Five ways your accountant can save your business money

accountants

Many small business owners manage their own finances but if you choose to employ an accountant, you may find you save your business money in the long-run.

More than bookkeepers, accountants are trained professionals who frequently see companies growing from new enterprises to established businesses. With their insight and skills you could be well on your way to tightening your finances and running your business in a way best suited to you.

  Tax Planning

Tax regulations can be a maze and it can be very difficult to stay abreast of all changes to the law. Thanks to their expert knowledge on a range of tax planning options, your accountant can help you make the most of each tax year and advise on the most tax-efficient plan your business.

Your accountant can also save your business money simply by keeping on top of tax deadlines. While some penalties for late submission are smaller than others, they all add up and ultimately this is money that would be better invested in your business.

Cash Flow Advice

Having control over your costs and a good bookkeeping function can help with cash flow in your business. With a wealth of knowledge, your accountant can help you to spot trends in your incomings and outgoings, allowing you to accurately predict your finances and keep your cash flow secure and reliable.

Business Growth

Accountants often see businesses grow from new start-ups to established profit-makers. Their experience means they can be key advisors for your business plan. From identifying your most valuable clients to monitoring your growth and setting realistic targets, accountants can support your business growth in a timely and sensible way. Taking the right steps could be the difference between boosting your profits and curtailing your business development and potential investments.



Time Saving

Any small business owner knows how precious time can be and your accountant can save your business money by saving you time. By taking responsibility for going over your books and keeping on top of tax deadlines, an accountant can help to free up your schedule You’ll have more time to invest in client relationships and the work you originally set out to do.

Mistake Management

Finally, be honest with yourself – how do you feel about numbers and admin? This may seem like an obvious requirement for a business owner but many people don’t have the skills or time to keep up with basic finance administration.

Having a professional accountant looking over your paperwork can help streamline the financial process and make sure you aren’t fined for simple slip-ups. This also applies to claiming expenses, not only saving you money in places you hadn’t considered but also ensuring everything is above board – and thereby minimising the chance of being fined.

Your accountant can save your business money in surprising ways. By assisting in everything from everyday bookkeeping to developing a business plan, your accountant can not only help you cut the odd cost here and there but also make long-term adjustments that will save you money. Talk to an accountant today and see how they may be able to help you.

Hasib Howlader is the director of Howlader & Co, as well as a chartered accountant, chartered tax adviser and licensed insolvency practitioner.