The last few months has had an unprecedented effect on the economy and on SME’s across all industries. Many business owners have had to make future defining decisions based on uncertain economic forecasts to ensure that their business is one of those that can survive after the pandemic. Appointing the right accountant is so important for SME’s right now.
Many of these business owners have had to do this with little or no financial advice from their accountant, some may not even have an accountant. Here at the Fabulous Group our strap line is ‘Be in Business for yourself, not by yourself’ and we strongly believe that all SME’s need to invest the time to ensure that they engage the right accountant for their business, now more than ever.
Owners of small businesses tend to spend a lot of their time juggling different tasks and taking on a range of responsibilities required to run a successful business. This takes their energy and focus away from promoting the company and generating sales. One area that business owners commonly try to manage themselves are the company’s finance and accounts.
Staying on top of the finances of a small business is often a bigger task than individuals appreciate, and that is why it is worth considering outsourcing this function to an expert in the field of accountancy in order free up time and resources within the company. The right accountant will be able to provide the company with a range of services that can be tailored for the needs of the company, which is why selecting the correct accountant to work alongside is an important decision for the business owner to make.
What services can the right accountant offer my business?
Most accountancy practices will offer the most fundamental services for a business, such as accounting, bookkeeping, tax returns and payroll. All are useful methods used to monitor expenses and measure your ongoing financial position as well as ensuring compliance with HMRC.
Ensuring that the company is compliant and making sure all of your employees are paid correctly and on time is onerous besides trying to run all of the other aspects of the business. Choosing an accountant that understands your business and its constraints is key.
One common conception amongst business owners is that the cost of using an accountant can seem expensive, particularly if you feel that you are relatively in control of your finances. However, when you calculate the time spent managing and maintaining your accounts and all of the other associated tasks, justifying the cost of an accountant can be a lot easier. The time you can spend investing in other areas of the business as a result can be vast. Choosing the right accountant will not only save you time, and in the long run money, but also makes for more efficient and user-friendly accounting.
Can finding the right accountant help your business achieve Tax efficiency?
Paying taxes is a given for any individual and business, but there are ways you can legally reduce your tax bill if you have the appropriate know-how. Tax legislation is complex and constantly evolving, keeping afoot with the changes can be difficult whilst juggling the other responsibilities of running a business, by appointing team of experts in their field would be a huge benefit for a small company. This has been proven over the last few months with the various Covid-19 business support schemes introduced by the Government.
An accountant can help your business be more tax efficient and reduce your tax burden whilst remaining compliant with the strict tax law. With the right accountant, who constantly monitors their environment you can be safe in the knowledge that your business remains compliant, and you are always taking advantage of any potential tax savings on offer.
Does using the right accountant help save your business money?
The amount of time and money an accountant can save you has been outlined above along with the tax efficiencies they can help your business achieve. In summary, the right accountant can be a great asset to your company and not only help you save money but generate money too. The relationship between you and the accountant needs to be harmonious and it is important that you find an accountant that fits with your businesses values and culture and is going to work with your business to ensure your finances are well maintained, regularly reviewed and exceed your expectations.
Here at Fabulous Financial we pride ourselves on the service that our team of highly trained and qualified finance professionals offer to a range of clients. We take the time understand your business, what you want to achieve and how we can assist you along that journey.
Be in business for yourself, not by yourself, contact us today, so that we can support you on your journey.
Contact us at [email protected]
About the Author
Andy Springthorpe is Head of Compliance and Advisory at The Fabulous Group a role that he has held since Autumn 2019. Andy’s career has been spent within local Accountancy Practices, dealing mainly with SME’s from a variety of industries.
With over a decade of experience advising clients on their tax affairs and advising on tax efficient strategies Andy has gained valuable experience with dealing with the needs of clients in various scenarios.
As a Fellow Member of Chartered Certified Accountants, Andy has built strong relationships with existing clients and has assisted in the growth of both established and start-up firms over the years and relishes making an effective contribution to his clients businesses.