Whether you have a small business, a freelancer or self-employed, you have to make sure that all your financial records are kept in proper order. You have to take note of your incomings and outgoings; more than this, you have to stay on top of tax liabilities and deadlines as well. But many small business owners and individuals who are self-employed are often hesitant about hiring an accountant, simply because they think it’s an added expense and they can probably do the work themselves. However, an accountant can do more for you than just handle your books and keep your financial records and transactions in order. More often than not, they will help you avoid hefty fines and penalties incurred for late submission of accounts. Here are the top four benefits of hiring an accountant to work on your behalf.
- Save time
It goes without saying that as a small business owner or a self-employed individual, you may not have a lot of time on your hands. You have to take care of the many different elements of your business. If you are a freelancer who charges by the hour, every hour you spend working on bookkeeping tasks takes away your potential for earning money. You want to spend your time wisely and relevantly, and you can’t spend an entire day or more just taking care of your financial records. By hiring an accountant, you can save a lot of time – as a spin off, you will have more time to earn money instead of being cooped up trying to work out your finances.
- Ensure that everything is done properly
Let’s face it – not many of us are good with numbers and figures; if you have to deal with your financial records, transactions and taxes yourself, you could very well end up making a costly mistake. A good accountant, such as the accountants in central London firm Griffin, Stone, Moscrop & Co., will make sure that your accounts are in proper order and that you are following the latest rules and regulations in terms of your tax liabilities. They will make sure, for instance, that your files with HMRC are correct; this is a big benefit in itself because errors can cost you not just time but also penalties and fines.
- Help you save money on taxes
Again, not many of us are well-versed when it comes to tax laws and regulations in the UK, and it’s not just about filing your tax return correctly, either. An experienced accountant will have knowledge on how you can reduce your liability on taxes (in a legal way, of course). The point is, UK allowances and regulations on taxes are constantly changing, so if you don’t want to spend your time trying to keep up with these continuous changes, it makes complete sense to get an accountant to handle it for you. And, as a business owner or self-employed individual, you even have the opportunity to take advantage of financial guidance and advice.
- Get the best advice for your business
An experienced accountant will have already dealt with different kinds of businesses, so they can give you the best advice for your business and how you can make it grow. Your accountant can be your best ally when you are thinking of making a major financial decision, giving you feedback and advice beyond financial matters as well.