Why having an accountant is more important than ever

When you’re running a business you can end up taking on many more roles than just CEO. You’ll find yourself acting as sales director, marketing manager, HR consultant and CFO – all at the same time.

While this is all part and parcel of being your own boss, there are a few risks involved in taking everything on yourself. Staying the right side of the law is crucial, and it’s increasingly difficult with rules and regulations changing fast.

Hiring an accountant is one of the shrewdest moves you can make as a business owner. Here’s why:

  • Accountants can save you money

You can often cover the cost of an accountant with the money they can save you. Part of an accountant’s role is to keep abreast of tax rules and new allowances, and potentially introduce new financial structures which can save you tax and other costs.

  • Accountants will help you navigate the pandemic

Covid-19 has had a vast impact on the business landscape this year and many companies are experiencing major challenges. The government has taken steps to support companies of all sizes – but the allowances, grants and new opportunities are complex and ever-changing. It’s your accountant’s job to know what’s available and how to make use of the support on offer. Seeking advice now could be the key to keeping your business going in the coming months.

  • Accountants can take away financial stress

Since the Government introduced Making Tax Digital in 2019 businesses have had to make sure that all their accounting is visible online. Your accountant will help ensure that all your systems comply with the digital requirements and link you up with invoicing, payroll and other systems that will make it easy to manage the financial side of your business.

  • Accountants are a great business ally

Sometimes running your own business can feel a little lonely. It helps to have a sounding board for new ideas or reassurance when times get tough. Accountants understand your business well and often have good ideas, useful connections and new perspectives that could make all the difference.

  •  Accountants can help achieve your goals

When you have ambitious plans for the future, often the only thing standing in your way is funding. Whether you need to invest in new premises and equipment or want take your company in a new direction, an accountant can help you develop the right financial strategy. Be it a business loan, capital release or asset finance, they can also help develop the business cases and financial applications you need to take your business forward.

From an accountant’s point of view, there’s no better feeling than being part of a client’s success. It’s one of the things that I enjoy most about my job – unlocking the potential for a company to really take off. The right accountant is definitely an asset to your team.

If you would like to find out what we can offer you as accountants in Peterborough, get in touch. We can help you with everything from bookkeeping services and payroll to tax returns. Email us at contact@thobaniaccountants.co.uk