Hiring an Accountant can Help your Small Business

Hiring accountants North Wales can add some real value to your business. A good accountant will not only help you to manage your accounts, they will also help you to make better business decisions, which will aid in company growth, legally minimise your tax bill and save you boatloads of time spent on admin!

Here are some of the welcome perks that a professional accountant can bring to your business.

Minimising your Tax Bill

Only a few people that run their own businesses can say that they’re fully in the loop and on top of taxation rules and regulations, but that’s precisely what your accountant is there for. An accountant will go through your business with a fine-tooth comb and will check that you are making full use of any tax allowances and reliefs that your business may be entitled to claim.

Help you Raise Finance

Accountants in North Wales aren’t simply there to manage your money. They can also steer you in the right direction to find additional finances without putting your business at risk. This includes looking at options such as taking out a loan, increasing an overdraft or issuing share capital.

Growing your Business

A good accountant will be able to offer industry specific advice and guidance on taking your business to the next level and the best way in which to do it – for example, structuring your business properly to making sure that you avoid pitfalls such as overtrading.

Clients are usually assigned their own dedicated accountant, so from day one they will work with an accountant that is familiar with the ins and outs of the business Some accountants will provide consultations for free whilst others will require a retainer fee for regular contact and business advice.

Cater for your Needs

Take into consideration your business needs; if you are a small start-up that is going to require a lot of handholding, don’t opt for a firm that specialises in accountancy for multinationals. Make a list of the requirements you have for your accountant, and shop around for a firm that best suits your business needs. An experienced accountant, for example, can advise a small business on issues such as adequate working capital, invoicing, payroll and good stock control.

Help you to Manage Change

Whether you are employing more people, bringing on board a business partner or want to become a limited company your accountant can help you. They have a wide breadth of knowledge on a number of different topics, not just balancing your company books. So keep in touch with your accountant, and keep them updated with the business circumstances.

Register you for VAT

If your annual business turnover is getting close to reaching the £81,000 mark, you will need to become VAT registered. If you make all, or a high percentage of your sales to VAT-registered businesses, you might benefit from being VAT registered even if you are under the threshold – you can then reclaim VAT on any business expenses that you incur. An accountant can deal with VAT with ease, and will leave you with a lot less admin to worry about.


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