If you’re a newcomer to the world of business and business accounting, you might think of accountant fees as a necessary cost — something that you have to grit your teeth and pay to unlock help with your statutory obligations.
However, accountants are so much more than a necessary cost; they’re an intelligent investment. In this article, we explain why. Make sure to bookmark this one.
Ability and insight
Accountants are experts in finance and tax laws, and one worth their salt will keep up with the latest developments, regulations and Government consultations. So, if you’re interested in staying compliant with the law and avoiding fees and penalties, an accountant is essential.
However, training goes beyond statutory accounts and tax returns; we’ve trained to identify financial risks and opportunities and provide financial analysis, becoming as much a business advisers as we are tax consultants.
So, by hiring an accountant, you unlock a wealth of knowledge that you can apply to your business and strategic planning to minimise risks and identify growth opportunities.
For instance, by analysing financial statements and forecasting future trends, we can identify growth areas and improvement opportunities.
We can also help you prepare for future financial challenges, such as cashflow problems or unexpected expenses. Plus, we can help plan and set goals to give a business the best start possible.
Saving you time and money
Managing finances and taxes can be time-consuming, particularly for owner-managers who are constantly being pulled in different directions at once.
By delegating these responsibilities to an accountant, though, you can free up valuable time to focus on other aspects of your business, such as strategy and growth.
Many accountants can also help you with other aspects of your business outside of traditional accountancy, such as payroll and company secretarial.
Of course, as they say, time is money — so any time an accountant saves by taking on a task is time that you can use to focus on your money-making functions, finding new clients or, essential to do in the business world, on yourself.
However, accountants can also potentially save you a lot of money directly in three main ways:
- Accountants can identify areas where you can reduce expenses, such as opportunities for cost cuttings or a tax-efficient business structure.
- They can also ensure your business is taking full advantage of all available tax deductions — from R&D tax credits to capital allowances and tax-deductible expenses — which can result in significant cost savings.
- An accountant, utilising all their expertise and insight, can significantly reduce the chances of costly mistakes and penalties by ensuring regulatory compliance.
Improving your business’s image
To be successful in business, you need capital, which, more often than not, you won’t have tucked in your pocket or a bank account — you need to attract investment. But to do that, you not only need a strong business but a strong image.
This is exactly what an accountant can provide with a business plan you can be proud of, for example, or comprehensive forecasts that account for various conditions and assumptions.
The best accountants will even accompany you in major financial meetings with investors and shareholders to provide assurance and help you secure what you want.
Now, if that’s not an investment, what is?
Looking for an accountant that you can trust to make a positive impact on your business? Get in contact and set up a meeting with us.