Many small businesses manage their own book-keeping and accounts, but doing so could mean that you’re missing out on valuable savings. We look at some of the most common signs that your business could benefit from an accountant:
#1 Your Business Is Overspending
Are you struggling to meet budget every month? If your business is overspending then it’s important to bring in an outside eye to look over your finances and see where you can streamline costs. An expert accountant will be able to recommend the necessary areas to make cuts and weight your budget in order to achieve financial success.
#2 Your Accounts Are In Disarray
Do you have paperwork all over the place? Unorganised books can be a huge drain on time and lead to incorrect filings of your accounts. An accountant will organise your finances efficiently and help you get your accounts back in a good position.
#3 Tax Deductions Are Confusing
The subject of tax can be an overwhelming one – particularly when the penalties for filing incorrectly are so high. If you’re getting confused over tax deductions and other legal policies surrounding your returns then investing in an accountant could give you peace of mind.
#4 You’re Not Calculating Expenses
Are you keeping records and receipts for all of your expenses? If you’re not claiming the full amount that you’re entitled to then you could be overpaying your tax bill by a huge amount. An accountant will be able to inform you of everything you can claim for, saving you huge amounts of money.
#5 You’re Ready To Grow Your Business
If you’re ready to grow but don’t know how to go about doing so, then an accounting consultant is the perfect type of support to bring onboard. They can advise on the most profitable areas of business, forecast any cash flow issues as well as advising on the current financial state of the market that you’re looking to grow.
#6 You’re Struggling To Set Aside Savings
Are you being hit by a larger-than-expected tax bill each year? If you’ve not calculated how much your business should be setting aside then you can be greeted with an unwelcome lump sum at the end of your financial period. An accountant will help you get your payments in order and identify how and when you should be setting aside savings for the future.
#7 You Have Limited Time Resources
Keeping your company’s books is a time-consuming process. Bringing an accountant onboard can free up those resources, giving you time to focus on other important areas of the business.
#8 You’re Trying To Scale Your Business
When a small or medium-sized business is growing rapidly it can be hit with many unforeseen ‘teething problems’. An accountant will help reduce that risk – helping you identify the investments and growth you can afford to make, and how to do so efficiently.
#9 You’re Not Planning For The Future
Every business should have a strategy for the future. Whether it’s a one-year, five-year or ten-year goal that you’re working towards, it’s important to have a future target and be working towards that. An accountant will help you plan a strategy for the future and ensure that your financial situation can help you realise that dream.
#10 You Need Support Using Cloud Accounting
Have you invested in a cloud accounting solution like Quickbooks or FreeAgent? A cloud specialist accountant will be able to help your team onboard to the platform and make the most of the software’s capabilities.
Expert Accountants In Birmingham
Engage Accountancy provide expert financial solutions for businesses of all sizes across Birmingham and the UK. Get in touch to find out more today!