An accountant can help any business in many ways, that’s for certain. For one, an accountant is there to help you keep track of and keep up to date with all your financial records, which include incomings and outgoings, but they are also there to help you make sure that your tax returns are filed correctly and on time. Aside from this, your accountant can be a great ally if you are planning to expand or make a major financial decision, as they can analyse your financials and give you the best advice regarding your circumstances. But accountants can also be there if you are audited, and they can help you prepare a loan application, especially if it is a particularly complex one. But what other tasks and responsibilities can you delegate to your accountant, and what else can you expect from them? If you would like to maximise your accountant’s expertise and make full use of them for your business, here are the top two things you can do.
- Carefully Decide how to divide the work
While your accountant can easily prepare your books for you – keep track of and note down your expenses, keep track of your invoices, make sure your bills are paid, and the like – they can do so much more. It’s easy to relegate the above tasks to accountants because this is what they primarily do, but don’t limit them. They can do a lot more for you apart from data entry tasks, and it would be good if you can make full use of their skill and knowledge.
What you can do, therefore, is have them handle more complex tasks and activities, such as filling in tax returns and filing them, reconciling your bank accounts, and taking care of your payroll, while you do the basic bookkeeping and accounting yourself or have someone on your staff do it. Since accountants are usually paid by the hour, this is the best thing you can do to optimise their time and make complete use of their skills. By doing this, you can also become more aware of your financial situation and know exactly where your expenditures and revenue lie since you are the one in charge of your basic bookkeeping.
- Choose someone who can find ways to save you money
One other way you can maximise your accountant’s expertise and knowledge is by choosing someone who can find ways to save you money, such as the accountants from www.gsmaccountants.co.uk. While your accountant can easily perform other tasks such as managing your accounts, tax returns, and payroll, they can also be more proactive when it comes to your business if you ask them to find out how you can save money.
Ask your accountant for suggestions on how you can save on your expenditure. For instance, ask them what percentage of your operational costs they think can be offset against your taxes. If you are a consultant or a sole trader, you can, for example, offset a certain percentage of your car expenses, phone bills, and even mortgage or rent payments. But always remember that tax avoidance is legal, and tax evasion is illegal – and your accountant should be fully aware of this. You need an accountant who is well-versed in the various tax laws so they can find ways to save on taxes but still make sure that you are operating above-board.
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