Why Business owners should hire an Accountant

by Vidit Agarwal Marketing Director

An accountant is a professional who engages in accounting, preparing financial statements, bookkeeping, and financial analysis.

Accounting refers to the process of analysing and reporting the financial transactions of a business. It takes the financial data from your business, and ‘turns’ the information into useful insights. Bookkeeping is core administrative, and refers to the process of recording and summarising financial transactions. Examples of bookkeeping tasks include data entry, payroll, calculating tax, generating reports and posting debits and credits.

When should hire an accountant for your small business?

When you are forming a business, there are many key decisions you need to make for business growth. ‘Should you start a business as a sole trader or form a limited company? How do you know if your financial projections are realistic? And are there important tax deductions that you might have overlooked?’ are just some of the questions that may be running through your head.

At the early stage, Professional accountants in Nottingham are a valuable source of information, and professionals can help you with various services such as:

Putting together a well-thought-out business plan
You want to save time on managing your business finances
Tax compliance and tax planning
Getting the required business licenses
Deciding on the right business structure for your situation
Setting up your business accounting software

It’s the equivalent of almost three working weeks—yet this isn’t taking into account the time that business owners spend on managing other aspects of their company finances.

How accountants can help:

Determine how much you need to borrow
Pull together with the collateral, you need for the loan application process
Identify repayment sources and solutions
Provide insight on how the loan can impact your finances
Introduce a wider variety of financing options

Professional accountants in Guildford will help you analyze and interpret your data to make better decisions and give a direction to your strategy. A professional will indeed give you a better overall idea of your potential growth and profitability.