Hiring a great accountant for your business can be immensely valuable. They will do far more than simply help you to manage your accounts. In addition, they can aid you in making better business decisions, help you to grow your business, legally ensure your tax bill is as low as possible, and save you massive amounts of time where admin is concerned.
Here are some perks to hiring a professional accountant for your business…
1. Business growth
A great accountant will be capable of helping you move your business up a level. They will be able to walk you through the best ways to grow your business, including making sure it’s properly structured and common pitfalls like overtrading are avoided.
2. Keeping your tax bill low
There aren’t that many people (other than accountants) who are fully versed on tax law and regulations. They will comb through every inch of your business and ensure you’re fully utilising your tax allowances, reliefs, and keeping your tax bill as low as possible.
3. Aid in raising finance
Accountants aren’t just for managing money, they can also help you find additional funding that doesn’t pose risks to your business. They can look at various options like loans, overdrafts and issuing share capital. In addition, they can aid you in selling company shares, as well as crowd funding and finding ‘angel investment’.
4. Registering you for VAT
Once your annual turnover hits £81,000, you will need to register for VAT. If all, or almost all, of your sales are made to VAT-registered companies, it may be beneficial to be VAT registered before you reach the threshold, as it’s possible to reclaim VAT for incurred business expenses. Your accountant can handle the registration process.
5. Manage change
As your business develops and grows, change is inevitable. You will start to hire more staff, look at options of going into partnerships, forming a limited company as well as various other changes, all of which your accountant can walk you through.
Are you looking for chartered accountants in Bristol? Get in touch by calling Dunkley’s today on 01454 619900, we’re happy to help…