Not every business wants to outsource to an accountant. However, there are several things that accountants will do differently to a business to ensure that you save money and have a good financial performance.
Coleman & Co can assist all businesses in Lisburn and the surrounding areas. Our accountants can always provide advice and a range of services to assist in business finances.
Save Money On Taxes
Even if your tax returns are being filed correctly, there could still be a chance you are overspending. Whether you are struggling to submit tax returns accurately or on time, accountants will always give you an easy solution. Almost 750,000 sole traders missed their self-assessment tax return in 2018. With businesses being susceptible to large fines, outsourcing your tax can be a cost-effective option.
Running a business and organising your finances can be very time consuming, especially as a sole trader. Not only will accountants ensure taxes are submitted on time but with a great understanding on all accounting legalities, costs will be at a minimum when it comes to submitting business and staff taxes.
Meeting All Legalities
Whether this is regarding payroll, taxes or record keeping, accountants should know all the legalities. As a business owner, you are responsible for your business staying within the law regarding all finances. If you fail to do this, whilst you may ride your luck for a certain period of time, you will eventually be caught out and could face large fines.
Financial laws are constantly changing and you must always stay updated to prevent financial issues from occurring. Accountants will always be in line with the most recent legal requirements, no matter what part of your business this is for. Additionally, record keeping is often required to ensure accurate payments to the HMRC, with proof of business cash flow. Accountants will make sure your business records finances correctly and that they can be used in the future.
A big factor for every business is being prepared for the future and planning ahead. Whilst many businesses may plan for their business, the financial requirements are not always considered in these plans. An accountant can effectively plan and forecast a business cash flow, ensuring you have a good idea of what future financial performance will be required for growth.
When looking to grow your business, you will always require funding. Whether this is self-funded or you decide to borrow money, it is always best to have a financial plan in place. Once a plan is created, your business can set targets and goals to make sure this is achieved and you have the finances needed for successful growth.
Experience & Advice
Unlike many business owners, accountants have experience working with a range of businesses across a number of industries. Even if you do not require the services accountants have available, finding a successful accountant for the advice they can offer is vital. In order for your business to run successfully, your finances must always be controlled.
Accountants will always ensure this happens and can give advice to any business owners on how to successfully operate. Whether this is advice on creating budgets, payroll or bookkeeping, the best accountants will always know what option to take.
Coleman & Co can support and advise all business throughout the Lisburn area. When you require advice or accountancy service, our team is always available and can talk you through the work we can complete. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.