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    business owner

    Accountants provide essential services to any business owner and entrepreneur. And with chartered accountants in Cardiff, if you run a business in South Wales these points are worth considering. From the initial business startup stage to the ongoing running of any size business, the role of the professional accountant is an important aspect that reflects upon the success of the business.

    Why business startups need accountants

    Anybody starting up in business will find the services of an accountant are critical for preparing a robust business plan and cash flow forecasts. The benefits of hiring an accountant at this early stage of the business will be the additional financial and legal advice which will help any business to grow and sustain a healthy bank balance. Your accountant can also help you decide on the legal framework of the business, for example whether to start up as a sole trader or limited company.

    Running a successful new business

    Cash flow problems can be the major reason new businesses fail within the first few years. Your business accountant can give you advice to smooth the peaks and troughs of cash flow and help ensure bad debt situations don’t arise. If you use software packages or services provided direct by your accountant, you’ll find it’s easy to extract information and graphics for forward planning.

    When it’s time to submit year end tax returns and accounts, accountants take the pressure off any business owner. You will probably only need an accountant’s services for a few hours at a time, whereas completing tax returns and preparing accounts can be time consuming for entrepreneurs who are not accustomed to this type of work. What’s more, you can be sure of the accuracy of accounts and reports produced by a retained accountant.

    Payroll and year end reporting to the HMRC can be a burden to business owners. Make it easy by instructing your accountant to handle these issues, you can be assured of total confidentiality when professionals are engaged to handle the most sensitive aspects of your business.

    Accountants are crucial to new businesses as they can budget and plan for unexpected issues that arise. These issues can vary from client departures to repairs needed to the business. Repairs are always an unforeseen debt and having an accountant can assure the business owner that he will have the funds needed to pay contractors like Hustad Companies when repairs need to be done to the building.

    Delegating any critical tasks can be difficult for the hands-on entrepreneur, particularly strategic financial information. Finding and training the right employees takes time out from the company management role and can be counterproductive if your business has high levels of staff turnover. When you opt to work hand in hand with an accountant you trust at the very outset of your business, you’re delegating to a professional who totally understands your business ethos and appreciates the myriad of problems that can cause difficulties within the business or to clients and customers.

    Finding the right accountant does take a little time, you need to be sure the service provided is in tune with you and the requirements of your business. Many accountants offer cloud-based financial services, so they can access your business data in real time and provide the most accurate accounting information as and when needed. The benefits of cloud-based services are enormous, all information can be accessed from your business, from mobile devices wherever you happen to be located and by your accountant.