Benefit of having an accountant – AP Accounting, Southwell
Owning and running a small business is very time-consuming and demanding as most people reading this will only know too well. Often, particularly at the start-up phase, money is tight and you need every penny you have to invest in the product or service you are selling. Deciding whether or not to engage an accountant is yet another decision and one which has another cost attached. Besides do you really need an accountant? Is it not just a simple matter of recording sales, deducting costs and then paying tax on the profit? Yes it is! But that it is bit like saying that ….. Mount Everest is just a long walk! The benefit of having an accountant is much more than that and finding the right accountant should:
- Save you time
- Save you money
- Save you hassle and worry
- Help you grow your business
Save you Time
Your time is precious and there are potentially more demands on your time than you have hours available. Perhaps you can do your books and complete the tax forms yourself but how much time will you need to put aside to make sure that you have entered the information correctly? Rules are always changing too which means that you need to ensure that you are alerted regularly to any changes which might affect you and your business.
An accountant has the knowledge, experience and facilities to complete paperwork efficiently and to keep updated with changes to the rules leaving you free to focus on your products and services.
Save you money
Time is money (as we all know) so if you spend, say, two hours less a week managing the books, you gain 8 extra hours a month to develop the business – in other words, an extra day per month. But accountants also save money in another way: they ensure that you take advantage of every taxable allowance and benefit to minimise your tax bill.
A good accountant will make sure that you pay as little tax as possible by taking advantage of all possible tax allowances and benefits.
Save you hassle and worry
Everyday life is full of deadlines and the tax year also has its own set of deadlines to be adhered to or penalties will invariably follow. With limited companies, for example, there are deadlines for Companies House, deadlines for accounts and tax with HMRC and another deadline for your personal tax. A good accountant will ensure that he or she reminds you of these deadlines for payments so that you do not have the worry of remembering. S/he will also ensure that information is submitted on time.
A good accountant will remind you/take care of the deadlines for you.
Growing Your Business
As well as doing the paperwork, minimising your tax bill, reminding you of deadlines and meeting them him/herself – your accountant can also be a great source of advice to help you grow your business. They also have the resources to provide you with additional information about your business An accountant can provide an objective view of your business, having close knowledge of the figures but without the emotional attachment. S/he can help with strategic planning, advise on financial structures, give advice on business financing and a range of financial tools to help you manage for the present and the future. If you would like to discuss your accountancy requirements, please do not hesitate to email me at email@example.com or call 01636 814647