Costs are high when you run a small business and it is difficult to work within increasing financial restraints. You may be tempted to do your own bookkeeping and accounting to save a bit of money. But if you fail to work with an accountant, you miss out on valuable business benefits.
Here’s what you potentially lose when you don’t hire a professional accountancy firm like www.gsmaccountants.co.uk.
Tax Breaks and Opportunities
Accountants manage your overall tax affairs and give you clarity on where you can save money. Engaging a professional accountant often cuts the tax you must pay, resulting in actual cost savings even when considering the fees spent on the professional. Accountants will also look at the financial health of your business and plan strategies to increase your profits through sound financial management.
Invoicing Efficiency and Cash Flow Security
When handling your books yourself, you fall behind with your invoicing and you fail to chase up unpaid accounts. Your cash flow suffers and you find yourself with difficulties paying suppliers. Invoicing is critical to the overall financial well-being of your company. Get it right and you benefit from increased cash flow and peace of mind. An accountant helps set up automated systems that produce and send invoices on time, automatically check for payment, give a choice of payment methods for suppliers, and follow up on late invoices. You spend less time waiting for cash and more time building your business.
Peace of Mind
Do you regularly experience the stress of filling out tax returns at the last minute, trying desperately to get the forms correct on your own? Do you have to pay fines when you file late, or incorrectly? You probably don’t give your finances the effort and attention they need. This results in errors with data entry, scrambling to find lost receipts and other documentation, and out of date books. An accountant cleans everything up and does it all on time. You get accurate bookkeeping with up to date documentation. You don’t need to worry about missing deadlines. This peace of mind is hard to beat when you are managing a challenging business.
Mistakes made in tax returns and paperwork take hours to correct. The processes and procedures involved in getting your tax affairs in order are time consuming and it takes away from the running of your business. An accountant takes tasks off your plate so you have the space to focus on strategic business matters.
Reliable, Proactive Business Advice
An accountant is also a trusted business adviser. They are proactive and creative, identifying strategies and opportunities for business growth. You gain a valuable member of your team when you hire an accountant.
You must handle a lot of things yourself as a small business owner. But you need to decide where it makes financial sense to get extra help. Weigh up the pros and cons of hiring an accountant and ask if it makes your business more financially secure.