It would be very easy to think that an accountant is simply there to ‘cross the Ts and dot the Is’ with HM Revenue & Customs to ensure that you and your business aren’t subject to an investigation.
However, the advantages of using an accountant are far from just ensuring that a load of required information is sent to the tax authorities – indeed, a good accountant could make the difference between your business thriving, surviving or dying.
Here are just four of the key benefits.
1. They can save you time
Even if your business is a very small one and you therefore feel confident in poring over and completing the relevant paperwork yourself, it’s still time taken up by your tax affairs that you would probably prefer to devote to your core business.
Plus, can you be confident that you are completing such forms correctly, and haven’t forgotten anything important?
Sometimes, it’s simply best to hand over your accounting responsibilities to a professional, while you concentrate on doing what you do best – running your business.
2. They can save you money
Accountants are very knowledgeable and experienced people. They are well-versed in all of the latest tax laws, rules, regulations and deadlines, and this isn’t merely good from a time-saving point of view – it’s also good from a money-saving perspective.
Accountants don’t merely know how to ensure that you fill in and submit forms correctly – they also know how you can do so in a way that reduces your tax liability, thereby benefitting your business’s bottom line.
Even if you just require a bit of advice on something like the VAT Flat Rate Scheme and whether it is right for you, the best-qualified and most informed accountant can tell you everything that you need to know.
3. They can help your business to grow
Yes, a good accountant can even go as far as advising you on the sound financial and managerial decisions that will enable you to run your business more efficiently and power forward its growth.
The best accountant for your firm is likely to be one who is experienced in working with other companies in your sector, and who can therefore provide the most tailored advice.
There are plenty of accountancy firms out there that can give you the benefit of accountants who are suitably experienced in your industry, such as Middlesex-based Akshar & Co, which has dedicated retail accountants who are committed to helping retailers to achieve their objectives.
4. They can prevent you from being hit with heavy penalties and fines
With HMRC having recently unveiled plans to significantly increase the fines imposed on small business owners who pay their taxes late – as reported by Simply Business – the importance of ensuring that you know about and hit every relevant deadline has never been more urgent.
Penalties can be imposed not only if you pay your taxes late, but also if forms are submitted incorrectly, so it’s well worth getting an accountant on board who can handle everything on your behalf.
What have been your own experiences of using, or not using an accountant for your small business? We would love to read your thoughts – simply enter them in the comments section below.