Why bother with an accountant?
Every business person is looking for cost savings, so it’s tempting to believe that you can go it alone on bookkeeping, preparing accounts and tax returns. After all, an accountant’s main role is form filling and keeping the tax man happy, right?
If this sounds like you, you may be missing one of the main advantages of employing a firm of professionals. They could actually save you money and make sure your business growth has firm foundations.
It is not all about punching the numbers and keeping records up to date. An accountant worth their salt would help with the financial management of your firm, supporting you in shaping your business strategies and planning ahead for major investments and changes. It should be a working relationship that underpins all your forward thinking, as well as your historic financial data.
The working relationship you have with your accountant should include an in-depth understanding of your business as it is today, but also where you see it in the future. If you are seeking additional funding, hoping to lease new property or talking acquisitions and mergers, the first thing third parties will ask for is an airtight set of accounts dating back over the last few years.
On top of this, an accountant could one day save your business with their expert financial advice and foresight. And if your revenue is erratic – like the vast majority of businesses these days – a good working relationship with an accountant can ensure you’re not victim to the biggest of all enterprise killers, cash flow. One study by a bank reported that 82% of business failures arise from cash flow problems.
There are probably more important ways you could be spending your time than keeping up with your bookkeeping and other financial tasks. And even in the age of abundant “self-help” sources like YouTube videos, the most enthusiastic amateur would find it hard to get up to speed on tax laws, rules and regulations. Missed deadlines can mean heavy fines, which really does make DIY accountancy false economy.
So when it comes to choosing to work with an accountant in Sussex, it all adds up!
Click here and talk to us today to find out what this means to your business.
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