As any small business owner will tell you, the challenges they face can often seem overwhelming, and without seeking help from a third party, it can be difficult to handle them while still managing all the other aspects of their business.
Fortunately, accountancy services exist to help small business owners with these challenges, and below are some occasions when your small business could benefit from their expert guidance:
1. Writing a business plan
An accountant will use accountancy software to add financial projections and other reports to your business plan, making it more accurate, professional and likely to be successful.
2. Selecting a legal structure
Different legal structures exist for businesses, and choosing the right one for yours, is made easier when an accountant can help explain each option to you, along with their pros and cons.
3. Managing your finances
Even for small business, accounting can quickly become complex if not kept on top of, but with an accountants help, you can keep track of your money and get a better understanding of your company’s current financial situation.
4. Dealing with HMRC
Tax filing and compliance is a huge responsibility for all small business owners, but by hiring an accountant to help you with it, your tax documents can be prepared correctly and submitted on time. In many instances, an accountant can even help you same money on your tax bill and recoup the cost of hiring them.
5. Being audited
While audits are rare occurrences, they can still happen, and if you get audited, you’ll need a tax professional on your side to advise you on how to work within the investigation process.
6. Applying for a business loan or overdraft
An expert such as an accountant can significantly improve your chances of being successful when applying for a business loan or overdraft, and can help you make the right choices throughout the entire process.
7. Your business is expanding
The transitions that typically happen when a company starts to grow can quickly become complex and stressful if not handled with due diligence, but with the expert help of an accountant, you can easily handle payroll, employee tax management, property tax, utility payments and much more.
8. You consider taking on a franchise
An increasingly popular method of getting a foothold on the business ladder, taking on a franchise comes with its own set of challenges, and if you’re new to running a business, it’s not always easy to tell if the opportunity will be fortuitous. With the expert guidance of an accountant, on the other hand, you can make a more informed decision once they’ve helped you understand the financial implications of taking on a franchise.
With so many challenges facing small business owners today, tackling each one alone can be a daunting prospect. With this in mind, many choose to simplify the entire process by hiring the services of an accountant, and not only avoid the stress and hassle of going it alone, but in many cases, save money in the long run, too.
|If you think you need help or would like to speak to someone about outsourcing accounting support, then please get in touch with our team today.