Whether you’re starting out or your business is growing, there are many different things to consider and one of the most asked questions is usually why should I get an accountant for my business?
Most business owners don’t really enjoy bookkeeping or accounting. They end up doing it out of work hours when they’d rather be spending time with their family and friends. Well, if getting your weekends back isn’t enough reason to get an accountant then here we have listed five more.
5 reasons why you should get an accountant for your business
To stay legal
An accountant will ensure your taxes are completed and done correctly. If you work with an accountant from the start of the year, together you can plan ahead and create a strategy that keeps your finances organised. You will even experience the luxury of stress-free tax filing.
To save time (and energy!)
Running a business can be challenging. There are many different hats you have to wear, skills to learn and elements to manage. An accountant can save you a lot of time when it comes to organising your finances. This means you get to save your energy to focus on running your business.
To save money and boost profitability
Having an accountant can actually save you money. If you get an accountant to take care of time-consuming tasks like taxes, it’s quite likely they will cost less per hour than you would pay yourself. This of course also brings the peace of mind that an expert is taking care of the details.
An accountant can also lower your tax burden and ensure you avoid fines, interest and audits. Late filing or payment of taxes results in penalties and interest that can easily be avoided.
To get access to finance
There are a wide variety of funding options available for businesses. From start-up loans to equity finance, an accountant can advise what is best and present facts and figures that back up your application for funding. We are a Funding Circle partner to make things even easier.
To help plan for the future
Partnering with an accountant who has the skill and expertise to guide you through your journey will set you up for lasting success. Cloud-based software like Xero means your accountant can easily view your accounts and create reports. An accountant can have a unique outlook on your business and is able to objectively look at the big picture to find the best way to support the longevity of your business.
From taking care of your financial commitments to unblocking growth for your business, having an accountant for your business really does bring many benefits.
If you still have questions or concerns, contact us and we will be happy to answer them.