As a small company, there is a temptation to keep everything in-house, relying on a core team to handle every aspect of the business from recruitment and sales, to accounts, tax returns, and more. This is an inherently limiting approach, however dedicated or talented your team might be. If you want to grow as a company, there comes a point where you need to delegate some key responsibilities to experienced professionals.
In this article, we look at five key reasons to use an accountant if you’re a small business owner.
Accurate documentation to avoid an audit
Most audits are demanded because a company’s tax returns contain too many mistakes, insufficient documentation, or other discrepancies. By partnering with an experienced accountant, you ensure that you have the right documentation to submit to HMRC and that all income and expenditure is accurately accounted for. A neat, detailed tax return completed to the letter greatly reduces the risk of an audit being called.
Improve your cash flow
Having cash assets readily available is one of the cornerstones of running a successful small business. A good accountant can ensure that you have the credit and the cash you need, when you need it. Quality cash management services allow you to cover your immediate expenses and your long-term financial responsibilities by keeping a positive cash flow at all times.
To maximise tax efficiency
Delegating your accounts to a trained and experienced third party is the best way of developing good financial practice at your business. Instead of relying on well-meaning staff members whose knowledge of the tax system might be out-dated or based on false premises, you have the benefit of an experienced business partner with a detailed and up-to-date understanding of how to maximise efficiency at your company.
Understanding new trends and regulations
We live in a digital age and even the world of business accounts and taxation cannot escape change. Some of these changes affect all UK businesses, while others are industry-specific. It can be difficult to keep yourself informed of all the latest trends and regulations that might affect your business. As experts in the field, a professional accountant will know what changes are in the pipeline and how they will affect your bottom line.
Sustainable growth and future planning
As your business grows, it’s important that you can manage your plans for expansion in a sustainable manner. From acquiring funding and hiring the right personnel to managing your cash-flow effectively, you will need assistance from experienced professionals. A trained accountant can help you manage your operations more effectively, providing expert advice and practical solutions that allow for comfortable growth at a pace that works for you and your company.
Reasons to Use an Accountant: Final Thoughts
If you run a small business in the Dudley and Stourbridge area and want to enjoy the benefits of a professional accountancy solution tailored to your particular needs, call PPG Accountants today. Contact us on 01384 255 110 or send an email to info@ppgaccountants.co.uk to arrange a free consultation with one of our experts
