What does an accountant really do?
Most people think of accountants as the people who help you file your taxes, but there is so much more to what they do. Accountants are responsible for tracking and managing a company's financials, and they play a crucial role in ensuring that a business remains profitable. If you're interested in finding out more, here is a closer look at what an accountant really does.
A load of administration work... Gone!
As a business owner, it's important to keep on top of your administration. This includes things like registering your business, keeping track of legal documents and filing your taxes. However, it can be easy to let these things fall by the wayside, especially when you're busy running your operation. This is where an accountant can help. An accountant can take care of all the registration and tax paperwork on your behalf, freeing up your time to focus on other aspects of your business. They can also help with things like payroll, VAT and statutory accounts filing. As a result, an accountant can be a valuable asset in helping to reduce your admin workload.
Being tax efficient
When it comes to taxes, many people feel like they are in the dark. The tax rules are constantly changing, and it can be hard to keep up with the latest rules and regulations. As a result, many people end up overpaying their taxes simply because they are not aware of all the deductions and credits that they may be eligible for. This is where an accountant or tax expert can help. A professional will have a complete understanding of the tax code and can help you take advantage of every deduction and credit that you are entitled to. As a result, you can be confident that you are paying the lowest amount possible whilst still remaining completely compliant with the law.
Tax investigations
If you receive a letter from HMRC saying they would like to investigate your business, it can be a daunting and stressful experience. However, there is no need to panic! An accountant will be able to help you through the process and answer any questions the tax man has. They can also help to reduce your stress levels by dealing with the investigation on your behalf. So, if you find yourself in the unfortunate situation of being under investigation by HMRC, be sure to contact an accountant for help.
Why hire a business coach, when you've got an accountant!
As a start-up or entrepreneur, you will be all too familiar with the struggles of trying to get your business off the ground. From creating a business plan to finding the right premises, there is a lot to think about - and that's before you even start hiring employees! This is where an accountant can help. Accountants work with start-ups on a daily basis, so they have a great understanding of the pains and struggles you are going through. They can provide support and guidance to help you grow your business, whether that's with creating a business plan, getting a business premises or hiring your first ever employee. So if you're feeling overwhelmed by the task of starting a business, make sure you speak to an accountant - they may just be the helping hand you need.
Still unsure about what an accountant does? Or unsure on your next steps? Contact us to see how we can help support you and your business.
