Five ways a good accountant can help your business

- Thursday, September 20, 2018

 

Five ways a good accountant can add value to your business

Hiring a good accountant can add real value to your business. Not only will they help you manage your finances, they will also help you make better business decisions, grow your company and save you time and money.

 

Grow your business

A good accountant will be able to offer guidance on taking your business to the next level and advise the best way to do it. They can do this by ensuring you structure the business properly and make sure you avoid pitfalls through accurate business forecasting.

 

Minimise your tax bill

An accountant will meticulously examine your business finances and check to see that you’re making full use of any tax allowances and any reliefs you might be able to claim.

 

Register your business for VAT

If your annual turnover is getting close to or the registration threshold, you’ll need to become VAT registered. Even if you are under the threshold, you may benefit from being VAT registered if you make most your sales to VAT-registered businesses. The cost to your customers will not change, as they will reclaim the VAT you charge. At the same time, you will be able to reclaim VAT on the business expenses you incur. An accountant can deal with VAT registration for you and will also be able to advise on the compliance needs for Making Tax Digital (MTD), which comes into force for all VAT-registered businesses above the threshold in April 2019.

 

Streamline your business finances

The development of cloud-based accountancy software has transformed the role of the accountant and how businesses deal with their finances. From creating and chasing invoices to quick bank reconciliation, software used by accountants, such as Xero, can help you keep on top of your business finances from anywhere in the world.

 

Help you manage change

Whether you’re growing your workforce, bringing on board a new business partner or wanting to become a limited company, accountants have a wealth of knowledge that can help. A good accountant can do much more for you than just balance the books.

 

For more on how a good accountant can help your business grow, contact Naylor Accountancy on 01892 807001.