Do you need an accountant?

Not everyone needs an accountant. And before you start wondering if we’ve forgotten what one of our primary business offerings is, we firmly believe in offering the best solutions to service the needs of our clients. And that also means we’re passionate about making sure we don’t charge clients for services that they simply don’t require. So, if your affairs are simple and we feel that we are unable to offer any added value to you, we are more than happy to be upfront rather than waste anymore of your valuable time. (A quick call with us should help you ascertain if you could benefit from our service so, please feel free to get in touch)

When it comes to completing your business accounts and tax or personal tax return you may decide to do them yourself to save money, after all cash is king right? Often small business owners will take on these tasks, in evenings and weekends so as not to encroach on the day to day of the business. This can, however, be a false economy, not only could you save money by investing in professional advice, but you can claim back your free time which will benefit your business by ensuring you are firing on all cylinders.

Every small business owner should be reviewing how long it takes them to do certain tasks and consider whether that is the best use of their time. Let’s say it takes you 10 hours to do your tax return, and your time is worth £200 an hour. That’s a cost of £2,000 to do it yourself and there’s always the risk you’ve made errors – especially if you’re multitasking like most business owners.

It’s quite likely using an accountant will cost less in comparison, you’ll not only have extra time to generate revenue, but you’ll have peace of mind that an expert is taking care of the details.

Here are just some of the ways an accountant can make a difference:

Pay the right amount of tax

We’ll ensure that your accounts and tax are completed accurately so that you can take advantage of any available tax reliefs and reduce your tax liability.

Furthermore, this will help reduce any errors in reporting and avoid penalties and potential investigations from HMRC.

We keep up to date with changes in legislation so that we’re able to advise clients of any changes that may affect them and plan for these as necessary. We also keep on top of advances in technology ensuring out clients are as efficient as possible when it comes to keeping financial records.  

Avoid Missing Deadlines

Late filing of accounts and tax returns can result in penalties and late payment interest on any tax liabilities due.

Our client management system ensures that we commence work as soon as possible after the period end passes rather than it being left till the last minute. Not only does this avoid penalties and interest but it allows you time to plan for any tax liabilities due.

Keeping business records up to date using cloud-based software allows us to discuss your finances and you to make key decisions based on real-time information. Whether that be hiring staff, investing in machinery and equipment or taking up new premises, being able to forecast using accurate information will be invaluable in making the decision.

Improve Cashflow, Review Performance and Provide Focus

Through review of your financials with you on a timely basis, we can help identify cost savings and improve profitability.

We can also work with you on your invoicing process to ensure that there is no bottleneck in cash coming in.

We work with our clients to get their business where they want it to be, we aren’t just there to assist with compliance, we act as a partner to your business.

We’ll harness accurate financial data and use it to help you set targets to ensure that you reach your goals.

Ultimately, using an accountant will allow you to work on the business, which is where you’ll be able to make the biggest difference. Plus, you’ll have more time to spend more time with family and friends, which is a great benefit of making a good business decision.

Ready to make that decision? Please get in touch.

‍These posts are to serve as a guide, they should not be taken as professional advice.