Year End. Are those two little words enough to make your blood run a little colder? When you’re the owner or director of a small-to-medium-sized company, you can be so bogged down with everything it takes to keep the show on that road that when you do finally surface year-end is very close on the horizon.
But it doesn’t have to be like that. Look around you and you will see directors of similar enterprises looking relaxed and happy. These are the company owners who have a proactive accountant on board, allowing them to sit back and wait for the rebates to roll in.
For any small business, the benefits of working with a proactive accountant are numerous and don’t only apply to the management of year-end accounts, VAT returns and payroll. It also means help with the extra things, such as long-term planning and budgeting, which will ensure good financial health throughout the year.
So, if you’ve been doing your own books up until now or are not happy with the accountant that you currently have, here are a few more reasons why a proactive accountant should be next on your priority list:
- No mad rush to get year-end done
They will have everything in place to ensure your year-end accounts are submitted in good time. That’s because they know that good organisation and a proactive, rather than reactive, approach is vital for the smooth running of any business.An experienced and proactive accountant will also be up-to-date with all the latest rules and regulations, make sure your business is registered in the correct way and, above all, give you the peace of mind and reassurance that your accounting has been done correctly.
- The chance to plan ahead
Getting your year-end accounts done in good time gives you the opportunity to budget and plan, as well as to set objectives for the year ahead. This should ensure that any potential problems are identified and dealt with in advance, the cash flow remains healthy throughout the year and you are fully aware of what you can spend and where you should save. By minimising the impulse buys and identifying the opportunities for growth in advance, it’s a chance to maximise your income over the year.
- Get on with what you do best
You’re great at what you do and by employing a good accountant, you will free up the time to focus on growing your company and discover greater opportunities for success. Not only should a good accountant know how to do your books online, but they will have an excellent knowledge of the latest accounting software and systems, making the whole process convenient and stress free.
- Save time and money
Having a proactive accountant working for you will; not only save you time, it will save you money too. A good accountant will proactively look for ways to maximise any deductions and bring down the amount of tax that you need to pay, not to mention saving you money throughout the year.
- Get help and advice
As well as taking on tasks such as your year-end accounts and helping you make the most of your annual turnover, your accountant should also be able to offer advice on anything from designing new, more effective, accounting systems, to sensible investments and exit planning. Remember, your accountant should be professional yet approachable, so you’ll always feel comfortable in going to them for help, support and advice throughout the year.