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An accountant in Prenton – making your business life easier

The Birkenhead suburb of Prenton is home to many businesses all trying their best to be successful. Business owners often work long hours to make their business prosper, and for many of them, bookkeeping is a chore they don’t need. They would rather spend their time running their business than dealing with VAT returns and keeping track of their income and expenses.

Hiring an accountant to take the pressure of dealing with finance is one of the best investments a Prenton business can make as it looks to make the most of its location in the vicinity of Birkenhead and Liverpool.

When to hire an accountant in Prenton

The quick answer to this is as soon as possible. An accountant can help you form a company, assist with a loan application and help deal with a tax investigation.

What about the cost?

In an effort to save money, a business may feel that employing an accountant is an unnecessary expense, but the main argument for employing an accountant is that they can save you time. Unless you are a tax expert, sorting out taxes can be time-consuming.

It’s often said that a successful entrepreneur aims to earn at least £100 an hour, which is a lot less than an accountant will charge, so it makes sense to pay them to do your finances rather than do it yourself, even if you earn under this milestone amount.

An accountant can show you ways to pay only the tax you need to while remaining HMRC compliant. This advice alone could save you the cost of hiring an accountant.

Advice and business plans

An accountant in Prenton can be helpful for much more than just making sure that the books and tax returns are in order. When starting a business, or expanding an existing one, you will need a business plan, especially if you need a loan. Your accountant can advise you on financial projections and other reports. He or she will make sure that your plan is realistic and professional.

You may also need advice about the legal structures of companies, and whether it is better to be a limited company, sole trader, or partnership.

Delegation

Successful business owners realise that there is little value in doing everything yourself. Many business owners are afraid to delegate under the mistaken belief that no one can do things better than they can, but one of the most successful entrepreneurs in the world, Richard Branson, was once quoted as saying that the secret of his success was hiring people that are better than he is at doing certain jobs.

Most business owners are not financial or tax experts, so it makes sense to pay someone who is a financial expert. Accountants, by their nature, are reliable and trustworthy. They love to pay attention to details to make sure accounts are accurate and precisely what HMRC needs to assess your tax liability.

If you have been putting off hiring an accountant to talk to us at Wainwrights to discuss the many ways in which our accountants make the lives of Prenton business owners easier.

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