Why choosing the right cccountant is great for business

When thinking of accountants most people picture tax returns forms and, well, that's about it. Accountants are just those guys who help keeps things running smoothly with Her Majesty's Revenue and Customs each year. What is not as commonly known is that making sure your tax returns are all above board and in order is just scratching the surface when it comes to the substantial benefits accountant services can offer your business. There are other lesser-known ways that can prove to be an invaluable asset to your existing business or in helping get planned business ventures off to the right start from the outset. The benefits of finding the right accountants for the right accounting jobs are numerous.

To start with it saves time and frees you up to work on other things. Your time is best spent doing things efficiently and wisely. In business this is particularly true. Anything that can aid us in achieving this is valuable. An accountant, for instance, will complete the appropriate tax return forms for you and return them to the appropriate authority in order and on time, making sure you don't occur a heavy fine at the very least.

There is also the not inconsequential benefit of helping save you money by minimizing the amount of tax you have to pay. Completing the forms correctly is one thing. Doing them in the way that's going to save you the most money is another. A good accountant can also perform the role of tax adviser and will make sure you take advantage of every legal way to minimize your tax bill. As in the recent case where a group of seriously wealthy private investors were paying less tax (in percentage terms) than the cleaners that worked in their plush office buildings. Regardless of the moral rights and wrongs - this was because their accountants made sure they took advantage of every possible allowance and benefit. A good accountant will make sure that you and your company take full advantage of the ever-changing tax laws to make sure you pay as little tax as possible.

Providing expert advice and guidance on growing your business almost seems like the least widely known aspect of the work accountants do. Selecting the right professional adviser to help your business will not only enable you to lessen your paperwork and minimize your tax bill. If you choose a firm that provides a comprehensive range of accountancy, tax and business advisory services, they can also be a great source of advice to help you grow your business. After-all, in order for your business to be a success it's important that you take the correct financial and managerial decisions early on. A few wrong moves in the early days can lead to disaster. And for many businesses, it has.

An accountant can act as a committed adviser to your business. He or she will ideally come to know your business almost as well as you do and probably knows the financial side of it even better. Objective input from someone that knows your business but doesn't have the emotional attachment to it that you do is priceless. It's so often not a matter of whether you can afford an accountant but one of can you really afford not to have an accountant.

Areas that accountants can assist you in:

Setting up in business: Speak to a chartered accountant before you start your business - they can help you make the right decisions right from the start.

Complying with the law: There are many different records that have to be kept by a business. If your records are inadequate in any of these areas, you could fall foul of the law.

Keeping informed: It is important to have expert advice which will enable you to identify and keep track of profits and losses.

Planning for profit: A chartered accountant has the professional experience to examine your business ideas and evaluate profit potential.

Raising finance: A chartered accountant knows what information is required and how it should be presented to have the best chance of success.

Other areas include buying, selling and mergers. Agreeing tax liabilities and other essential business services.

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by: H.Lee

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