Do you need an accountant?
When starting up or running your small business, should you hire an accountant to do your sums?
The questions to ask are;
Do you have an accounting background to do the accounts and tax returns yourself and do you have the time?
They can be complex to understand, especially for the first timer (They do tend to change nearly every year)?
Would you be able to keep track of the latest rates, tax laws and new policies?
Would your time be better spent running the business?
Hiring a qualified accountant is one of the important decisions that you can make when you are starting up or running your own business. An accountant can save you lots of time and effort, avoid any fines, which can then help you make better financial decisions and focus on other core areas of your business. With the right planning advice you will also be able to save on your taxes.
How to make a saving on your accountancy cost?
The route to a good experience with your accountant is to get your bookkeeping process and system as simple as possible. If you are able to help make your bookkeeping efficient then your annual bill could be less than half what you are paying now.
The modern day cloud accounting offers you efficiency and effectiveness via automation, bank feeds and rules. Getting signed up with cloud accountancy systems like Xero, Quickbooks, FreeAgent, Sage One and Clear Books etc. allows you to take control of your accounting information and with right support from your accountant will significantly reduce much of the time consuming “bookkeeping work”. This will allow your accountant to focus on more “value added” services like managing growth, planning and cash flow management and help you reduce your accountancy bill.
An accountant doesn’t need to cost a fortune but their quality advice comes at a price. We as accountants have access to wide range of resources and information. Our advice can help you prevent costly mistakes and add value to your business.