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The Top Three Reasons Why Businesses Need – and Hire – Accountants

The Top Three Reasons Why Businesses Need – and Hire – Accountants

You may already have a good idea of the kinds of services an accountant can provide, one of which is help with your financial records and transactions (their most obvious benefit). But an accountant can also give you advice regarding your ideal business structure, and they can help you if you need to come up

You may already have a good idea of the kinds of services an accountant can provide, one of which is help with your financial records and transactions (their most obvious benefit). But an accountant can also give you advice regarding your ideal business structure, and they can help you if you need to come up with the best business plan. Aside from all this, however, there are other things an accountant can do for you – and you may not even be aware of it! Businesses that have been around for a while also know that accountants can help you if you need to apply for a loan, and their expertise is invaluable if you need to deal with government requirements and regulations. So what else can they do for you? Here are the top three reasons why businesses need – and hire – accountants.

  1. To apply for an overdraft or loan

If your business is growing but you need extra funds, it would be a good time to hire an accountant. Banks and other lending institutions will want to be sure that they can get their money back if they lend it, but lending to smaller enterprises has dropped since the so-called credit crunch. You need to be able to show that your business is sound and stable in case you need an overdraft or loan.

This is where an accountant comes in. When you have an accountant, they can help increase your loan or overdraft chances. The mere fact that you have an accountant can already give a good impression about your business just because lenders will think that you are serious. Your accountant can also provide lenders with figures and facts that can back up your loan or overdraft application. If lenders ask questions, your accountant can provide the answers they require, especially regarding expenses and projections. Additionally, your selected accountant can guide you on which loan to choose and confirm whether a lender’s conditions, terms, and interest rates are amenable.

  1. To deal with growth

If your company is growing, kudos to you! But this is also a good time to hire accountants in central London because dealing with growth can present a unique set of challenges. Sometimes, growth isn’t steady – if you suddenly have to deal with a big project or client, you may need to grow at a faster and sudden rate. With an accountant, however, you can handle these transitions, from hiring new staff to looking for bigger office premises. They can look after various details, such as your payroll, the management of your employee taxes, your property taxes, and the like, which lets you free up your time to deal with bigger tasks.

Your accountant should also be able to analyse your business’ cash flow, pricing, and stocks. They can even give you insight into how you can properly grow your business based on their financial forecasts and analyses.

  1. To handle government requirements

Truth be told, knowing and handling government requirements can be such a headache – and any wrong move can lead to various fines and penalties, too! Not only will your accountant be able to help you with tax returns – but they can also help with compliance and legal paperwork and statutory accounts, record and organise your stock or share allocations, and make sure that your employees’ payments for taxes and tax codes are correctly recorded.

 

Image attributed to Pixabay.com

Susan E. Lopez
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