5 reasons why your business needs an accountant

Published by restartitservices on

Unsure as to whether you need an accountant for your business? An accountant can do far more than just run payroll or submit a tax return.

Whilst there’s no legal requirement for accounts to be prepared by an accountant unless you’re a Limited Company or your business is large enough to warrant an audit, here are 5 reasons why you might benefit from external advice.

Save time (and money!)

As a business owner, time is precious. That’s why at Clear Vision, based in Romsey, Hampshire, our experienced team of local accountants works closely alongside you, and can act as your outsourced financial department, managing all of the day-to-day bookkeeping, processing invoices, running payroll, liaising with suppliers, chasing outstanding invoices, providing cash flow forecasts, monitoring profitability and more, so you don’t have to.

Make informed decisions

Though nobody starts a business expecting problems to arise, that doesn’t mean you should ignore the fact that things can crop up, from time to time, so preparation is essential. Do you have available finances to hire a new staff member? Can you afford new equipment?

Chartered management accountants, Clear Vision can assist through Protection & Growth Analysis to answer any questions you may have and clear any doubts quickly and honestly. You’ll be aware of any potential consequences and implications of making big decisions beforehand and able to adjust any plans accordingly.

Avoid an audit

There can be various reasons as to why a business is audited, ranging from excessive write-offs to mistakes on tax forms. Most people tend to think that an accountant can rectify issues once they’ve occurred. That may be the case occasionally, however, an audit can be easily avoided if you have assistance from a trained professional throughout the year.

Stay compliant and forget tax return headaches!

Did you know that whilst more than 11.5 million final submissions were due on 31 January 2019, almost half of those were completed within a month of the deadline?

Our unique ‘3 & 3 Commitment’ can help to avoid any last minute stress when it comes to final submission deadlines. We’ll meet you 3 months prior to year-end to review your draft accounts and make honest recommendations of any strategic financial actions that could be taken before filing. We’ll then meet with you again 3 months after year-end with your final accounts ready to be signed off for submission.

Be able to plan for the future

There’s no use in planning for the future of your business if you don’t know where you currently stand. Xero Gold Partners and certified advisors Clear Vision, is able to give you deep insight into your accounts through clear communication. What’s more, with the Making Tax Digital (MTD) compliant software, we can give you a new level of insight and be on hand to make sure everything is clear to you and makes sense.

Looking for more information? Have a question? Contact us!

Before making any speedy decisions when it comes to finance, be sure to always seek advice from a trained professional. If you have any questions or would like some expert advice, contact the friendly team at Clear Vision, based in Romsey, near Southampton, Hampshire. Call 01794 330025, email info@cv-fm.com or visit www.cv-fm.com.

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