Home Finance How an accountant can save you time and money when running a business

How an accountant can save you time and money when running a business

Running your own business can be difficult, especially when it comes to finding the time and energy to deal with all of the paperwork. With so many other things to do, it’s tempting to skip accounting altogether, but that’s a big mistake! Accountants specialise in doing these tasks, and they can help you keep track of your finances while saving you valuable time. It is wise to choose a local accountant for your accountancy needs, for example if you lived in North Wales, you might want to look for accountants in Bangor. Read on to learn more about how an accountant can save you time and money when running a business.

Monthly bookkeeping

Payroll is, without question, one of your most important tasks as a small-business owner. And keeping track of all that data in an organised fashion isn’t easy. That’s where monthly bookkeeping comes in—when you let chartered accountants like Morrison consultant handle it for you which you can find over at https://www.morrisonconsultants.com.sg/accounting. Businesses rely on them to take care of everything from payroll taxes to cash flow, plus they provide value-added services such as profit-and-loss statements and financial projections.

Annual tax preparation

Many small-business owners believe that hiring an annual tax professional is a luxury. With today’s electronic filing systems, however, it may actually be more of a necessity. Electronic filing not only gets your taxes filed on time—it also prevents errors by ensuring your numbers are entered into software correctly. Chartered accountants take care of all these tasks for you, saving both time and money in getting your taxes prepared annually.

Planning your finances to reduce taxes

One of your main financial responsibilities as a business owner is to plan out all aspects of your budget, from monthly expenses to yearly capital expenditures. This will ensure that you’re saving enough for taxes, which could be substantial depending on your industry. To help you avoid costly mistakes, work with a financial expert or an experienced small-business bookkeeper who can make sure your finances are in order before tax season rolls around.

Reviewing your financial plan

A good financial plan gives small-business owners insight into their company’s performance. By reviewing your profit-and-loss statement, balance sheet, cash flow, and other financial reports on a regular basis, you can ensure that you’re operating as efficiently as possible. The more information that accountants have about your business—and how it operates—the more efficiently they can help. Accountants generally charge by the hour, or some flat fee based on their knowledge of industry standards.

Quarterly meetings

An essential part of any strong relationship, quarterly meetings with your accountant is a great way to ensure that all of your bases are covered. Whether it’s helping you prepare for next year’s tax season or making sure you stay up to date on any changes in legislation, quarterly meetings will make sure that everything is always under control.