Today in our blog we thought we would share with you 5 reasons why you should hire an accountant to help you with your business. Accountants aren`t just there for you once a year when your tax becomes due, they can act as a consultant for you all year round, helping with the smooth, regular running of your business.
Reasons For Hiring An Accountant
Here are the 5 reasons, taken from an article on the Simply Business website:
- If you’re unsure about your taxes
For some, taxes can be a nightmare. Complicated forms, hefty late fines – in fact, knowing your IR35 from your R40 (and the hundreds of other codes) is near enough impossible, unless you’re an expert.
Hiring an accountant to deal with your taxes can be a simple way to make sure you avoid any late payment fines, while they could also save you money in terms of how much tax you actually need to pay.
- If you’re struggling for time
Running a full-time business takes time. And lots of it.
Outside of your usual business hours you might be ordering stock, striking up new business or taking care of your website.
On top of this, it’s important that your work-life balance works for you, and spending time relaxing with family and friends should be part of any business owner’s schedule.
Sorting your taxes and organising your finances are just extra tasks on that never-ending to-do list, and if your time is stretched as it is, hiring an accountant to deal with this side of your business could be worthwhile.
- If you want help with financial planning
Unlike bookkeepers who will generally take care of invoices, payroll and the like, an accountant should help their client plan for the future, by understanding their finances and the future landscape.
Sound financial planning and budgeting is crucial when it comes to the growth of your business, and can help with understanding things like when to hire an employee, how much work you can manage, and whether to adjust your rates.
Financial planning is especially important if you’re self-employed, as getting this wrong can impact your professional and personal life.
- If you’re looking to be introduced to like-minded businesses
Aside from helping with your finances, accountants can be a fantastic source of networking opportunities.
Doing the job they do means they’ll speak to numerous business owners on a daily basis, from a variety of professions.
It could be anything from an experienced peer in the same line of work to a marketing consultant who could give your business a boost – accountants are a great way to make industry connections and grow your network.
- If you’re worried about staying legal
Accountants can also help when it comes to keeping your business on the right side of the law.
The self-employed are regulated by a lot of different legislation, and understanding it all could be tricky. For example, some business owners fail to take out employers’ liability insurance for their employees, despite this being the law.
They can also help when it comes to deciding which legal structure is right for your business. If you’re currently a sole trader, they may inform you that you’d be wise to switch to a limited company set-up. Aside from moving liability away from your personal finances, this can sometimes also help cut costs and increase your profitablity.
If you need help from an accountant give our offices a ring here at WHR Accountants at the earliest opportunity on 028 3752 2909.