Most importantly, Tuesday 25 th August is the first LoveMyAccountantDay – and we’re excited to celebrate everything that accountants do. Many people find that they get overwhelmed with numbers. Likewise, businesses can struggle to get their head around them. That’s where your accountant comes in. Here are a few reasons why your accountant rocks and you should love them.
Does your accountant help you make money?
To move from a hobby to a successful business, you need to make money. The numbers and your number story needs to be part of everything you do. Having a strong numbers story is crucial for attracting investment and forming business relationships. An accountant can help you prepare your numbers story to make it as attractive and compelling as possible. They can help you plan and establish areas for growth. They will do this by providing insight on cash flow, pricing etc.
A good accountant can help you identify what you can expense, and where you can make claims. You might have heard of some strange things being claimed – your accountant can tell you what’s legitimate. They can also advise on the right structure for your business. Like, whether you’re a sole trader or limited company, and if you should be VAT registered. A smart accountant isn’t just good with numbers. They understand business structure and ways of working too.
Grow your business?
Accountants can help you navigate what is often a complex business landscape, so you can get your focus on the things that you are good at. There’s no point you spending your valuable time doing work that isn’t your forte. Get focused on growing your business. An accountant can also advise you on the best decisions to make so that you make objective choices that are genuinely good for business. You need to know how to manage your accounting system correctly. If you don’t, it can hurt your business in both the short and long term. A good accountant will be proactive and find opportunities to improve cashflow and profits. They can also support you with payroll, so if you want to employ new people, this process can be as easy as possible.
What does your accountant do about your tax?
Death and taxes, the only inevitable in life. We all have to pay tax, but a good accountant can help you minimise your tax bill – entirely legally. They can navigate the every changing tax laws, so don’t worry about it. It’s not only retrospect, but they can also help you plan for the next year. They work with you throughout the year and advise you on how to operate your business in a way which gives you the biggest tax advantages. They also know the deadlines and the forms that you need to use – and how to fill out your tax forms. Using an accountant means you can be assured that the correct work is being completed at the right time and in the right way – keeping HRMC happy!
What does your accountant do to help your work life balance?
If you’re not spending time doing work that you either don’t like or aren’t particularly good at, you can balance your time better. What’s the point in devoting hours to bookkeeping and accountants when you can employ the services of someone else to help you out? And it’s not just time. By helping you take home more money, you can live the life that you want – or at least take a step towards it!
As you can see, your accountant does a lot! There’s lot of reasons to love your accountant. We’re running a competition so you can win a Power Hour with us and learn how to make the most of your finances. #LoveMyAccountantDay is all about saving small businesses money – so get involved. Take part on Twitter and spread the word.
Get in touch with us to find out more about #LoveMyAccountantDay. For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers.