Having an accountant is always more than just them filing your accounts and tax returns with the relevant authorities.
Accountants themselves are business owners, so should be able to answer your queries with empathy, but with the added benefit of seeing the nuts and bolts of other businesses, giving them that direct exposure to many situations.
It is the case that you can file your own accounts and tax returns yourself (which is why it’s called “Self-Assessment”, however, we’ve put together a non-exhaustive 10 point list of some points to consider..
Here could be 10 points as to why having an accountant working with you can benefit you and your business.
- We can save you time. You don’t have to do all the tasks yourself. An accountant can help you deal with the company’s most important obligations such as paying taxes and making sure you don’t miss deadlines.
- Reduces tax liability. Accountants can give you advice on the most tax-efficient way of running your business, whether that is in terms of structure (sole trader, partnership, Limited company), or in terms of which business expenditure is allowable to set against your profits to reduce taxes.
- Prevents hefty tax penalties. When you have an accountant, you can reduce the chances of filing your tax returns late, therefore saving you from expensive penalties for missing tax payments and deadlines.
- Helps your business grow. A good accountant can be a great resource of advice on how to best run your business more efficiently, help you plan for the future and help make good business decisions.
- Removes your tax anxiety. An accountant can help explain to you in details the complexities of the tax system so don’t have to worry about not having knowledge in tax at all. Knowing that someone will take care of your taxes can give you peace of mind and better clarity for focusing on your business.
- Helps with bookkeeping. For small businesses, bookkeeping is very important. An accountant can help you record sales and purchases, regular expenses, bank balances, and other financial matters related to your business. Without accurate and regular bookkeeping it becomes very hard to plan, which can put your business at risk of the unknown.
- Keeps your business organised. Accountants are surrounded by businesses and therefore have an eye on the best practices to keep businesses efficient, recording and measuring the right information that can be used to make decisions for now and the future.
- Keeps you focus on other important business matters. With an accountant on your team, you can breathe easier knowing that your financial affairs are well taken care of. As a result, you can focus on other important matters that you have to focus on such as sales, marketing, supplier relationships, and other general business matters.
- Assists in business planning. As much as you want to expand your business, your accountant is in the best position to help provide you with business reviews and financial reports that your business will rely on in making important business decisions. Aside from this, an accountant can help you assess the viability of your plan keeping you well guided in expanding your business, and also hold you accountable to such.
- Expands network. An accountant can help you have access to other industries related to your business. This gives you greater chances of meeting new people who can be a part of your network and help you with other aspects of your business.