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Why your business needs a professional accountant

Many small businesses question whether they should do their own accounts or hire an accountant. There are several reasons why it is better to plump for the latter option:

Your accountant uses the best accounting software

Over the last few years, a number of accounting websites that have been launched that, for a small monthly fee, promise to make financial records easier. It is tempting for a small business or sole trader to see these sites and other cheap accounting software as replacing the need for an accountant.

If your accountant prepares all your financial records, they will not be using cheap software. If you decide to enter your own accounts and have them checked by your accountant for errors, your accountant will recommend professional accounting software like Sage.

Professional accounting software makes it easier to control all the financial aspects of your business and to plan ahead.

Advice and mentorship

You develop a relationship with your accountant, who can guide the financial success of your business.

Accountants can advise on tax saving, financial planning and budgets. If you have a complicated tax issue to resolve, the expertise of an accountant can answer your queries.

Paying wages and VAT

Many small businesses find that the PAYE and VAT systems are complex and difficult to understand. Your accountant can guide you on these matters, or do all the administration for paying employees and submitting VAT returns for you.

Make paying taxes easy

No one likes paying tax, and preparing your accounts for the taxman can be stressful and time consuming. If you use the Self-Assessment form, there are many pages of questions, and it is not easy to know how to answer every one of them.

By allowing an accountant to file your tax returns, you can be satisfied that they are filled in correctly. This will save you valuable time and make sure that you do not miss tax deadlines.

If you make errors on your tax return, then you could be faced with an audit. HMRC staff will visit your business premises to meticulously go over your financial records. The chances of your business being audited are vastly reduced if you hire an accountant.

An accountant can also save you money by suggesting ways to reduce tax.

Hiring an accountant to look after the finances frees the business owner’s time to do what they do best – running their business.

Posted by Louise
January 28, 2016
Accounts

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