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Uncover the Secret: How your Accountant Can Help Your Small Business Grow

Updated: Sep 18, 2023

As a small business owner, you understand the importance of having a trusted professional on your side. Although it may seem like an expense, having an accountant can be invaluable in helping your small business grow.

a business owner getting help from Purple Accounts

In this blog, we'll uncover the secret of how accountants can help your small business grow!


The Benefits of Hiring an Accountant


When it comes to growing your small business, one of the most important things you can do is ensure that you are keeping accurate financial records. This includes tracking income and expenses, as well as filing taxes correctly and on time. An accountant can help you with all of these tasks and more. Why would spend your free time trying to do this yourself when you could be making money, growing your business and spending time with your family?


Here are some of the benefits of hiring an accountant:


1. Accurate Financial Records: An accountant will help you keep track of all your financial records so that you have accurate information when making decisions about your business. They will also ensure that all taxes are filed correctly and on time so that you don't incur any penalties or interest fees from late payments.


2. Tax Planning: An accountant can help you plan for taxes by estimating what you will owe in advance so that there are no surprises come tax season. They can also advise on strategies for reducing your tax burden such as taking advantage of deductions or credits available to small businesses.


3. Advice on Business Decisions: A great accountant can provide valuable advice when it comes to making decisions about your business such as investments or expansion plans. They have a deep understanding of the financial implications associated with each decision so they can help guide you in the right direction for maximum growth potential.


4. Save time and money: At least 6 hours a week according to research by Xero in 2020. Plus, you're an expert in what you do - not bookkeeping and accounting. Leave to a pro, so you can get on with what you do best.


5. Keep your cash flow flowing: One of the biggest killers of a small business is cash flow. Your accountant can help you keep on top of this, provide a forecast and in turn gives you peace of mind and clarity on your cash flow position. No more sleepless nights over cashflow!



How to Choose an Accountant

Now that we've uncovered the secret benefits of hiring an accountant, let's talk about how to choose one for your small business needs. Here are some tips for choosing the right accountant for your business:


1. Ask for Referrals: Look at Google reviews and ask other small businesses in your industry who they use for their accounting needs and get referrals from them if possible. This will give you a better idea of who has experience working with businesses similar to yours and what their services entail before committing to anyone specifically.


2. Check Credentials: Make sure that any potential accountants have all necessary credentials such as certifications or licenses required by law in order to practice accounting in your state or country (if applicable). This ensures that they have the knowledge needed to provide accurate advice and services related to finances and taxes for businesses like yours.


3 . Research Fees & Services Offered: Different accountants may offer different services at different prices so make sure to research what each one offers before making a decision about which one is best suited for your needs and budget constraints . It's also important to ask about any additional fees associated with their services such as filing fees or late payment penalties so there are no surprises down the road. Check if they have an accountancy package that gives you everything you need for one fixed monthly fee.


4 . Schedule call : Once you've narrowed down potential candidates , schedule a call or chat with them so that you can get a better sense of their personality , communication style , and level of expertise . This will allow you to make sure they are someone who understands both finances and customer service , which is essential when working with a professional who will be handling sensitive information related to finances .


Conclusion


Having an accountant on board is essential if you want your small business to grow successfully over time . Not only do they provide invaluable advice related to finances , but they also help keep accurate records which is key when making decisions about investments or expansion plans . When choosing an accountant , make sure they have all necessary credentials , research their fees & services offered and schedule interviews with potential candidates before committing to your favourite.


Have a chat with David at Purple Accounts to see how we can help you and your business on 01925 979500 or email: david@purpleaccounts.com



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