Thomas Nock Martin is proud to offer expert chartered accountant services specifically tailored to your requirements. In the UK a remarkable 660,000 new companies are registered every year. That is equivalent to 70 new businesses being created every hour. Staggeringly, 60 percent of those new businesses will go-under within three years, and 20 percent will cease to exist within just 12 months.
The importance of a business accountant
Let’s be clear, businesses fail for many reasons, some just don’t pass the market test, but not managing finances efficiently is a key determining factor of success.
Despite (hopefully) knowing these stats business owners still go it alone with it comes to managing their accounts, the main reason being they don’t think an accountant is a luxury they can afford. However, using the expertise of a professional can actually save you money and alleviate some of the pressure.
While not all businesses are worse off for not having an accountant, it is safe to say that most would benefit from the breadth of knowledge and experience an accountant can provide.
What do accountants do?
A good accountant does more than just file your tax return. They can offer small business tax advice, carry out a financial performance review of your business, and help you to develop a long-term plan, starting with what you want to achieve and what your reasons for being in business are. Partnering with an accountant will help you to achieve your goals and set you up for long-term success. Here are five reasons why your business needs chartered accountant services.
Expert financial advice
Someone once said, ‘it’s not the money that matters, it’s how you use it that determines its true value.’ When running a business, especially a new business or SME, truer words have never been spoken.
Thomas Nock Martin have a wealth of knowledge to help guide you through the process from purchasing a business through to forecasting and cash flow. It is essential to have an expert who can guide you in the right direction.
No End of Financial Year Stress
If you’re a business owner you already have a lot on your plate, adding accounting to your ‘to do’ list is a huge demand on your time. Chances are you won’t have the time to keep up to date with the often complex and changing tax rules. This can make the end of the financial year an extremely stressful period. Chartered accountant services can fully maximise your tax refund and minimise your payments.
Experts in their field
Chartered Accountants know all the latest tax laws and keep up to date with the latest information. This will not only safeguard you but undoubtedly save you time and money too. Plus, if you ever find yourself in a sticky situation should that be with a client or HMRC, professional advice is only a phone call away.
You can focus on other areas of the business
As a business owner you wear a lot of hats, manager, marketing specialist, buyer, social media expert, the list goes on. Add in bookkeeping and accounting tasks and you’ll find yourself with very little time to do your actual job. If you don’t choose to find a chartered accountant, it can take you away from important tasks and cost you more in the long run. A good accountant will assist you in planning strategies and help you reach your financial objectives.
Keep you within the law
As the saying goes, “ignorance of the law is no excuse”. HMRC are very clear on this stance. An innocent mistake could end up costing you thousands in fines and interest. When it comes to your accounts, it’s extremely important to know the correct processes and laws. An accountant will help you to keep accurate records, understand your profit and loss, advise you on business growth strategies, know what tax breaks and benefits you are entitled to and lastly, keep you in HMRC’s good books.
As a business owner, you are preoccupied with the day-to-day tasks of running your business. A great accountant can take a step back and objectively look at the big picture to strategise the best way for your business to move forward and be profitable. It may seem like a big expense at first, but a great accountant will always save you money in the long run.
If you have been Googling ‘accountants near me’ then look no further, Thomas Nock Martin Chartered Accountants in Dudley can help you with all of your financial needs. Get in touch today on 01384 261300 and speak to a member of our friendly team.
If you have found this blog helpful, you may wish to read our previous blog on Business Tax Services.