Can My Business Manage Without An Accountant?
I can’t remember the last time I heard someone talk about how amazing an accountant can be. I mean, why not? After all with years of experience behind them an accountant can help to effortlessly manage the finances of a business, finances which in return can help cement a business’ continued success and growth.
From bookkeeping to payroll and general money management, an accountant can help achieve and maintain financial stability yet despite this I still hear many businesses ask; “can my business survive without an accountant?”
Despite the obvious temptation I have to scream no over and over again, perhaps a practical look at just what an accountant can do might be the best place to begin. Below are a few general insights into just what benefits are attached with accountancy services…
- Time Saving- The financial side of your business includes everything from VAT to Tax as well as bookkeeping and payroll which require tremendous time and effort. All legalities must be complied with, every single detail of your business expenditure must be recorded accurately and all tax and vat returns must be sent to HMRC on time. Can you do all of this and still successfully run your business?
- Saving Money- One of the benefits of compiling a tax return, vat return and accurately completing your bookkeeping records is that it is possible to make savings. A good accountant will not only be able to monitor how you can make savings on your regular business out-goings but also on how to save on your vat and even pay less tax. With the right accountant your business could quite easily be saving a great deal of money.
- Advice- Many people consider accountants as just the guys who do the taxes but with years of experience in finance, helping businesses of all industries and all sizes make savings and pay as little tax as possible; an accountant can become a thoroughly valuable and trusted advisor for your business. Having an expert regularly monitor where every penny is going, whether your out-goings exceed in-comings, ensuring your business complies with financial legalities and judging where and how business savings can be made; a good accountant can be a key player in the success of your business.
There is no doubt that, when starting of your business you can easily undertake the management of your finances. However as your business begins to grow, your finances increase and your time gets stretched; do you think you could easily manage to maintain a successful financial profile and run your business smoothly?
Being in business requires effort, dedication and a great deal of time but don’t forget that you aren’t superhuman which means you won’t be able to do everything. Invest in a good accountant for peace of mind and allow yourself to concentrate on managing the bigger picture.