Accountants can be expensive, but they can save businesses money in the long run. Choose an accountant that offers a package that contains the services you need. You should also look for an accountant that is chartered or trained with a recognised body such as the ICAEW, ACCA or AAT.
Taxes
An accountant in Scotland is a valuable asset for any business owner. They can help you navigate tricky tax laws and offer financial insights that will help your business succeed. They can also help you avoid making costly mistakes that could cost your business money in the long run.
Compiling and filing your end of year accounts and tax return can be a lengthy process. An accountant can take care of this for you, ensuring that all paperwork is filed on time and that you are paying the correct amount in taxes.
Payroll
While many small business owners believe that accountants are expensive, they actually save money in the long run. They help you to avoid fines, penalties and late fees by taking care of all accounting paperwork for your company.
In addition to calculating tax returns, an accountant can also organise payroll and provide email or physical payslips to employees. They can also apply all appropriate deductions (i.e National Insurance, PAYE, Bonuses, pensions etc.) and assist with registering with the workplace pension scheme.
Bookkeeping
Accounting is one of the most important aspects of a small business, and it can be complicated. It’s important to hire an accountant who has the right qualifications, training and experience. Chartered accountants, for example, have completed three years of in-depth training and are bound by a code of ethics and professional indemnity insurance.
It’s often difficult for a management team to keep on top of their company’s finances when they are busy with day-to-day tasks. Having an accountant take care of the books will free up time for them to focus on other areas of the business.
Business Planning
If you’re looking to expand your business, or you’re considering investing in a property or another venture, an accountant can help with the financial implications. They can help you calculate how much a project will cost and show you what impact it could have on profit margins or company value.
Accountants also have a keen eye for finding financial leakages within a business. For example, if you have a lot of expenses such as utility bills, suppliers or credit card payments, they can help you find ways to reduce those costs.
Financial Analysis
Financial analysis is the process of examining a company’s financial statements and budgets to assess their stability, solvency, liquidity, profitability and potential for growth. It is employed in both corporate finance and investment finance settings. It focuses on income statements, balance sheets and cash flow statements as well as research beyond the financial reports like ratio analyses, benchmarking, trend analyses and qualitative information.
