If you’re an owner-operator of a medium to small-sized business, one question you might have thought about is “why should I employ accounting professionals?” Is hiring an accountant worth the cost and what qualities should you consider when choosing an accountant? We’re here to answer your questions in eight ways that accountants can bring value to your company.
What exactly is an accountant’s job?
In the professional services industry, accountants are responsible for numerous functions. The diverse responsibilities of accountants are preparing tax returns and financial records and conducting audits, analyzing accounts, forecasting, as well as reviewing operations to identify the potential for efficiency and savings just to mention the few. However, that’s only one aspect of the equation. An excellent accountant can add value in many different ways.
If you’ve been able to ask yourself any of these questions:
Do I really need an accountant?
Should I engage an accountant to run my small company?
Do I require an accountant for sole traders?
Do I require an accountant for my limited company?
If so answers, the majority of cases will almost always be an unambiguous “yes” Your company could benefit from having an accountant.
What accountants can do to help you?
The various definitions of what accountants do are rather specific and driven by processes. Certain accountants might limit themselves to the minimum but the top accountants can bring immense worth to your business. These are only eight benefits when you hire an accountant
1. The ability to spot threats and opportunities
If you choose to hire the services of an accountant could offer you the world however you’ll have to search for even the most basic of information. This is the recipe for frustration and you’re entitled to more. An accountant who is good will be proactive, going that extra mile to comprehend the most important numbers to your business , and actively looking for new opportunities (as as possible threats) to aid in the growth of your company.
2. Save you money
Effective accountants must be able to take care of their own expenses. If you’re a medium or small company, keeping the tax cost as minimal as is possible is vital for your business to grow. A good accounting service doesn’t just take your money. they should actually save it! The top accountants will go to great lengths to present the best methods to minimize your tax obligations and ensuring you are in the right line of the law and taxman.
3. Giving advice and assistance
Your accountant doesn’t just come in to help you crunch figures. They can also be an earful listening ear when you require it, drawing upon their years of experience in the industry to offer expert advice on different financial issues. From the creation of an LLC to helping with your accounting software A seasoned accountant is always willing to assist. In fact, you may begin to think that your accountant is a part to your staff.
4. Helping you be tax-timely
The changing tides of taxation regulations and rules mean that even the most organized business owners may get caught in the crossfire of not meeting important deadlines without blame or fault of their own. An excellent accountant will help you stay informed of crucial deadlines for filing and help you avoid expensive penalties. If you combine discipline, effective communication and reliable systems your accountant will ensure that your business doesn’t miss the tax deadline.
5. Helping with the business structure
The world of business is constantly changing This means that the structure you used to run your business at the time you set up your first business could not work for your purposes as your business grows. For instance, if you initially operate as a sole-trader, you might notice that as your staffing and contracts’ size increases the likelihood of taking on more risk and are liable. If this is the case your accountant will be able to guide you through the advantages of converting to an LLC and help you incorporate your business in a simple manner.
6. Time saving
Tax returns are filed and require time. In reality, many financial processes require time even when accounting isn’t your primary job. The accountant you hire can ease the stress of completing important financial tasks like doing your self-assessment. If you know how much your spending time on is, think about the time and money that a certified accountant could save you , in addition to the gray hairs! This will allow you the time to focus on the things you excel at.
7. Reducing risk
Two heads are generally better than one in making critical business decision. So, the advice of a seasoned accountant can advise you on important financial decisions is invaluable. A good accountant will give an honest and reliable advice that will safeguard your interests. They might also be able to take action for you in critical situations, such as handling HMRC as well as investors.
8. Technology leverage
A great accountant must always provide solutions. There are many time-saving and cost-saving accountant software options to simplify managing your finances. Your accountant can assist you make use of these tools to maximize your profits. They can help you install and integrate suitable software for digital accounting – like Xero, Quickbooks, Sage or FreeAgent to help you make your accounting efficient and efficient.
Conclusion
As you can see, a good accountant is more than just prepare the tax return (as important as that may be!). We’ve listed eight advantages that come with hiring an accountant however, if you employ an accountant, you’re guaranteed to receive many more advantages that go beyond what we’ve highlighted in this thorough guide on employing an accountant.
If you employ accounting professionals, they usually become a member of your team, providing useful insights, tips strategies, and cloud-based technology which streamline your business processes and save you time, money, and peace of head. An experienced accountant must remain one step ahead and not the other way around! Every accountant is able to do the minimum amount however, the most skilled accountants take great pride in the achievements for their customers and will go to extraordinary efforts to make sure they succeed.
