If you’re a small business then you might be considering getting an accountant, but what exactly are the benefits of getting one and are they actually worth it? Most small businesses start of doing their own accounts at the beginning but as the business grows it can suddenly begin to take up a lot of time. So what are the benefits of an account and why should you consider one?
Saves you Time
The first great benefit of getting an accountant is that it saves you time. As a small business owner you’re probably already short enough on time and spending it doing your accounts and taxes is not the most enjoyable thing.
An accountant will be able to do all your accounts for you including payroll, bookkeeping and end of year taxes. Not only does this leave you with a lot more free time to be doing more important things like growing your business. But it also ensures you don’t miss any vital deadlines that could lead to hefty fines.
Saves you Money
As you may have heard, time is money and as a small business owner spending the time doing the right things is important. You didn’t start your own business to spend all night doing the bookkeeping and filing tax returns. You started your own business to grow it and become successful.
Since your time is scarce as a business owner it’s important you spend it wisely on productive tasks that help grow your business. If you time is worth £30 an hour then you probably don’t want to be wasting it on filing tax returns when you could be doing better things!
Not only does an accountant help save you time and money but also ensures you won’t wake up to any unexpected fines from the HMRC. In addition to this accountant’s work hard to help reduce your tax bill. An accountant will be able to advise you on the most tax efficient method to run your business, saving you plenty of money in the long run.
Helps you Grow Your Business
Not only do accountants help grow your business by saving you money but they can also offer great financial advice on how to grow your business. In order for your business to be successful it’s important that you take the correct financial decisions early on. A few bad mistakes and you could be waving bye bye to the business of your dreams.
An accountant can almost act as a stakeholder. They will know your business and industry inside out, including the financial side. By having someone else look at your business from a different angle without the emotional attachment you have as the owner allows them to give unbiased advice.
Stop Worrying About Tax
Tax can be very demanding and take up a lot of your time. All those receipts and accounts you have to go through can be a nightmare. In fact, HMRC’s guide to expenses is over 100 pages long and can be very complex and confusing if accountancy is not your strong point.
If numbers are not your thing then getting an accountant would probably be a good idea. Your accountant will prepare everything you need, saving your time and mind. In addition to this it also gives you peace of mind while you focus on running your business.
Are your tax returns or the thought of numbers keeping you up at night? Let us take the strain and stress of tax from you. Here at CRBH we offer a wide range of accountancy services including payroll, bookkeeping and annual accounts. To see how we can help save your business money, contact us today to inquire about our tailor made services.
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