If you are a small business owner, you may wonder if you should use a Chartered Accountant. After all, accounting software packages are increasingly sophisticated in the tasks they perform, while still being user-friendly for people who are not overly tech-savvy.
Small business owners often need to wear many different hats: CEO, Business Development Manager, Sales Rep, HR Manager, Distribution Manager, Operations Manager, Marketing Manager – and yes, Accountant. But the reality is that you don’t have to do all these tasks yourself. And while most people can ably manage their business’ day-to-day finances, using a Chartered Accountant can save you time, money and stress – as well as provide invaluable business improvement advice.
The value a Chartered Accountant can provide to your business includes:
- Increasing the accuracy of your accounts to help you to avoid accounting mistakes that can prove to be costly with the IRD. This provides great peace of mind that your tax obligations are all being met and your business is fully compliant. Tax penalties and interest can be hefty so getting your tax right and paid on time is important.
- Looking after the more technical accounting and tax tasks to free you up to spend more time on the parts of running your business that you enjoy and have expertise in.
- Simplifying the year-end accounts process. Keeping your business accounts organised can save you hours at the end of the financial year.
- Acting as an invaluable resource in helping you to improve, control and manage your business’ finances. Improving cash flow, profitability and budgeting are all areas your accountant is an expert in and they are there to help.
- Being an excellent sounding board with both technical and industry knowledge when it comes to important decisions such as refinancing, expansion, sale or mergers. Independent, impartial advice can help you to identify and evaluate all your options and make the bigger decisions with confidence.
- Providing expertise in minimising your tax by maximising your deductible expenses, so they can actually save you money. Tax is an ever-evolving, complex area so it makes sense to use specialists who can help you achieve the most tax-efficient way of running your business.
- Providing expertise and assistance that improves your success in securing new financing.
- Helping you to plan for your financial future.
If you are wondering if you should use a Chartered Accountant for your small business, meet with one and ask them what they can do for your business. As an experienced, trusted Chartered Accounting firm, UHY Haines Norton provides accounting and tax services that go beyond year-end accounts to help you gain understanding, control and management of your finances and financial goals.