Editor | 5 March 2020
Five things your accountant can do as well as taxes

Five things your accountant can do as well as taxes

If you are self-employed or you run your own business, then your accountant probably helps look after your books and provides assistance when it is time to fill in your tax return.

Most small business owners find this kind of help incredibly useful, especially if they use cloud accounting software like FreeAgent or Xero to stay on top of the bookkeeping.

But this is just a small part of what your accountant can do to have an impact on your business finances. In this blog post, we share five more things that you might not realise your accountant can help with.

1.    

Help you apply for a loan

Whether you are starting a business or looking to grow, taking out a loan can be a great way to get things moving. Unfortunately, business lenders can make you jump through humps to borrow money.

Your accountant can help you get together all the relevant financial information to include with your application and even help with picking the right funding options.

2. Provide growth advice

Successful business growth is all about making the right decisions at the right time. Make investments or hiring decisions too early, and you might find that cash flow suffers. Equally, if you leave these decisions too late you could surrender market share to your biggest competitors.

Your accountant can help you answer these questions and make better decisions by looking into your financial information.

3. Help you maximise your personal income

As well as more run of the mill financial tasks, accountants can also provide advice that helps you maximise your personal income. Whether it’s a better way to withdraw funds or an expense that you didn’t know you could claim, your accountant could help you boost your take home pay.

Everybody’s business is different and tailored advice can help you increase your returns.

4. Review documents and contracts

Let’s face it, certain documents and contracts may as well be written in dutch for all you understand them. Fortunately, qualified accountants read these kinds of documents every day and are well versed in complicated legalese.

If you want to avoid signing up to any nasty surprises, make your accountant your extra pair of eyes.

5. Help you plan for life after your business

Do you have a succession plan? How will you close your business down in the most tax efficient manner possible? What do you do next?

Whatever the reason, when you decide that it’s time to let your business go, you’ll probably have a lot of burning questions. In a lot of cases, your accountant will be in the best position to answer all of your queries and concerns.

Find out how CloudAccountant could benefit you and your business. Call: 0808 281 0303 or visit www.cloudaccountant.co.uk