Whether you are an established business or you are just starting out, your business finances can be a confusing mine field to get your head around. this gets even more complicated when you personal finances are tied in with it; it is often the place where many business owners come unstuck. Maybe this is because it is truly believed that doing your taxes in house is easier and less expensive, or because people simply don’t understand fully what the role of an accountant is. Whatever the reasons it can be a costly mistake to make. If you are currently considering whether hiring an accountant is right for you, then here are 3 reasons you should consider it today.
They can help you to sort out your taxes, well in advance of your tax return.
We are not all tax experts, if we were we would be in the accounting business. You know your business inside and out, but tax returns can be a complicated nightmare especially for those of us who are not financially savvy. Although there are guides online that can help you, the chances are an accountant would be able to spot things that you may potentially miss. However it doesn’t just stop at your tax return, they can help you get everything ready throughout the year, so that when the time comes you don’t have to worry about collating all the evidence yourself.
There are many choices to be made when you are sorting out your tax return. There are, for example, some purchases that can save you money on your tax, but only if you are aware of them and make them at the right time – saving money is what it is all about at the end of the day. Your accountant will know exactly what areas will save you money, what the timescales are for these and be able to collate the evidence – this will save you valuable business time.
The beauty of having them with you all year round is you have the time to sort out any lose ends before they arise so you don’t have to be scrambling around at the last minute. If you don’t know where to look for an accountant in your area, just search for it – for example – Accounts in Manchester will give you all the information you need.
Hiring an accountant now can minimise future financial losses
This may be a stark reality, but in uncertain financial climes many businesses will face times of financial hardship. Some can be avoided and some can be limited for damage purposes, but if you don’t know how to do this then you could end up in trouble. You are a busy business owner so part of this is also having the time to keep up to date with everything from taxes to insurance payments. Hiring an accountant now, you can have this worry taken off your shoulders.
Not only will they work with you on the day to day financial running’s of your business, but they also keep up to date with all the financial happenings with in the country. They know what things to look out for in the future and can help you prepare for any crisis’ in advance. In turn saving you time, money and a whole lot of stress.
An accountant can help you from day one
Many people make the mistake of only believing that accountants work with you during tax return times. In fact accountants do so much more than this; they can help you with anything from creating funding projects, looking at your capital, keeping track of your investments, setting up your business accounts. The list can go on and on.
The decisions that you make on day one really can affect the entirety of your business life, so starting out with one that you trust is imperative.
Cass is a financial and small business writer with over 10 years experience within the sector. She manages two successful blogs as small businesses and loves nothing better than keeping up to date with the stock market.