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One of the pitfalls of running a business is the temptation to do everything: sales, estimating, project management, finances — well, you get the picture. When tax time rolls around, the ads on TV and radio for DIY tax software sound awfully encouraging. They promise to not only generate instant refunds, but to save you money for just plugging in a few numbers. "I can do that!" you exclaim.

Minding the bottom line for any business owner, there are smart ways and not-so-smart ways to do it. One of the smart ways is to spend money where it'll do the most good. Hiring an accountant falls into that category. An accountant can not only manage your taxes but to help with payroll and other business issues. That is a good way to free you up for how you make your money: building things.

Whether you are financing a new business or investing in business growth, a bank loan can be an attractive option. However, one in ten business loan applications are rejected. To help avoid this happenning to you , it requires an accountant.

Knowing when to apply for a business loan is critical. Leave it too late and your business suffers through under-financing; apply too soon and you will find your company shouldering unnecessary interest payments.

Accountants can provide an accurate and comprehensive bookkeeping service tailored to suit your business or advise you on the methods best suited to you.

All businesses are required to keep accurate records for both taxation and VAT purposes. There are two useful by products of bookkeeping:

the information can be used to control the finances of your business

the accounts that need to be produced in order to calculate your tax liability, can be completed in a more efficient way, thus saving on your accountancy charges.

With an accountant’s experience you can take this laborious bookkeeping task away from you provided that you can supply the basic information.

If you still want to retain control of your bookkeeping then he can help to put in place a system that you feel comfortable with .

There will be occasions when it is necessary to renegotiate the amount of your loan, the repayment period, or the conditions such as interest rate or personal guarantees. Where the assets of a business are limited, anyone lending you money may seek the added protection of

requiring the owner personally to guarantee the loan. In the case of limited companies, this is in effect stripping away some of the protection that companies are supposed to afford the risk-taking owner-manager.

The first step of a successful renegotiation is to convince your lender you can ultimately pay off the renegotiated loan. You must show lenders why it would be in their best interest to agree to a new arrangement. Showing them your business plan is the best way to achieve this goal.

An accountant knows that there are the things to keep in mind when renegotiating with your bank:

Everything in business finance is negotiable and your relationship with a bank is no exception. Banks are in competition too, so if yours is being unreasonably hard-nosed, consider changing

Items that can be negotiated include; the rate of interest (usually expressed as a percentage over the base rate), when repayments start (anything between immediately and several months to a year out), or what security is required to cover the loan .

If pressed to give a personal guarantee, the accountant will set clear conditions for the guarantee to end. Otherwise the bank may try to retain the extra comfort of the security of a personal guarantee as part of your permanent banking arrangements .

Also an accountant can teach to get tax relief on these loans. If you are a sole trader or partner, any interest you pay on a loan for business purposes is deductible against tax in working out your taxable profits. If you take on a loan to invest in your company you can get tax relief at your highest rate of tax on the interest you pay. To be eligible for this tax relief, you must either own more than 5% of the shares or own some shares and work for the greater part of your time for the company.

An accountant will look after the financial aspects of your business and take away the hassle which causes many businesses concern and stress each year. An accountant will offer a full service for small or big businesses and so if there is anything you need then you will need just to ask.