Small business owners sometimes think that they cannot afford to have an accountant, often with the belief that their money is best spent elsewhere.
However, DIY finances are not for everyone, especially as your business grows and your accounts start to become more complex.
The fact of the matter is, whether you’re just starting out, or if you’re simply looking to improve your business operations, hiring an accountant is one of the smartest moves you can make.
Here’s why you can’t afford not to have an accountant.
Running a business can be a wonderful experience. On the other hand, it can also be an extremely time consuming, stressful endeavour, especially if you’re having to spend hours of your precious time paying taxes and worrying about financial records.
Having an accountant can give you the time and freedom to focus on the most important aspects of your business, while your accountant takes care of the more time consuming, boring side of number crunching.
However expensive an accountant may seem, hiring one will always be cost-effective in the long run. Ultimately, time is money, and having an accountant will be cheaper in terms of valuable time spent on your business.
Think about it: your time is much better spent doing what you do best to improve your business. Why undertake tasks that would be far better performed by someone with the expertise required? A qualified accountant will be far more effective at their job, and this will work out cheaper in the long run – even if their hourly rate is higher than yours!
An effective accountant will be able to keep track of your expenses, highlighting any areas in which your business could save money. This means they will undoubtedly trim your overheads as well as lowering your tax bill; in fact, you might end up saving more money on tax than you spend on your accountant – truly a win-win scenario!
The legal stuff
Speaking of tax and finances, having an accountant will help you stay up to date with deadlines, tax returns, and bills due.
With the help of an accountant, you can guarantee that deadlines are met, bills are paid, and that you will be advised on what financial decisions to make. This lets you enjoy accurate returns and no outstanding fines, because everything will be planned, prepared, and accounted for.
Also, keep in mind that when submitting returns, taxes, and paperwork, your accountant will be more than happy to speak to HMRC on your behalf, allowing for less automated alerts and worry about missing deadlines.
Accountants take pride in working ahead of time; this means they’ll ensure that your business finances are done in a timely manner. As a result, you can have peace of mind that your business is on the right footing, financially.
Trust the professionals!
Remember that accountants are trained professionals and experts in their field. They know the right people to speak to whenever necessary, have access to the best financial systems, and can make your life much easier.
With a reliable accountant to hand, you can live a financially stress-free life as a business owner. As it turns out, you certainly can buy happiness!
If you’d like to speak to a team of accountants who know how to take the numbers off your hands, just get in touch with Trinity, today.