Free Up Your Time
As a business owner you have a lot of tasks and little time to do them all. Turning over your accounting and bookkeeping to people much better qualified than you to look after it gives you time to work on other things. Things that are more profitable. It is your job to steer the ship not handle every detail yourself.
Unless your business is tax law or some area of financial planning then it is safe to say that your expertise lies in other areas. If you are a mechanic, you know cars, if you’re a chef you know food, accountants know finances. Hiring an expert while you focus on your business is the best way to keep your business going.
Setting Up Your Books
If you’re new in business then you need your whole accounting system set up and if you have been around awhile they can make sure that you and your staff are recording transactions properly.
Lastly, your accountant can help you save money on your annual tax bill. Taxes need to be submitted on time or you face heavy fines and penalties. They keep current on any changes to the law and how they can impact you. They can help you save on your tax burden by maximizing deductions, and if you get audited they are there to help.