Accounting For Small Businesses
There are good reasons for hiring an accountant at different stages of your company’s growth. From a business plan to company formation, loan application to a government audit, an accountant can make life easier for you at each step.
Like all small business owners who are looking to save money, you may think you can’t afford an accountant. But look at how long it would take you to do certain tasks (such as taxes), and ask yourself, is that a good use of your time?
For example, let’s say it takes you 10 hours to do your taxes, and your time is worth £100 an hour. That’s a cost of £1000 to do your taxes yourself. And there’s always the risk you’ve made errors – especially if you’re multi-tasking like most business owners.
However, if you get an accountant to take care of time-consuming tasks like taxes, it’s quite likely they will cost less per hour than you would pay yourself. You’ll not only have extra time to free you up to generate revenue, but you’ll have peace of mind that an expert is taking care of the details.
Small business accounting can quickly become complex if you do it on your own. If you feel you’re losing control of who owes you money and how much, an accountant can help you get back on track.
Cottons can assist your business by:
- Measure and report your key business metrics.
- Manage payroll and bookkeeping
- Assist with cloud computing solutions for your finances ensuring your business is “Making Tax Digital” compliant
- Assist in cash flow management, forecasting and grant applications.