7 reasons why you need an accountant

Hiring an accountant to look after your business finances is a smart move. Whether you're just starting out, or if you're up and running but looking to expand.

Here are 7 reasons why you need an accountant to help your growing business:

1. You could save money

Think hiring an accountant is expensive? Think again. A good accountant will be able to highlight any areas where you could be saving money (such as claiming for all of the expenses you're entitled to), which means that they could end up saving you tax.

The old saying ‘you get what you pay for' is true when it comes to choosing an accountant. The cheapest isn't always the best and often what seems too good to be true is just that. Invest in a good advisor who can really add value to your business and the advice could very well end up paying for itself.

2. Saves you time

Your time is better spent working on your business than in it. We can help take the stress out of keeping your financial records and calculating how much tax you have to pay, leaving you free to do what you love.

Accountants can help you focus your business efforts on the really important things, like making more money, whilst they take care of the other important things, like paying tax.

3. Accountants love a deadline

Using an accountant means someone else is making sure you meet all of your deadlines – and there's a lot of them! VAT, corporation tax, year-end accounts, self-assessment, they all carry important deadlines and you can avoid penalties if you make sure that you submit all the returns you need to, when you need to.

4. Business support and advice

As your business grows you need an accountant who really understands business and can add some commercial advice to help you take the next step. Whether that is hiring a new sales person to really drive growth or buying a larger business premises to expand operations, a good accountant can offer a sounding board for your decision making.

A good accountant can help you prepare your projections and financial plans that you might need to put together to obtain funding for your growth plans. They will also be able to run you through the various options available and point you in the right direction if you decide to change the structure of your business.

5. Wide range of services

Although you'll still be legally responsible for their accuracy, you can hand over full management of your accounts to your accountant. This means they'll be able to do everything on your behalf, from completing your tax return, managing PAYE, filing VAT returns and filing your accounts with Companies House.

The time you save is time better spent working on your business, helping your business grow.

6. You might need some funding

As your business grows you will probably require some investment. Whether it comes in the form of a bank loan or investors, you'll need a solid plan containing detailed forecasts and management accounts to-date.

An accountant will be able to offer guidance and ensure you've thought of everything, and provide reassurance to those looking to invest that your figures are accurate and realistic.

We can introduce you to a range of funders and brokers who offer a full range of funding from asset finance and bank loans through to VAT loans and overdrafts.

7. It makes life easy

What keeps you awake at night? Whatever it may be, spreadsheets, invoices and tax returns shouldn't be a reason to lose sleep. If the thought of sitting and ploughing through paperwork or compiling spreadsheets gives you a headache hiring an accountant would seem like a good idea – and the good ones even help you choose the right software to allow you to see your results in real time. Click here to look at our Cloud Accounting page to see the benefits you can get for your business by using innovative technology instead of old paper files.

Contact us today for all your accounting needs!