When running an SME it can be tempting to try and do as much as possible yourself to cut back the costs. As your company grows this can put a lot of stress on the business and certain team members, so it can be a wise decision to outsource particular tasks or hire extra help.
Enlisting the help of an accountant from Just Accountants can do just this. There are many ways an accountant will ease the workload for some of your staff and create a much smoother working process. Often it will be a cost-effective decision, but if you’re not convinced, consider the following things one can do for your SME.
Take Care of Legal Issues
Taxes are incredibly important for every business, from a one-person, self-employed company to massive global corporations. Sorting them out can take a lot of time and if your business makes mistakes it can receive large tax penalties and fines.
An accountant can take care of this side of the business for you. As well as ensuring all the correct taxes are paid, on time to avoid any fines, they can also seek out and advise on the most tax efficient ways to run your business. In the long run this could save your company plenty of money.
Help Develop the Business
If your business has not had an accountant on the books before, then they can add an extra element to the company. They can conduct a business review, looking at what can be cut back and other areas that need more focus to help the business develop.
The aim of almost every business is to make as large a profit as possible. Having an accountant on board who is able to analyse future plans through gain and loss forecasts is essential for compiling reports and putting forward business proposals. Their knowledge and advice can be used for setting targets too.
At the moment you may have a few employees who have been assigned the tasks of reporting on internal finances and dealing with taxes, even though that isn’t part of their main role. Using an accountant frees up some of their time to focus on their specialities. This will increase the productivity of your workforce, as well as reducing stress levels for those who feel overworked. Having an expert to focus on these areas, rather than wasting time with those who may struggle, is a far more efficient way to run your company.