Every business, big or small, needs to hire an accountant to protect the financial integrity of the organisation. Many business owners think that with the assistance of handy software such as QuickBooks, they can personally handle the accounting, and truth be told, that is the biggest mistake a business owner can make.
When business owners decide not to hire an accountant, they are usually motivated by the savings they think they will achieve, but fact of the matter is a good accountant can be one of the most worthwhile investments made in the business, and in the end can end up saving the company money.
Hiring the right accountant can be an asset to your business, no matter how small, and can provide many benefits at various stages of growth, such as described below.
During Start-up
During the all-important start-up phase of a company a great accountant can be beneficial in providing advice as to what type of company is best suited for the business model, as well as assist in making decisions in regard to maximising profit. The right accountant will also be able to advise and guide you through the financial section of a business plan, allowing you a more professional outlook on what’s to come.
Day to Day Operations
When it comes to the daily operations of a business there are many services an accountant can provide. These services include managing the recording of financial transactions and ensuring compliance with the law, overseeing payroll and helping to find cost savings from various vendors, and from within operating costs. In addition, an accountant will handle all aspects of tax preparation, such as payroll deductions, financial reports and necessary deductions. Choosing the right accountant will ensure that a business is able to properly plan for changes in expenses and growth, creating a financial safety net so the business never faces hardship.
During Periods of Growth
A good accountant is critical to a company during periods of growth, and businesses are able to benefit from their expertise in several ways. An account will provide valuable advice, in addition to financial reports to indicate how growth should be handled, as well as provide insight as to opportunity. They will also help with every aspect of business including planning for expansion, opening new location or even selling if need be. Using an accredited accountant safeguards a business from having to experience an audit or can help work through the process of an audit with you should one occur.
During Financial Hardship
If a company is experiencing times of financial difficulty an accountant can help to manage the situation by helping to identify problems within the business and developing new plans to bring the finances under control. They can also be useful in working with creditors to organise payment arrangements, handle any liens and negotiate interest rates, directly affecting the financial situation of the company.
A great accountant will offer the flexibility needed to meet the needs of individual owners, whether it is on a full or part time basis, steering the business towards success and financial stability.
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For initial advice about Accounting and Taxation, call our team on 0203 488 7503, 01992 236 110 or contact us by email at welcome@walshwestcca.com or via our website www.walshwestcca.com and we will help you.