Here at CJ Gemini, we understand that all businesses can benefit from hiring an accountant. Large or small, an accountant can provide the business with a multitude of different benefits. For many small and up-coming businesses, we know that your mind will be set on the growth of your business. Things such as finding office space, getting investors and seeking out employees are what tend to be at the forefront of your mind and that employing an accountant can seem to be an added unnecessary expense. Although this may seem to be the case, utilising an accountant can add multiple benefits to you and your business. Here in this blog, we will be discussing the impact of hiring an accountant in Northampton which can help grow and improve your business.
Making Your Business Grow
Your business might provide a unique service or product, but it will follow the same process of other successful businesses out there. Accountants will have worked with a multitude of similar businesses to your own. By using their experiences, the accountant will be able to provide you with valuable advice on subjects such as expansion, making big decisions, when to expect to profit from any expansions and much more. For any business owner looking into the future of their company, an accountant is an essential tool that should be utilised as much as possible.
Saving You Time
Any business is looking for new ways to innovate, cut down on unneeded costs and to be time efficient whilst generating more business opportunities to take advantage of. Needless to say, an accountant has these motives in mind too. We know that keeping on top of business duties whilst trying to generate new business ventures can be a time-consuming task that will eventually become too much for one person to handle.
This may be the reason why you decide to hire an accountant. We know that business owners benefit massively from hiring an accountant as it spreads the workload across. As two people can tackle the work, this will be time efficient and can also be cost efficient in some cases. This will give you the owner more time to investigate other business ventures or ways to improve your business.
Networking and Referrals for Your Business
Usually, your accountant will have worked with other businesses and will have gathered many different networks within the industry that your business should be taking advantage of. These opportunities may be things such as business partners, possible employees and valuable links that will gain you extra clients which will turn into repeat clients.
It is important to note that an accountant will provide other benefits such as advising and providing networking opportunities for you to grow your business.
Avoiding Penalties and Fines
Increased workload can enlarge the possibility of human error to occur, and with the improper paperwork, you can be fined - having a dramatic effect on smaller businesses. Even if your business has grown, fines and penalties can also detriment the business from growing and lead to setbacks of expansion due to the hit towards your business funds.
Reducing Tax Liability
For any business, it is essential to be compliant with the law. You may already be knowledgeful of laws and with tax. However, an accountant will always know the full details and will be up-to-date with all and any changes.
Not only will accountants be up-to-date with all laws but they will also be able to give you advice on how to run your business with the most tax efficiency.
Also, accountants will provide you advise on legal aspects of your business. This will include things such as benefits of using flat rate VAT scheme and what you can claim and cannot claim on expenses.
If you are interested in hiring an accountant or would like to learn more information about how we can benefit you and your business, then please do contact us or call us on 01933 213413.