A small business owner's guide to hiring an accountant
What are the benefits of hiring an accountant?
It might be a good idea to hire an accountant if you do not have experience managing the financials of a business, as businesses that manage their books poorly can suffer.
What it takes to start a company
To create the foundation for a successful business, you must take a number of actions and implement systems. The following are some ways an accountant can help you:
Establishing a business structure that works for you
Providing financial analysis assistance for your business plan.
Advising on the type of accounting software you may need.
Opening a business bank account with advice and assistance.
Ensure that your accounting procedures comply with government regulations.
A guide to tracking expenses during your daily business activities.
Distinguishing personal expenses from business expenses.
Operational activities
In order to keep your accounting system running smoothly, you'll need to rely on your accountant. An accountant can assist you on a regular basis by taking the following steps:
Making sure you understand the ins and outs of your financial statements.
Managing payroll and payment processes for the company.
Estimating your tax payments for the year and advising you on how to do so.
How to send HMRC relevant paperwork, and when to send it.
End-of-year bookkeeping and financial reporting.
Providing HMRC with your tax returns, financial statements, and all other paperwork.
Developing a business
If you are ready to grow your business, your accountant can provide guidance and help you manage the process. Additionally, an accountant can:
Assess your cash flow patterns, inventory management, pricing, and financing needs to determine growth areas.
Support the leasing and purchasing of property and equipment
Prevent HMRC from auditing you
Provide you with guidance and preparation for an audit, if necessary
Make better business decisions by creating financial forecasts
Develop a business budget that supports your business goals
Depending on your financial situation, you might not need an accountant. An accountant can handle your annual reporting during the start-up phase, but you should work with a bookkeeper to manage your books regularly.
Identifying when you need the help of a professional and finding a certified accountant to assist your business with its finances is the most important thing you can do.
To find out more about Zyla Accountants and how we support Small Business, go to our website.