The benefit of an accountant when you own a SME
As the owner of an SME, work can often mean that you’re working on your own or with a very small team in your day-to-day dealings; be it with existing or possible clients, handling suppliers or when dealing with advertising and marketing activity.
Even if you have a small start-up, there’s a huge benefit to having an accountant on board from the earliest days of operation. Even though you may feel it’s an unnecessary expense when you’re only at the beginning of the path to profit, it can save you headaches later on.
The ways an accountant can benefit your company
Choosing an accountant who specialises in working with small and medium enterprises means that they will be completely up to speed with your financial requirements – sometimes even before you realise you need their help.
They can be part of your operation from before day one as you can ask their advice, gaining input into your overall business plan and can help if you are looking for funding from your bank in the shape of how to apply for a loan. An accountant will know the best financial institution to approach in the area and, once you have the funds in place, your accountant can handle all the aspects of registering your company. All of this can be handled by an experienced professional, freeing up your time to get on with all the other jobs which need to be carried out. And this comes with the peace of mind that your business starts and grows with your banking and tax affairs in order.
During the financial year
The job of an accountant isn’t just dealing with tax bills at the end of the financial year. They can be a boon at any time and if you aren’t sure your finances are carrying your business forward. If this is the case then they are available to perform a thorough financial audit. You’ll know it will be impartial and the results will be explained to you in a way that you can understand, rather than battling through invoices, bank statements and wage bills on your own. They can also help with your payroll, VAT legislation and general bookkeeping.
The financial knowledge of your accountant will be vital right from the outset. Even the smallest of businesses can, for one reason or another, have complex tax situations and the ongoing tax management can mean that there won’t be a big shock when it comes to filing a return.
When you go into business, unless you enter with legal training, there’s very little chance that you’ll have knowledge of your legal liabilities in a number of areas. This is another benefit of liaising with an accountant, as they will the relevant knowledge that you may not.
Recruiting the right accountant can take a little time. You need to find someone who is qualified and knows your industry. They also need to be affordable, can easily be contacted and are able to explain things to you in terms that you understand.
So it’s in the best interests of your business to look at the nuts and bolts of what makes a company tick, and an accountant is the cornerstone of the majority of businesses who go from financial strength to strength.