How an Accountant Can Improve Your Business
Author: Russell SmithOctober 2, 2015
Our small business accountants from Leeds discuss how they can revitalise your company and help you set a course for financial success
Every small business requires three distinct minds:
- The sales and marketing brain: The genius behind the momentum of the business. The mind that gets people buying whatever you are selling.
- The operations brain: The sharp and agile mind behind the scenes, making sure everything is running correctly — that all orders are being fulfilled, that proper procedures are being followed and that you are working within the law.
- The financial brain: Our small business accountants from Leeds know all about being the financial brain. This mind keeps the company ticking over, making sure all business finances are in order, from bookkeeping and tax returns to payroll and invoicing.
Without these three brains working in perfect harmony, a small business will start to struggle.
The Problem Every Small Business Owner Faces
Sometimes, you have to be all three of these brains. When you are a sole trader or running a limited company by yourself, you must be able to cope with the demands of all three vital processes.
Business owners tend to be good at the first two. They know how to make a sale and run a business, but we regularly see neglect of their financial heart.
No surprise really. It takes years to train in the art of complex business finance and it takes a lot of time to manage it, too. When you’re trying to make sales and ensure your business is operating lawfully, what does it matter if you aren’t recording every little invoice?
Well, it matters a lot, actually.
Good finance is the backbone of a stable business. It might not be as glamorous as a jazzy marketing campaign, it might never make you any money, but it keeps the wheels turning and the cogs whirring.
This is where we come in.
How Our Small Business Accountants from Leeds Can Improve Your Business
You don’t have to be an expert financial mind, because we are. We can help you improve your business’ financial health by teaching you how to:
- Set your prices: Whether you are selling products or a personal service, setting the right price is key. Too high and you’ll price people out, too low and you’ll go bust. We’ll help you set the right price by working together to suit both your needs and the needs of the market.
- Maintain the books: Bookkeeping is a vital part of small business accounting that forms the foundations of your financial health. It allows you to monitor your income and expenses, making changes where appropriate and generating reports — discussed later. Bookkeeping is also one of the simplest accounting practices and, with a bit of help from our experts, you’ll be managing your own books like a pro.
- Avoid overpaying: Accountants are experts in the nitty-gritty side of business finance. We can look over your payments to make sure you aren’t overpaying on supplies, loans, staff and more.
- Create financial reports: Many business owners fail to see the importance of financial reports, but their use cannot be underestimated. Created weekly, monthly, quarterly or annually, financial reports can be drafted up to display anything related to business finances. Why bother with them? Because reports allow you, and more importantly investors, to get an overview of a business’ financial health and make decisions based on numbers or previous trends.
- Save for tax: If you ignore tax, you’ll end up paying out huge lump sums once tax season rolls around. We can teach you to manage your money carefully, saving exactly what you need for tax in the most efficient way possible.
- Save on tax: When you are running your own business, you need to save money wherever possible, that includes overpaying on tax. Our small business accountants from Leeds are adept in shaving off tax costs wherever possible. Everything we do is legal and totally above board; we are simply experts in making sure HMRC gets what they need and nothing more.
- Pay tax: Paying tax is a tricky thing. It can cause a lot of anxiety for some business owners. We can help you manage and file your tax returns.
Do you need some help from our small business accountants from Leeds? Get in touch with Russell Smith Chartered Accountants today!