Many new businesses in the United Kingdom fail within 2 years and the reasons for that are many. One of the main reasons is that the new business owner is trying to save money with regard to overheads and so tries to do all of the work themselves. This includes trying to do the business accounting and this leads to less time spent concentrating on the sales of the business. A business cannot operate without profits and so they go under, no matter how hard that they try. The accounts should be left to a qualified bean counter who knows exactly what he/she is doing.
There are a number of competent and trustworthy accountants in East Barnet who are happy to take on new accounts and help you make a success for your new business. Having your own accountant offers many benefits and here are some of them.
- An accountant has no personal stake in the company, so he or she is more objective in their findings. If they see there is a problem, they will bring it to your attention as soon as is necessary.
- Accountants take care of many business accounts and they have learned a lot over the years. They can actually advise you with regards to business plans and ideas and point you in the right direction.
- Your accountant knows the ways to save you and your business money and if there are any legal loopholes to exploit, they will be aware of them and apply them to your accounts.
It is your job as the owner to make money to keep your business going, and it is your accountant’s job to make sure that you spend that money wisely.