Hiring an accountant is beneficial for any business. Accountants prepare, check and take care of the financial affairs of a business, whilst checking whether you’re operating correctly within the government guidelines.
Not only can an accountant give helpful advice when it comes to financial obstacles, but they also save you time, help your business grow and remove the added stress of having to deal with financial matters yourself. Read on to find out more about how hiring an accountant can be favourable for your business.
Why Should You Hire An Accountant?
Having an experienced accountant to deal with your business’s financial matters is worth it. Accountants take off any added pressure and responsibility of having to take care of finance-related issues out of your hands and give your business the support it needs.
We’ve put together our top 10 reasons why we think it’s crucial for business owners to hire an accountant.
It can be daunting to take on financial responsibility for your business, especially if you’re unsure what you’re doing. At LJS, our accountants are financial experts, making them a reliable source of information and advice when it comes to financial-related matters.
Not only do accountants give excellent advice, but they also have greater knowledge on topics you might not know about, which means they’re more likely to discover areas of your business that potentially need financial attention.
Helps Saves Your Business Money
Reducing your taxable income, dealing with tax returns and assisting with operating expenses are among the list of things an accountant helps with. Accountants have a keen eye for opportunities that have the potential to boost your business’s profits, which is something that you might not be able to notice on your own.
Hiring an accountant means fewer financial-related errors will be made because their knowledge is at a much higher level than someone who hasn’t performed in a similar role before. Fewer errors equal fewer additional costs for your business to worry about.
When you run a business, time is key. If you’re spending too much time and effort trying to manage your finances alone, it could end up adding unnecessary stress to your already busy work life.
As a business owner, your attention should be on making sure everything is running smoothly and that you’re maintaining focus on business plans and goals. An easy way to give yourself some extra time is by hiring an accountant, not only can they take the stress of worrying about your finances, but they can also pick up on any errors you could have made.
Preventing Financial Errors
Making a financial error could result in a big issue that has the potential to cause detrimental damage to your business. Repairing financial errors can cost a large sum of money and possibly ruin your business’s reputation.
It can be an inconvenience when things go wrong financially, which is why your business needs to have a professional accountant that knows what they’re doing, helping to prevent financial errors from recurring. Accountants can also complete your Self Assessment tax return on your behalf, and ensure there are no errors that can result in charges or penalties.
Whether your business is a large corporation with a growing team or a small business with a few staff members, making sure your employees have an efficient payroll system in place is key. If your business doesn’t handle payroll correctly, it could result in being issued a fine and leaving you with unhappy employees.
Accountants can prepare employees’ payrolls and calculate their salaries, as well as deal with tax returns and figure out how much they need to contribute towards personal tax, health insurance and pension.
Keeping Up To Date With Regulation Changes
Hiring an accountant means you won’t have to worry about staying on top of regulation changes and new financial rules that have been introduced.
Accountants are able to stay updated with changes that apply to your business and make sure everything is on track financially, meaning checking up on things that are prone to change can be handled efficiently by a trusted accountant.
Better Business Decisions
Working with an accountant can help grow your business. One of the many ways that an accountant can assist your business is by implementing their expertise to make sure your business is set up correctly and on the road to success.
Accountants help choose the right business structure and give you any important information you need. When it comes to making financial decisions, we encourage you to have an accountant take care of your affairs.
External Financial Relationships
Maintaining financial relationships can be hard if you don’t have an accountant to take care of them for you. Businesses hold external relationships with a variety of different organisations and having an accountant deal with these allows you more free time.
Although bookkeeping and accountancy are two different things, they go hand in hand when it comes to confirming a business’s financial matters are on track.
A bookkeeper helps keep finances in order by managing general ledgers, statements and transactions. Accountants assist bookkeepers by providing insight and analysis of data to create accounting records and having both as extensive members of your business can help your business succeed.
Many businesses require additional funding for growth at some point. Securing finance from banks, lenders or investors means you’ll need a collection of important information for a case study.
Having an accountant is crucial if you want to present a strong financial case to stakeholders, so if you ever find yourself in need of financial support, be sure to consider hiring a trustworthy accountant to support your business.
Accountancy At LJS
We’ve been in the accountancy field for 12 years running, meaning our team of professional accountants has excellent knowledge of the services they’re providing for businesses across the UK.
Whether you’re a long-running business or just starting up, hiring the right accountant is easy when you know about LJS.