Why your business needs a chartered accountant in 2021
Businesses of all sizes suffered throughout 2020 and into 2021 as a result of the Covid-19 pandemic. Virtually no industry has been safe, and the majority of companies across the country have found themselves facing a very different market than they did before.
As the country emerges from lockdown, organisations are looking for ways to regrow their profits and maximise their potential. If your company is in that position, you may be seeking tips and ideas for the best way to spend money effectively and ensure that your company can thrive.
Here we take a look at why working with a chartered accountant might be the best investment you can make in 2021. You might currently do your own accounts, or already have accounting services in place. But a chartered accountant can offer you a great deal more than you think.
Standard accountant or chartered accountant?
The difference between a standard accountant and a chartered accountant is often not particularly well understood. Some business owners might not know the differences or believe that the terms mean the same thing. In fact, a chartered accountant offers something very different from a standard accountant.
Chris Plumridge, Director at Wellden Turnbull explains: “chartered accountants are not only capable of providing everyday accountancy services ranging from monthly payroll to help with self-assessment tax returns – they are also perfectly placed to offer in-depth business advice and guidance surrounding finances and a broad range of other issues”.
That’s not to say that standard accountants don’t offer a lot of value to your organisation. But rather than chartered accountants can provide a wide array of possibilities, often more focused around business development.
Tax planning
You might think of corporate tax as an inevitably that you simply have to pay. To a certain extent, this is true, but at the same time, a skilled accountant can provide you with smart tax planning services that can make a huge difference in the amount of tax that you pay.
How a business structures its affairs can result in a very different tax bill at the end of the year - in some cases this reduction alone pays for the services of your accountant. So, a chartered accountant can offer you a fantastic return on investment.
Business planning
Having a solid business plan can make a really marked difference to the long-term success of your company. But this is something that many businesses either don’t know about or don’t know how to plan. Just under two-thirds of SMEs in the UK have neither a business plan nor any financial forecasting.
A chartered accountant has the skills and expertise to work with you to create a business plan that will help your company not only in the short-term but also as the organisation grows over a number of years.
Final thoughts
With 2021 being the year that many companies are having to re-evaluate their business model and rethink how they operate, now is the perfect time to work with a chartered accountant. Pick an accountant that has experience working in your industry and use their services to help your company rebound and enjoy success.