Many of us experience dread when it comes to managing our taxes, afraid that we will make innocent errors that will appear illegal and result in hefty fines. Despite the difficult relationship you may have with managing your accounts, they are a necessary component of any business. However, as your business grows, you may find that you do not have the time or knowledge to effectively manage your business finances on your own – are you in need of being rescued by an accountant?
You’ve set up a business – the concept you have so passionately devoted your time and money to has successfully come into being. However, all of the accounting terms and creating of reports are completely overwhelming – perhaps your kitchen table is covered with financial statements that you’ve spent all weekend attempting to put into some sort of order. Improper bookkeeping can restrict your ability to budget soundly and forsee future gains or losses. Not to mention that failing to complete correct and informative tax returns can result in heavy fines from HMRC. An accountant could be your knight in shining armour- they can assist you with all aspects of business finance, construct a tidy set of accounts that can be presented to investors, and ensure that the right forms are complete accurately and on time.
Your business is rapidly expanding – this is fantastic, but from a financial point of view there is an overwhelming increase in paperwork that is now taking you away from more important tasks. Finances that were previously balanced with ease have now evolved to become much more complex, or the hiring of employees has led to a whole new set of rules that you are struggling to get your head around. One helpful method we use at KFS is receipt bank, so that bookkeeping can be mobile and up-to-date. Accountants are not limited to only assisting with numbers; they can also be utilized as a sounding board as they will come to know your business almost as well as you do.
Cash Flow Issues
Cash flow is the backbone to any company, and any problems can quickly make your business financially vulnerable. Hiring an accountant could also be a strategic way to save money by then paying the minimum tax necessary, as well as helping you to reduce susceptibility to any spiraling financial issues. Completing forms correctly is one thing, however doing them in a way that takes advantage of the ever-changing tax laws is another. This can ensure that you get the most out of your tax and capital allowances. Additionally, it is always beneficial to get an extra pair of eyes to assess where you could potentially cut costs or make adjustments to increase your profit margins.
For more tips, help and support, visit the KFS group website @ www.online.accountants
– The KFS Group Blog Team