Six Reasons to Hire an Accountant

Hiring an accountant to look after your business’ finances can be a lifesaver. Although some want to do this themselves to save money, looking after your own finances can be extremely difficult and time-consuming. Whether you are just starting your business, an established company or want someone to look over your personal finances, there are many different reasons why you would turn to an accountant. Here are six reasons to hire an accountant.

Save you time

Time is a precious commodity that a lot of people do not have to spare. This is especially true if they run their own business. There are so many things that need to be done, it is difficult to find hours to sort out financial records and taxes. Hiring an accountant can help you save time, meaning you can focus on other areas of the business that will bring in more revenue.

Up to date and specialised knowledge

Tax is constantly changing and keeping up to date with these everchanging regulations and deadlines can be overwhelming. Without knowing all these changes, it is easy for someone to make a mistake. This could lead to paying the wrong amount of tax or missed payments. Luckily, your accountant will be up to date with all of these changes. They will ensure all deadlines are met and that you are paying the correct amount. Understanding the tax system can be a minefield. Having an accountant on your side to help you with this can be vital. If anything changes, they will know straight away which can save you a headache.

Provide advice and support

An accountant not only sorts out the figures for you, but they can also be a valuable source of information and guidance. From choosing to become a limited company or whether to expand. As your business grows, they can look over projections and financial plans and discuss the various options that are available to you. Having someone you can trust to turn to for this important information is valuable. Unlike your friends, family or business partners, your accountant can help provide an unbiased view.

Save you money

Many people assume that having to pay for an accountant is an additional expense. Although this is true, doing so can in fact save you money. A competent accountant will be able to highlight areas where you and your business could be saving money. They will know if there are certain expenses that you can claim for. These small changes can add up to a significant amount.

Full account management

Accountants now offer such a range of services. Not only can they look after the day-to-day figures, if you want them to they can do a lot more on your behalf. From completing tax returns to managing your payroll, filing accounts with Companies House and dealing with any communication with HMRC, the list is almost endless. You have the assurance that they are trained in all of these areas, leaving you the time to concentrate on other areas of your business with the peace of mind that everything else is covered. You can decide how much you want to undertake yourself, and what you want to pass onto your accountant.

Help measure business performance

It is key that the performance of any business is measured effectively so that you can see accurately how well your business is performing and which areas are potentially letting you down. Accountants can help put performance measurement initiatives in place by setting objectives and measuring all results against these goals. The majority of new businesses fail, and it is sometimes due to not having an accurate enough picture of their performance and areas of weakness. Using the evaluations and results from the performance measures can help businesses make important decisions to grow their business with the correct information and data to back them up.

As you can see, there are many reasons to hire an accountant. No matter if you are an individual, a small start-up business or a large corporation, the benefits you can receive from having a professionally trained accounting team at your side are endless. You need an accountant who gets to learn your business and who you can trust to offer a thorough service and to look out for your best interests.