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Why every small business needs an accountant

As a small business owner, you likely have enough on your hands, overseeing every single detail of your company’s operations. The better your business does, the more difficult it is to juggle everything that needs doing. Inevitably, tasks are left until late or missed entirely.

Most likely, these tasks include keeping a proper log of all your financial transactions. This may be a small batch of monthly invoices, a manageable petty cash float and a wage for you, or it may include paying for a small workforce, property rental, materials and tools.

We understand that this happens, but letting your accounts become one of those undone tasks can be very damaging especially for a small business. Read on to find out why.

Keeping the tax authorities happy

Making sure that you are paying the right taxes, getting the correct tax breaks and keeping your head well above water is essential to business growth. You only have to get it wrong once to end up with a big fine, or make a costly decision.

A fine from the taxman can easily completely wipe out months of profit, not to mention the hours and hours you will waste backtracking and sorting everything out. In the end, it’s far more economical to keep good records and submit accurate accounts.

Let an accountant take the strain

Paying an accountant is worth it to free up precious time and energy to grow your business in different areas. Unless you are a financial professional (and even then) an accountant will relieve a lot stress on you, making it far easier for you to focus on growing your company.

Help to work out what you need to do to expand fast

Having an accountant also means having someone with a solid financial background who can offer advice on growing and developing your company. This is worth its weight in gold to any new business set up; by looking at your current situation, an accountant will be able to help you with a solid financial forecast of your company. This will help you to work out the fastest way to grow your business.

Types of accounting services that work well for small firms

There are different ways to employ an accountant. You can keep your own accounts and hand them over to a professional to check your work, or you can give them every receipt and invoice and ask your accountant to do the logging for you.

Provided you choose your accountant wisely, the money your business saves will end up paying for their services and more.

Posted by Louise
December 11, 2015
Accounts

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