Running a small business can be an extremely stressful and challenging time, as with so much to juggle all the responsibilities lie with you. Many small business owners are reported to be working seven days a week, including early morning starts and busy evenings, which can of course put a great strain on your work life balance. You will probably find yourself having to manage recruitment, family time, sales, school runs, business development, marketing, strategic planning, time for your partner, bank accounts, health and safety and many, many more tasks … the list of commitments is endless and seems ever growing.
It is, therefore, no surprise that business finances take a back seat and drop down the list of your priorities. With so much time needed to manage your finances correctly, it is easy to let invoices and receipts pile up, expenses and bank reconciliations lay untouched for months and the real financial status of the business to be left an unknown quantity. Unfortunately, this only aims to stunt the business’ future growth as it becomes impossible to know if you can afford to invest in new equipment or resources.
But don’t worry, by reaching out to an accountancy company in Peterborough, or one local to yourself, you will be provided with the assistance you need as accountants will provide a wide range of services to help with both personal and business finances. Therefore, helping to take the lion’s share of financial demands and responsibilities of your shoulders.
From a business perspective, they will initially advise on the most beneficial structure for your company. This will help ensure you are trading in the correct way as a limited company, partnership or sole trader and taking advantage of the best tax options available. They will also offer information on the latest financial software packages to use and help you decide which is the best fit for the size and function of your business. By choosing the right software, you will get back ownership and speed up the transactions of simple day to day financial tasks, such as recording your expense receipts.
Accountants will also cover all the standard financial reporting procedures which are integral to the business, but which would take your valuable time if you planned to do these alone. These include the quarterly business reporting and reconciling along with the annual task of completing and submitting tax returns. On top of this, your accountant will of course be tracking your expenses, supplier accounts and will be able to flag when you need to revise your contracts or renegotiate the prices you pay. They will also offer advice on more complex financial planning, setting future financial forecasts or targets and monitor any strategic investment decisions. Accountants will also be available to help with any audits, and if the time ever comes to sell your business, they will provide advice and resources to both value the business and assist with all the financial aspects of the sale.
Having an accountant by your side will help you to focus on the all-important growth of your business and help you aim for that work life balance.