A small business owner has a lot of plates to spin. They are at once owner, manager, and cleaning staff, responsible for human resources, admin and front of house. They also need to balance the books and ensure that they are turning a profit. When there don’t seem to be enough hours in the day to fulfil every role at the same level of perfection, it may be time to hire an accountant to help with the financial aspects of running the business.
There are many ways in which an accountant can add real value to your business. Their role is versatile and can be tailored to your specific needs. In this article, we will discuss 5 ways in which an accountant can transform your business.
1. Manage your accounts
Whether in Sutherland or Stroud accountants are highly qualified financial experts with a particular focus on budget control, revenue and financial management. They can help you to create and manage your balance sheet to keep on top of your spending and to ensure that your business remains profitable.
2. Data-driven decision making
Accountants such as https://www.randall-payne.co.uk/services/accountancy/stroud-accountants are well versed in analysing a business’ financial data to help you to develop both long and short-term strategies to achieve your aspirations.
3. Help your company to grow
Accountants can help business owners to decide which investment opportunities they should progress, and when, based on sound analysis of financial data. They use metrics such as net present value and internal rate of return to support you in advancing your business growth plans.
4. Benefit from tax efficiencies
Accountants will ensure that you are claiming all of the tax allowance and reliefs to which you are entitled. They understand the intricacies of UK tax law and can explain it to their clients in simple English, protecting them from mistakes and inaccuracies which can incur penalties.
5. Save you time
By outsourcing financial management to a dedicated accountant, you will save time and be able to focus on areas of the business that are within your ability to influence.