3 Reasons Why You Need a Chartered Accountant
Every business needs a chartered accountant at some point along the way, but it is best if you hire one before you even set up the business. Many businesses will do their own accounting until it becomes too time consuming or complicated, but hiring a professional from the beginning will benefit the business in many ways. Here are 3 reasons why you need a chartered accountant:
- Creating a Business Plan
A business should not begin trading and promoting without a clear business plan for the future. Chartered accountants London can help to create a detailed business plan that includes costs, finance, promotion, tax advice and more. They can also provide advice on which trading structure the business should take such as sole trader or limited, as each option works well for different circumstances. Choosing the wrong one can have repercussions on the business as it affects the amount of tax paid, and the types of property and contracts a business can have.
- Offering Financial Advice
Chartered accountants can offer financial advice and offer options on where to get investments from to grow the business. They will be able to lay out the options and explain the advantages and disadvantages to each one to recommend the best.
- Accounting, Systems and Software
To work efficiently a business must put in to practice the latest management software, accounting and bookkeeping systems. A professional chartered accountant can suggest the best options for the best systems that will benefit the business and save time and money.