When you first started your journey to self employment, how much time and expertise did you realise would be involved in keeping your accounts on track? It’s a daunting and time consuming process, and that is exactly where your local accountant can come in handy. There are numerous ways a local accountancy firm can be beneficial to your business, but here are five of the most influential:
Paying the right tax
The tug of war between not wanting to pay too much tax, and wanting to avoid getting into trouble with HMRC for not paying enough can be a difficult balance to hit. An accountant is qualified to accurately calculate your expenses and income, so you can confidently know you are paying the correct amount of tax. Allowing you to benefit from significant savings, whilst avoiding any costly mistakes.
Managing your cash flow is one of the most underrated processes when running a business. Your accountant will be able to help guide you on how to best ensure your cash flow will withstand unexpected eventualities. This process will also be beneficial in ensuring your tax bill doesn’t come as a nasty surprise and you have enough set aside.
Setting up Your Business
Just starting out? One of the greatest benefits of having an accountant is that they are qualified to advise you on the best legal structure for your business. Knowing whether you are best to remain as a sole trader or become a limited company can be a minefield. Your accountant will take into consideration the different financial implications and which will be more suitable for you.
Taking on the task of maintaining your accounts by yourself is time consuming and can be costly. Especially when you take into consideration this is valuable time you could be spent doing your day job. Hand this responsibility over to your local accountant and ease your workload.
Business Advice – Work With You Side by Side
A good accountant will be there to advise you on all your accounting related issues, no question is too small, and this shouldn’t come with an additional charge. At M&L Accountants we work with you side by side, as we want the best for your company.
Get in touch with us today to find out how we can help you.
We believe that a personal approach to client management is important and we ensure that we always go the extra mile to make sure that your accounts are up to date and comply with all regulations. With our expert knowledge we are happy to advise you on all finance related matters.