Poor financial management is one of the leading causes of business failure. However, many entrepreneurs often choose to go it alone rather than hiring an expert to manage their finances each day.
If you want to take tight control of your company’s cash flow, make informed financial decisions and adhere to your legal obligations, you would be smart to hire a qualified accountant.
If you are undecided on whether to do so. Below are a few reasons why your business needs a chartered accountant.
Dependable Financial Advice
Companies cannot afford to make uninformed decisions when it comes to their finances. If they do, they might soon struggle with mounting debt and a low profit margin. A chartered accountant will, however, provide you with dependable advice so that you can make accurate, informed monetary decisions.
Extensive Accounting Experience
For an accountant to qualify as chartered, they must have provided accounting services to a wide range of clients in multiple industries. As a result, they will have worked with organisations enjoying exceptional growth or struggling with various financial pressures. To effectively manage your company’s finances, contact Howlader & Co to benefit from their advice and expertise.
A Discrete and Trustworthy Service
If your business is struggling with financial issues, you will want to hire a discrete and trustworthy expert to turn around your company’s fortunes. Chartered accountants are required to follow a code of ethics, you can rest assured your financial issues will not become public knowledge and your information will not fall into the wrong hands.
Greater Tax Savings
Every UK business will be required to complete a tax return, another reason why you would be smart to hire a chartered accountant. As they will understand the process like the back of their hand, they can identify the different ways to help your organisation to save money on its annual tax bill legally. This way, you can boost your company’s bank balance while adhering to your tax requirements.
A chartered accountant cannot only save your business money on its tax bill, but they can also secure your company’s financial security. Chartered accountants have extensive experience working with various businesses throughout the years, they can offer tips on how your company can both survive and thrive. Therefore, they can be integral when developing a business plan, as they can provide accurate projections and figures to ensure your company’s growth.
For example, they can identify financial requirements you might not have considered, such as:
- Employee salaries
- Marketing costs
- Product pricing
- Monthly overheads
Legal Structure Assistance
If you have yet to launch your venture officially, you would be wise to hire a chartered accountant first. By doing so, they can provide advice on the best legal structure for your business, such as:
- A sole trader
- Limited company
- Limited liability partnership
They will base their recommendation on your needs and finances. What’s more, they can provide advice on seeking funding and investment for your legal structure.