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How An Accountant Can Help Your Business

Many business owners misunderstand the role of an accountant and refuse to hire one on the basis that they can’t afford one or justify spending out money for a glorified form filler.  However, they fail to understand that there is much more to the work of an accountant.  If you have considered hiring an accountant for your business in the past but dismissed the idea,then please read on for details on how Birmingham accountants can not only help you save time and money but help your business grow in the process.

Accountants Can Help You Save Time

When it comes to your business,your time is valuable and best spent doing the things you are good at.  It is true that if your business is relatively small, you may be able to complete the forms related to the financial side of things on your own, but how can you be sure you are filling them out properly and within allotted deadlines?

 

Missing the deadline for sending off important tax documents for the HMRC for instance,  can cost you dearly in fines.  If you do not complete the forms properly to begin with,the best you can hope to happen is that they are sent back to you; while the worst is facing a visit from a tax inspector looking to go through your business’s financial records with a fine tooth comb.

If you hire an accountant to handle this side of your business though, they will not only complete your forms on time but accurately; freeing up your precious time to enable you to concentrate on making money.

Accountants Can Help You Save Money

You may feel as if you have a handle on your work schedule and have time to fill out the forms correctly.  However, just because you can fill them out correctly, doesn’t mean you fill them out in the best way to save you money where possible.  When you hire an accountant, part of their job is to not only fill out things like tax returns but to also make sure your business benefits from each and every legal way it can to minimise its tax bill.

Accountant stay up to date with the ever-evolving tax laws in the country and a good one will always look for ways to use these laws to reduce your tax payments.

Accountants Can Help Your Business To Grow

In addition to helping you with the financial and tax paperwork for your business, an accountant can also be a great source of advice and knowledge when it comes to helping your business to grow.  Making wise managerial and financial decisions in the earlier days of your business can make all he difference further down the line.  Make even just a few mistakes and your business might not have much of a future.

To avoid that happening you can use an accountant as a sounding board.  If they are good at their job they will know as much as you do about your business and will undoubtedly know the financial side inside and out.  Couple that knowledge of your business, the financial industry without an emotional attachment to the company and an accountant could be one of the most valuable members of your team.

Considering that often their advice and input in this regard is more valuable than the form filling and number crunching you may have hired them for; instead of asking yourself if you can afford an accountant, you should be asking yourself if you can afford not to hire one.

How To Be A Successful Manager

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Being a manager, whether of an IT team or a store, is a challenging role. You must strike a number of careful balances. You must be friendly and approachable, but you must have authority and respect. You must motivate your team and yet know when to take a step back. You must be well-informed on the roles and responsibilities of your team but also understand the company as a whole. Although, it can be difficult to achieve all these elements, if you are committed to doing so, you can be a successful manager.

  1. Lead by example

Just because you are in a management position, does not mean you can sit back while your team do all the work. If you are not contributing, you shouldn’t expect that your staff will either. If you do your job properly and work hard, the rest of your team will follow suit. If you are willing to pitch in wherever and whenever you are needed, you will gain respect from your staff.

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  1. Acknowledge hard work

Let your staff know when they are doing a good job. All too often, managers will let employees know when they have done something wrong, but never acknowledge good performance. A simple, “well done, good job” can help boost morale and motivate employees. By doing so, your team will know that you are paying attention to them and that you appreciate their hard work.

  1. Admit when you have been wrong

If you make a mistake, don’t deny it or ignore it. You will gain respect if you take responsibility for your actions. Your team don’t expect you to be perfect, but they do expect honesty. And, again, if you admit it when you have done something wrong, then your staff are likely to do the same.

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  1. Educate yourself

It is important to read up on management skills and techniques regularly. This will highlight areas where you might be going wrong and will provide you with advice on how to improve. Your employer may offer in-house or external courses  management training. If not, be proactive. You may wish to look into courses, like Spearhead management training, and present this to your boss. At the end of the day, you are trying to improve your skills for the benefit of the business, so they are unlikely to say no.

  1. Be approachable

You don’t always have to be talking about business matters with your team. At the end of each team meeting you should encourage everyone to have a short informal chat about their weekends and their interests. Open up to your team and let them see that you are a friendly person, as well as their boss. Being yourself with your team will mean they feel more comfortable approaching you.

  1. Learn from your mistakes

You are bound to make mistakes when managing your team; you are only human. But don’t beat yourself up about it. Instead use it is a positive learning experience.

We hope that you have found this information useful.