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In this blog, we’ll talk about why it’s good to hire an accountant for different reasons and how certain aspects can affect this idea.
Legal structureNot all businesses have the same legal structure. There are different types of businesses which are determined by a number of factors. Some of these types include limited companies, limited liability partnerships or corporations, sole traders or proprietors. These vary from one country to another. You should carefully consider each type before deciding which one best suits you. An accountant can explain the legal business structures available and help you choose the one that best suits you.To find out more on being a sole trader vs limited company, click here to read our dedicated blog post.
FinancesAccounting can quickly become complex if you do it on your own. If you feel you're losing control of your finances, we can help you get back on track. You will have access to your own company dashboard 24/7, which will help you understand your company's current financial situation at a glance. This will help you monitor the pulse of your business and keep track of important things like cashflow, profit and loss, and money available to you. We will also send you a monthly report to highlight the business’ financial position to date and highlight any suggestions, improvements, and help you keep track of upcoming dates and deadlines relevant to you.
DelegationWhen you’re a business owner, the one thing you like best is that you have control. You can set your own working hours, craft your business strategy, regulate your workload (at least to some extent) and determine your own finances. Being the master of all of these things is a wonderful and liberating feeling; however, sometimes it can stop you from delegating. Business owners can feel overworked, partly due to a reluctance to allow other people to help out. You might feel that no one can possibly know your business as well as you do, therefore nobody can handle any part of your business as well as you can. Inability to delegate can mean you’re left feeling overworked and stressed. At some point you will have to let go and learn to trust other people to handle some parts of your business so that you can look after the rest.Delegating your company's financial affairs is a good start. By allowing us to help you manage your finances, you will have more time to concentrate on other aspects of your business. Not only that, but we have over 20 years of experience in the accounting field.
GovernmentIt can be daunting dealing with government paperwork when you run your own business. This is why so many small business owners hire an accountant when the first tax filing is due. However, as accountants, we can also help you cope with more than just tax returns. We can help your company interact with the government in other ways.We are able to:∙Complete and file the required legal and compliance documents for your business.∙ Keep your company up to date with the latest tax laws.∙ Prepare statutory accounts.∙ Keep your company's status updated in the government's company register.∙ Maintain records of directors and other administrative personnel.Preparing your tax documents correctly could save you money and we can also use our knowledge of tax laws and legislation to suggest ways you can free up cash flow, save money and raise capital for expansion.
Tax InvestigationIt's statistically unlikely that your company will be investigated, but if it does happen to you, it can be expensive, stressful and time-consuming. If you don’t already have an accountant at this point, it’s a good time to hire one. We can give you advice on how to work within the investigation process, as well as ensuring you don't violate any tax laws afterwards. Then again, it's better to hire an accountant before an investigation ever happens.
Applying For A Business Loan Or OverdraftRecently, lending to small businesses has dropped in most countries. This makes it all the more important that you have a sound business case when you apply for a loan or overdraft. As an accountant, we can help improve your chances. Even the fact that you have an accountant might sway the bank in your favour, as it implies, you're serious about your business. With many years of experience and knowledge, we will be able to answer any questions your bank might have about revenue projections and expenses.We can also help you choose which loan to go for and tell you whether your bank’s terms and conditions and interest rate are favourable to you.
GrowthCompanies don't always grow at a steady rate. A new client or a big project can mean you need to grow your business more quickly than expected. Having us as your accountant, we can help you handle growth transitions and look after the payroll, employee tax management, property tax, utility payments and so on. This will allow you to look at the bigger picture of the way your business is growing.
FranchiseTaking on a franchise is a popular method of starting up in business, especially in areas such as car valeting, cosmetics supply, lawn-mowing, courier delivery operations and fast-food restaurants. With a franchise, you can still be your own boss, yet in return for a share of the revenue or business equity, the franchise company will support you with brand marketing, sales, product supply and other important matters.This can take some of the risk out of starting a new business. But on the downside, you will have less commercial freedom and increased overheads, because some of your income will go to the franchise parent company. Franchise contracts vary, so the amount you pay and keep will also vary. It can be hard for someone new to running a business to tell whether it's worth taking on a particular franchise.That's where we can help. We can look through the franchise contract to find out the fees and percentages charged, then help you estimate your likely income after those costs have been deducted. Only you can decide whether you then want to take on the franchise or not. But armed with detailed knowledge of the finances, you can make that decision with greater confidence.
Selling A BusinessHaving us as your accountant, we will put your company's financial records in order and produce statements of accounts that you can show to prospective buyers. We can also talk to any potential buyers accountants during the due diligence process, which is often a legal requirement when a business is being taken over. Perhaps most importantly, we can help you structure your financial affairs so that you get the most money from selling your business. Depending on how the sale is structured, the amount of money you receive after tax can vary considerably.
ConclusionAs you can see, accountants can help you out during every stage of your company's development. In rare cases, you won’t need an accountant; however, it is extremely stressful, time-consuming and complex. Your speciality is running your business. Leave the financial details to us. Contact us today here or find out more by visiting our services page.