If you are running a business, then, sooner or later, you are going to need an accountant. Unless your business is exceptionally straightforward, it’s very likely that you could improve your financial situation by gaining professional help. And when you use an accountant, the benefits quickly pay for themselves.
1. They save you time and money
You will be used to using specialists for everything else, so why not for your money. Many might be put off by the cost, but it’s best considered as an investment. Although your accountant will charge you fees, you need to consider the alternative. While it’s possible to do your own accounts, do you have the time to learn how?
And if you think you do, consider that research by the Office of Tax Simplification in 2012 highlighted that the urban myth that the UK’s tax code was the world’s longest, at over 11,000 pages was wrong. They found that when you stripped out things like indices, contents and duplication it was only just over 6,000 pages. Who can’t manage that?!
2. They help you establish good practice
As well as the work they do for you, most businesses find that they will improve their own processes as a result of having an accountant. Whether this is simple record keeping, or a better understanding of the processes they need to follow, businesses with an accountant benefit not just when their accountant is working for them, but every day.
3. They will handle your taxes
Perhaps the biggest benefit from an accountant is that they will manage the tax process for you. Indeed, this is the reason many businesses will first take on an accountant. Although they cannot do anything about the pain of paying taxes, they can take on the pain of preparing them.
And accountants will also help you minimise the amount you pay. One of the reasons there are so many pages of tax law and regulations is because tax isn’t always straightforward, and there will be many expenses you might not have realised you can claim against tax.
4. They will help with your business
Accountants will always maintain confidentiality, but they deal with lots of businesses and, because of that, have deep experience they can offer. Many businesses find that accountants can offer advice on lots of things that might not be immediately relevant to the business’s finance. So, if you are thinking of expanding or investing, for example, your accountant might well be able to offer advice and guidance that will make the process a lot easier.
5. They offer peace of mind
It’s impossible to put a price on it, but having peace of mind is a huge benefit. Knowing your accountant is taking care of you, checking your finances and making sure your accounts are done properly won’t just help you sleep soundly on tax day, but makes sure you won’t get a nasty surprise when the inspector looks at your return.
Getting an accountant isn’t just a case of getting your accounts done, it can be one of the best investments you can make in your business.
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