Whatever the size and nature of your business, you should never underestimate the value of having a good accountant. In particular, many small businesses fail to make the most of the services a competent accountant can offer. A good accountant can do a lot more than just preparing your tax return, and ultimately help maximise the profitability of your business.
Putting together a business plan is one thing an accountant can help with. It doesn't matter if you're a new start-up, or you're simply taking stock of the position you are in, a solid business plan can help get you on the right track, preparing the company to confront any immediate challenges and helping to establish a long-term focus.
An accountant can help you identify objectives and formulate plans that will enable you to accomplish your goals. Furthermore, they can build financial statements and projections into your business plan, which may be crucial when you're looking for funding or investment. A good business plan will also provide contingency measures for any difficult situations the company might encounter.
Most people expect their accountants to have a thorough understanding of the tax system, and that's certainly what they should be bringing to the table. They can use their knowledge to make sure you pay the lowest amount of tax you can legally get away with, advising you on what can be written-off, and other ways of minimising tax.
Your accountant can help you reduce costs in a range of other ways. Before you push ahead with any major procurement decisions, you should ask them to advise you on the wisdom of the investment. They can also help you to evaluate how your business is developing and monitor whether you are implementing your business plan successfully. In addition to that, they normally have good relationships with other professionals, such as lawyers, who they can put you in touch with.
Putting together a business plan is one thing an accountant can help with. It doesn't matter if you're a new start-up, or you're simply taking stock of the position you are in, a solid business plan can help get you on the right track, preparing the company to confront any immediate challenges and helping to establish a long-term focus.
An accountant can help you identify objectives and formulate plans that will enable you to accomplish your goals. Furthermore, they can build financial statements and projections into your business plan, which may be crucial when you're looking for funding or investment. A good business plan will also provide contingency measures for any difficult situations the company might encounter.
Most people expect their accountants to have a thorough understanding of the tax system, and that's certainly what they should be bringing to the table. They can use their knowledge to make sure you pay the lowest amount of tax you can legally get away with, advising you on what can be written-off, and other ways of minimising tax.
Your accountant can help you reduce costs in a range of other ways. Before you push ahead with any major procurement decisions, you should ask them to advise you on the wisdom of the investment. They can also help you to evaluate how your business is developing and monitor whether you are implementing your business plan successfully. In addition to that, they normally have good relationships with other professionals, such as lawyers, who they can put you in touch with.