From reducing your tax burden to providing you with expert advice and local opportunities, there are many ways that North East accountants, such as ourselves, can support your business’ growth.
In this blog post, we will be looking into ways in which an accountant can take the stress out of business accounting.
An accountant can assist you in improving your cash flow
Cash flow issues are a leading concern for 71% of small and medium-sized business owners.
For the financial health of your business, it is important to incorporate effective cash flow management into your strategy to enable a consistent flow of funds and guarantee that the necessities of operating a successful business are being met.
An accountant can assist a small business in improving its cash flow in a variety of ways. Sometimes it takes an outsider's eye to notice where money is being wasted; hiring an accountant to review your figures can give a new perspective on your company's finances.
An accountant would be able to identify areas which are causing financial problems, whether it is due to clients not paying invoices or overspending, and then assist you in developing a solution to solve your cash flow problems.
An accountant can help you reduce your tax bill
SMEs are subject to a variety of taxes, including corporation tax, capital gains, and national insurance. It can be difficult to balance the added pressures of accurately calculating these bills alongside running a business.
With ever-changing tax laws, few business owners manage to stay up to date with current tax rules and regulations. This is where a professional accountant can help. An accountant has the ability and expertise to examine your business finances with a careful eye to ensure that you are taking full advantage of government incentives.
An accountant will work hard to reduce your tax bill by determining which expenses and assets you can claim tax relief on, if you qualify for any tax allowances, and ensuring you are on the best VAT scheme for your business.
An accountant can provide advice on how to grow your business
SMEs are often established by entrepreneurs who want to turn their dreams into reality, but lack the accounting or finance background required to manage their company's finances.
An accountant can identify areas for business growth by reviewing cash flow patterns, inventory management, pricing, and business financing.
They can play a critical role in providing accurate and transparent financial reports that will provide a clear understanding of your financial position. From this, you can make more informed decisions by identifying business KPIs and developing effective growth strategies.
Remember that experienced accountants are likely to have previously worked with businesses in your industry. This means they may be aware of potential obstacles in your sector and can advise you on how to overcome them, as well as come up with strategies to fuel growth.
Free up your time for other tasks
As a small business owner, it can often feel like there is not enough time in the day to complete all of your tasks. Many business owners end up with a never-ending checklist, which can cause feelings of overwhelm and low levels of productivity.
This is where an accountant can help. By relieving the burden of your financial management, you gain more time to focus on day-to-day operations, business growth, and customer relationships.
With their assistance, you have the time to devote your full attention to your products and services, and you can delegate tasks you dislike so you can spend more time doing what inspired you to start your business in the first place. Furthermore, knowing that your bookkeeping is in the hands of a professional will alleviate the feeling of stress that comes with putting off your financial tasks.
Implement internal controls and systems to minimise errors
Accounting is more than just balancing the books; it is also about minimising errors and establishing watertight systems to help your business run smoothly on a daily basis.
It is difficult to keep track of all of your finances manually, and human errors such as transposing numbers or incorrectly categorising transactions can easily occur.
An accountant can help you avoid these mistakes by implementing accounting software systems that automate account processes. This provides real-time financial data and ensures your company adheres to HMRC's standards and regulations.
Hiring an accountant who can implement this software, such as ourselves, can help your company establish a solid foundation for accurate, efficient, and error-free financial management.
How One Two One Accounts can help
As a small business owner, you will make all of your important decisions based on or influenced by your finances. This is why hiring professional North East accountants who have regional knowledge and experience is critical. They will guide you through financial processes, local incentives and tax relief schemes and advise you on the best course of action for your business' success.
At One Two One Accounts, we have 15 years of experience in the accountancy sector and are well-placed to support small businesses. We have a thorough understanding of regional accounting processes and schemes available to businesses across a variety of sectors.
We can offer your company a value-added, proactive, personal approach to accountancy, whether you come to us for VAT returns, bookkeeping, or accounts production.
For assistance and guidance from experienced North East accountants, get in touch with a member of our team today.