This is reality. When you start a business, especially in big cities, the critical stage is the first month of your operation up to the 18th month.
Your business is not that stable at this period, and 80% of businesses fail because of poor financial management.
Many businesses actually go it alone when it comes to managing their money. Especially the small businesses, do not use accountants that help them in their financial cash flow, which sometimes is the cause of failure. Yes. It could be an advantage if you include an accountant’s expertise and the experience that they could provide to you.
Take a look at this. Some people might bring their cars to a mechanic instead f just fixing it at home by themselves because, first and foremost, they are not experts in the said field. This is exactly the same with some parts of your business. Managing cash flows and some decisions to make could not be your expertise hence you bring your business to someone expert in the field, an accountant.
If you are in North London, here are some things that North London Accountancy Firm can offer to you!
Work on your deductions
During business tax season, all businessmen could be frantically thinking about maximizing their deduction.
Accountants can support you by easily identifying these potential deductions throughout the year. They could even give you advice on how to make strategic decisions for year-end deductions.
Another reason to consult North London Accountancy firm is for you to avoid a dreaded audit. Sometimes, people might realize all these after problems have occurred.
Actually, an audit could be avoided if you get the guidance and counsel of an accountant all the time of the year.
Save time and energy.
Most entrepreneurs think that because they are on a tight budget, the need for hiring accountants could be postponed.
No! Think about how much time and effort your spend on tiring to handle finances all by yourself (including the errors and possible mistakes when making a decision.
As an entrepreneur, focusing on running your business is a must. Investing in accountants and engaging them in decision-making will help you maintain focus and simultaneously keep on the road toward business goals.
Make real-time decisions
Having an accountant as your financial advisor that could help you manage and monitor cash flow on a steady basis will allow you to navigate problems that would occur. Make a collaborative approach to your accountant, especially in making a decision. He may present to you reports of the past months that could influence your present decision. Moreover, your accountant could also help you in the decision-making that involves your company’s future plan.