4 ways an accountant can save you money

4 ways an accountant can save you money

Small business owners trying to manage their own financial affairs could save money by using an accountant that knows small businesses inside and out.

So if you are struggling with bookkeeping, payroll or any other aspect of small business accountancy, consider saving time by employing a qualified accountant. You will save money as well as time, which we all know, is also money!

How an accountant can save you money

Cash flow and financial forecasting

One area that we have looked at before, is cash flow and financial forecasting. If you struggle to manage your cash flow you are more likely to struggle to run your business.

Forecasting your business finances will help you make informed decisions about your cash position. It also helps you spot issues before they become a real problem.

By getting into the discipline of updating your cash flow each week, you’ll better understand how your business works. Our help preparing your forecast means having control of your finances, reducing your need to borrow to make ends meet.

Tax advice

Whether you are self-employed, are a partnership, limited company or otherwise, there are different tax regulations to adhere to.

Tax regulations can often change, too, and failing to keep up to date could inadvertently land you with a penalty.

By helping you keep up to date with tax deadlines and efficient planning, you can make the most of each tax year. Not having to pay penalties for misunderstanding complex regulations means you’ll have more to invest in your business.

Cutting out mistakes

Unless you have trained as an accountant or bookkeeper, it can be easy to make mistakes even if you’re good with numbers!

If a qualified accountant checks your paperwork and streamlines your financial processes it means you won’t make mistakes when submitting it to the appropriate bodies, such as HMRC.

An accountant will also make sure you are claiming for the correct, allowable expenses, which means you won’t end up with a penalty later.

And if you have missed out on an allowable expense, employing an accountant means they will save money you might have given to the taxman!

Freeing up your time

Your time is valuable! It’s a lesson you should learn early on when setting up a business. For every minute you are not working on your business you are effectively losing money.

By handing those tasks to a qualified accountant, it will free up your schedule to invest your time on new clients or building your business relationships.

And because a firm, such as Concept Accountancy, also employs an experienced team, they will do the work more quickly.
As a result, everyone’s time is used more effectively!

• If you run a small business and want to save money, contact us for a free, no-obligation chat and tell us what you need.