Quite often I hear people say that they can’t afford an accountant or that they think an accountant is just there to fill out forms and issue invoices for payment. An accountant is much more than that!
If you are running a business, it is almost certain that you would want to keep your initial operational costs low by doing your own taxes without using the service of an accountant. So, what are the benefits of using an accountant’s services? Below we are going to discuss the reasons in more detail.
Reason No 1 - Saving you Time
Your time is best spent doing what you’re good at. If you have a very simple business then you can probably complete most of the forms yourself. But will you be completing them correctly? Will you be getting them in on time? If you miss a deadline for important documents, such as submitting company accounts to the Inland Revenue, then you can face quite heavy fines.
An accountant will complete the appropriate forms for you and return them to the appropriate authority in order and on time leaving you free to focus on earning more money.
Reason No 2 - Saving you money by paying less tax within the law!
Completing the forms correctly is one thing. Doing them in the way that’s going to save you the most money is another. A good accountant will make sure you take advantage of every legal way to minimise your tax.
A good accountant will make sure that you and your company takes full advantage of the tax laws to make sure you pay as little tax as possible.
Reason No 3 - Growing Your Business
A few wrong moves in the early days of starting up your business can put you out of business!
An accountant can act as a lifejacket. He knows your business almost as well as you do and probably knows the financial side of it even better.
An accountant’s advice and input can be as valuable, if not more so, than the number crunching and form filling.
Reason No 4 - Improve profitability
An accountant will take care of your accounts, they can help you with budgeting and forecasting your cashflow, they will be able to offer advice on how to free up cashflow and where you can make savings. As your business grows they can advise you on how to manage the growth to help maximise your profits
Reason No 5 - Accurate accounts
Accurate financial information will help you analyse your business performance, it will enable you to assess what you have achieved as well as forecast and plan for the future.
Reason No 6 - Invaluable business advice
Whether you’ve just started or are now beginning to grow your business, an accountant has experience across a variety of industries and can offer you good quality professional advice and business solutions.
It’s not a matter of whether you can afford an accountant - can you really afford not to have an accountant?