1. Help you understand your obligations
A Xero study revealed that a quarter of small business owners didn’t understand their tax obligations. Naivety and misunderstanding when it comes to tax obligations can be costly.
Your accountant should take the stress away from you. They should keep you up to date with regulations that affect you, giving you plenty of notice for approaching deadlines.
2. Help you get you off the ground
Many small and start-up business do not hire an accountant. Accountants are seen as another expense, but hiring an accountant will help you get off the ground and help you grow.
As accountants we deal with more than just the numbers, we can help you make sense of them. If you are starting up we can help you choose a business set up (LLP, LTD, or sole trader) that will suit you and your business.
3. Help you grow
Your accountant will understand the numbers on your final accounts and tax return. Your accountant should use those figures to help you plan for the future, they should be able to suggest changes you can make to increase your profitability.
Most business owners go with their gut when it comes to growth and expansion, but an accountant will help you manage your growth expectations and help you set realistic targets.
4. Help you pension plan
If you are self employed chances are you haven’t thought much about your pension. Afterall, why would you? You have a business to run.
Pension planning is important but often overlooked. Many people don’t think about their pension until it is too late. Your accountant will be able to help take the stress away from future planning by helping you plan for your pension. Your accountant will advise how much you should and can realistically put away each month.
5. Help you stay on track
Like many business owners you probably have financial goals and chances are you probably don’t keep a track of them. Your accountant should help you keep on track of your goals, and let you know whether you are on track to meet them. You should also be advised on what to do to stay on track of your goal.
Does your accountant help you understand the numbers and stay on track of your financial goals?