Your accountant isn't just there for accounts. They can advise you on hiring staff, help raise finance and guide you as you grow your business. 

1. You want to plan growth

A good accountant will be able to offer guidance on taking your business to the next level and the best way to do it, from structuring your business properly to making sure you avoid pitfalls like overtrading. Some will provide consultations for free, while others will require a retainer fee for regular contact.

2. You suspect you're paying too much tax

Do check with your accountant that you're making full use of any tax allowances and reliefs you can claim.

3. You're looking for management advice

When you're expanding, you need to make sure the business is being handled in the right way. An experienced accountant can advise on issues like adequate working capital, good stock control and invoicing.

4. Your tax is complicated

Few people can say they're genuinely on top of taxation rules and regulations but that's just what your accountant is there for. A good accountant will almost certainly recoup the cost of their own fees, particularly if you have complex accounts.

5. You're looking to raise finance

Accountants aren't there simply to manage your money. They can also steer you in the right direction for additional finance without putting your business at risk, looking at options such as taking out a loan, increasing an overdraft or issuing sharing capital.

6. You're thinking about buying another business or selling up

In this scenario, it's vital to get professional advice, whether it's about getting an accurate business valuation, extracting your money out of the venture of assessing your best options for tax efficiency.

7. Your turnover is increasing

If your annual turnover is getting close to or above £77,000, you'll need to become VAT registered. If you make all or nearly all of your sales to VAT-registered businesses, you may benefit from being VAT registered even if you are under the threshold, as you can then reclaim VAT on any business expenses you incur. An accountant can deal with VAT registration for you.

8. You're starting to employ staff

Talk to your accountant about your payroll regulations and your employer obligations. Since April 2013, Real Time Information (RTI) means you need to submit returns every time you make a payroll payment, rather than submit them once a year, so speak to your accountant if you're unsure. 

9. Your general circumstances change

It could be that you want your spouse to join the business and you're interested in tax planning. Or you want to become a limited company or set up a childcare voucher scheme. It's always worth speaking to your accountant if your situation changes.

10. You're not sure your accountant's still right for you

As you grow, you should regularly reassess whether your choice of accountant is still right for your business.

To find an accountant in England or Wales, go to www.icaewfirms.com.

To find out how Viewpoint can help you with all of the above, have a look at our services page on our website.

The information above is taken from the Sage Autumn 2014 edition of Briefing.