Hiring an accountant for your business is a great investment. Keep in mind that looking after your finances by yourself is not a good idea as DIY finances are not for everyone. This is true especially when your accounts seem complicated. Hiring an accountant from Penney’s Accountancy can benefit a business in many ways. That said, here are the major reasons to hire an accountant:
1.Will Help You Save Time
Most of the people who start a business want to do what they love doing and what they have always dreamt of doing. However, most of them don’t love or dream of dealing with financial records for hours and paying taxes. When you hire an accountant, you will focus on your core business and think of ways to make your business more profitable.
Your accountant will deal with financial records and this will save you a lot of time. With an accountant, you will focus on making more money while the accountant deals with financial records and filing your taxes.
2.An Accountant Knows How the System Works
Tax limits, amounts and deadlines change from time to time and if you skip one important stage, you could end up underestimating your next tax bill. You can avoid the penalty for underestimating your taxes by hiring an accountant for your business.
This is because an accountant knows how the system works and will ensure that deadlines are met, and help you pay the correct proportion of tax to the right people and at the right time. Remember that learning how the system works can be a minefield and it is good to leave the job to an accountant as accountants know how to handle taxes.
3.Will Help You Save Money
Hiring a good accountant for your business is worth it. This is because it can help you save money as a good accountant can give you advice that can help you save money like claiming for all the expenses you deserve. So, apart from helping you cut your tax bill, an accountant could end up paying for himself or herself.
Hiring an accountant has never been cheaper; check our services from a simple tax return to comprehensive account management. You can also check our infographic on how much an accountant can help you save.
4.An Accountant Can Offer Invaluable Business Advice and Support
It may be that being a sole trader does not make financial sense anymore and that it may be better to run it as a Limited Company operating through an Umbrella company.
Apart from helping with finances, an accountant can also offer support that can help improve your business setup. If you are just starting out, an accountant can keep his or her beady eye on your financial plans and projections. As your business grows, your accountant will explain the many options available and guide you in the right direction in case you decide to change the structure of your business.
5.You Will Not Have to Worry About the Management of Your Accounts Anymore
Even though you will still be legally responsible for their accuracy, you can leave your accountant to deal with account management fully. They will do everything on your behalf including managing PAYE, completing your tax return and filing your accounts with Companies House. You can even nominate your accountant to manage your communication with HMRC.
6.An Accountant Can Help You When You Need Investment
At some point, many businesses need investment. This investment can be in the form of business angels, investors or a bank loan. When you need an investment, you will have to create a solid plan detailing your accounts-to-date and forecasts. An accountant will advise you on how to do this and help you think of everything and provide reassurance to those who want to invest that your figures are realistic and accurate.
7.Hiring an Accountant Will Give You Peace of Mind
Invoices, spreadsheets and tax returns are not for everyone out there. If you get a spreadsheet-induced migraine whenever you think about opening up your accounts, then it is good to look for a good accountant to help you out.