Hiring an accountant can often fall low on the list of business priorities, particularly when you’re a small business that’s concentrating on survival. For many, the need for an accountant only becomes a priority when the tax return deadline looms ominously near, which is a shame because skilful accountancy is one of the factors that can make or break future corporate success. Take a look at three reasons your accountant should be with you from the start for far more than annual returns.
Future business planning
There’s been plenty written about the importance of business planning, but what information plays a key part in informing the process? The answer is obvious: financial data is vital to give a basis for sensible strategic decision making. Your accountant can not only give you an accurate picture of your bottom line, they can also offer business advice on how your plans may be affected by the morass of rules and regulations that constitute current tax legislation.
Particularly when you’re starting out, the majority of businesses opt for sole trader status or become incorporated to form a limited company. Online accountants can quickly and easily advise on the pros and cons of maintaining your current form and make sure you are aware of other options, such as trusts or partnerships, which may serve you better in terms of tax relief whilst still enabling you to deliver all your objectives.
When things go wrong
Your accountant can only alert you to financial danger signs if you’ve had an on-going relationship with them. It’s normally wise to get sound accountancy advice before you realise you’re in a fiscal pickle! Remember, it’s never too late to call in an accountant; frequently, they can come up with creative solutions to your financial worries even when the business is in dire straits.
With so many benefits, it’s little wonder that when utilised correctly, accountants in Medway play an influential and powerful role in determining business success. Don’t wait until tax time to hire one! Act now to secure your business’s financial future with helpful accountancy input.