We know what you’re thinking — you’ve been told time and time again you should hire an accountant to look out for the financial success of your new business, but you ask yourself; do I really need somebody else on hand, looking through my books — can’t I just do it myself?
In truth, yes you can. It may seem counterintuitive for us to say, but if you’re a very small, recently formed business, you can get by without an accountant for a short period. But the question is, why would you want to?
So, why hire an accountant? Possibly the most logical reason to hire an accountant is due to the simple fact that they’re on your side; your success if their success. For this reason, hiring an accountant is much more of an investment rather than an expense. Mostly because when you choose to take on an accountant…
They uncover hidden savings
An accountant can uncover obscure, hidden savings in your accounts that you, as a business owner (new or old), wouldn’t necessarily think to look for.
This may sound like an immodest boast, but it makes perfect sense when you think about it. Chances are you are entirely on top of your industry, as you keep up with every little change that takes place; day in, day out. The same is true of an experienced, professional accountant.
For this reason, your accountant can provide you with proactive business advice whenever an occasion calls for it, helping you to take advantage of new government legislation the moment it comes into force, and therefore greatly impacting your bottom line.
They save you time and headaches
There’s a good chance that the daily financial management of your business is by far your least favourite activity of the day. It’s probably a good idea to hand these tasks over to a professional then, while you can use your newly-saved time to focus on areas of your business that you are an expert at improving.
It’s sounds like a cliche, but when you hand over your accounting work to a professional accountant you’ll also save yourself numerous headaches, as you know your accounts are being kept up to date at all times and all necessary forms are being filed — something it’s often hard to remind yourself to keep up with.
They identify new tax planning opportunities
New tax planning initiatives are frequently being unveiled by the government, and though you may have your ‘finger on the pulse’ to some extent, it’s your accountant who will be paying special attention to these areas. This is because they know that money saved for their clients (including you) encourages you to continue the relationship.
Whether these are tax planning opportunities you’re not currently taking advantage of, advising you to reconsider whether you’re still applying the best VAT scheme as your business grows, or identifying a way for you to maximise your tax credit claims, hiring a proactive, experienced accountant will ensure that these new opportunities are available to you on a regular basis.
Professional, experienced accountants
To speak with professional, experienced accountants to discuss how we can help you and your very unique business needs, contact us today on 020 8780 2349 or get in touch with us via our contact page to arrange a complimentary, no obligation meeting.
This blog is a general summary. It should not replace professional advice tailored to your specific circumstance.