If you’re starting or running a small business, you might be wondering how to figure out and manage the financial side of things, especially if your area of expertise isn’t accounting.
This can be one of the most stressful parts of running a business, but it doesn’t have to be that way! A good accountant will help you find ways to save money and make money on your business’s finances without having to put in extra hours every week to keep track of it all yourself. These are 6 reasons why you should hire an accountant for your small business.
1) Professional accountants save time
Once in place, a chartered accountant will help keep track of expenses and revenues as they happen, freeing up your time to focus on growing your business. If you’re running a cash-based operation, it can also free up some of that money; bookkeeping services can be costly if you’re hiring another human being to do them. An accountant is not just there to give advice: she or he is looking out for you financially, so there are fewer surprises along the way.
2) You’ll improve bookkeeping and accounting processes
The financial health of a small business is directly linked to its accounting and bookkeeping practices. By hiring chartered accountants London, or an accounting firm, you can find someone who can offer solid advice on these processes. By sharing their years of experience, they’ll ensure that your company is doing everything by the book—and if there are any gaps in procedures or controls, they’ll let you know right away.
3) It pays off at tax time
Hiring a tax expert can help you save money in more ways than one. Your accountant will be able to keep track of your deductions and help make sure that none of them is overlooked. They’ll also calculate how much money you owe, helping keep it as low as possible. In many cases, accountants offer a year guarantee on their work—if they miss something at tax time, they’ll cover it.
4) A professional reduces stress
An aka.ms/accountsettings professional can take care of everything, or point you in the right direction to get things done. From invoicing and collections to filing your taxes and managing cash flow, there are many things that a skilled professional can do to reduce stress. Accountants are chartered accountants London who will keep all of your books up-to-date and help ensure that you are staying compliant with all regulations.
5) An accountant doesn’t cost much more than hiring staff
Chartered Accountants London will likely charge about £500 a month to handle accounts for a small business. This includes payroll, VAT and corporation tax returns, plus some financial planning and analysis. A full-time employee is likely to cost you double that, at least. This means it will take less than two years before accounting fees are paid back in savings on wages alone. But there are several other key benefits of having an accountant on hand too.
6) An experienced pro knows the difference between priorities
Chartered accountants have a thorough understanding of finance, taxation and company law. They are able to advise businesses on how best to utilise their profits, implement new strategies and improve their finances through cost-cutting measures. Hiring an experienced chartered accountant will ensure that your firm’s money is put towards effective long-term strategies, rather than quick fixes.
