When running a small business or considering starting up on your own, it can be tempting to try and make savings wherever you can. But there is one part of running a business where you should never, ever consider doing a DIY job and that is your accounts. Unless you are a certified and chartered accountant, you should be entrusting the caretaking of your finances to a professional. Not convinced? Here are some reasons why.
Time is Money
Keeping check of accounts can be time consuming and laborious even if you know what you are doing, but if there are doubts and uncertainties, you can find yourself going around in circles and wasting precious time. Staying on top of credits and debts, taxes, invoices, and remittances is a full-time job and if you are running a business as well, the chances are that you do not have enough time to do both. Hiring someone to take care of all of these for you, whilst ensuring that they are accurate will save you lots of precious time, as well as money in the long run.
An accountant isn’t just there to tell you how much money you are making and to ensure that your taxes are paid on time, they can also be invaluable in helping you plan for the future. Bringing on-board a financial professional in the early stages of setting up your business can help you plan ahead for any eventuality, as well as help you set, achieve, and surpass your goals.
One of the tasks entrusted to an accountant is producing and analysing reports. These reports take all sorts of data from your business operations and then present them to you in a format that allows you to see how various areas of your company is performing. Need to increase your marketing budget or want to bring on some more staff? Your accountant and the data analysing capabilities they have will be able to tell you if it is possible, or when it will be. Having one person, or a team of people on hand to answer your questions about your financial health is an integral part of running a successful business.
If you are coming from abroad, the chances are that you probably aren’t familiar with the intricacies and nuances of the Maltese financial system. Likewise when it comes to tax, banking, and even employment. Bringing on an accountant with extensive local knowledge and experience will help you navigate the unknown, avoid any pitfalls, as well as saving you time and frustration from getting to grips with local peculiarities.
Our team at E&S are multi-talented in a variety of disciplines. Want to form another company? Interested in exploring trust or fiduciary options? Want to open a personal bank account? These are just some of the things we can help you with, as well as ensuring that your finances are well and truly in order. By using our services, you do not need to go to the expense of hiring someone in-house, instead you can deal with your account manager as and when you need them. To find out more, contact us today on +356 2010 3020 or by email on firstname.lastname@example.org