Business,  Finance

5 Compelling Reasons Your Business Should Have An Accountant

A lot of business owners elect to deal with all accounting matters in-house. They view hiring an accountant as an unnecessary expense. However, failing to hire an accountant could be costing your company a lot more than you think. Read on to discover five of the main reasons why your business needs to hire an accountant. 

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5.  Peace of mind – First and foremost, you will have the peace of mind that everything is being handled above board. Do you and your employees really have the experience and knowledge to handle taxes and such like in an efficient manner? Laws are changing all of the time, and it can be difficult and time consuming to keep up with this. By hiring an accountant, you won’t have to. You know everything is being handled properly. 

4. There is a lot more to an accountancy service than meets the eye – A lot of people have a tendency to assume that an accountant will merely take care of their books and taxes; ensuring everything is in check. However, their service goes a lot further than this. They can assist you with all financial and legal elements of your business, including company formation, bookkeeping, strategic planning, payroll, IT and accounts software, HMRC investigations, financial projections, corporate tax planning, and much more. 

3. Boost efficiency levels and grow your business – Another key benefit associated with hiring an accountant is that you can expect efficiency levels to improve. There are many different ways an accountant can help you to do this. They will automate certain systems while they can also help you to reach specific profit goals by organising your budget and helping you to get a better grip on your expenses. You also need to make the correct managerial and financial decisions early on if you are to grow your business. An accountant can assist with this, ensuring you don’t make any common rookie errors.

2. Focus on the core of your business – One of the main reasons why you should take advantage of a fixed fee accountancy service is because this will give you the ability to focus all of your efforts on the core of your business, i.e. what makes you money. You can be safe in the knowledge that everything from bookkeeping to payroll is taken care of for you while you spend your time increasing your profit levels and gaining a competitive advantage in your industry. Plus, with industry-specific accountants, like https://www.copas.org/ , you can rest assured knowing they understand your business.

1. Save money – Contrary to popular belief, you can actually save money by hiring a chartered accountant. A lot of business owners are put off from going down this route because they believe that they do not have the funds to pay for such a service. Nevertheless, you can expect to save money in the long run, as your accountant will ensure you are taking advantage of tax breaks and that you have an effective business plan put together. Some of the best accountants also offer profit improvement services, delivering advice on boosting profitability.