Many people view paying an accountant as just another outgoing, another necessity that is paid begrudgingly along with utility bills, tax, business rates and the like. This perception is fundamentally wrong as so much of an accountant’s role is geared towards saving businesses money.
In most cases, a good accountant will save a business more than they charge in fees. If you don’t feel that this is the case, then it may be time to switch.
Let’s look at the top 5 ways in which a good accountant can save you money:
- Avoid penalties
This may seem obvious, but you shouldn’t underestimate the savings that can be made by appointing a professional to ensure that your tax forms are submitted correctly and on time. Penalties for late filing can quickly add up and the longer you wait, the more interest you will be charged. A good accountant will ensure that penalties are something you will never have to worry about.
- Tax advice
In addition to helping you to avoid penalties, your accountant should be able to advise you on the most tax-efficient setup for your business, as well as the most tax-efficient way for you to draw your own personal income from your company.
- Finding money
There is no one better suited to “finding” money than an accounting professional. By letting an accountant look after your books, they can clearly see where your money is going and therefore where costs can be saved. Plus, thanks to cloud accounting, it is now easy for your accountant to view this information in real-time.
- Grow your business
Your accountant can share with you the unique business knowledge they possess. Accountants see businesses grow from small start-ups to well established, successful businesses. In other words, they know the recipe for success, at least from a financial point of view, making them ideal advisors for your business.
- Free up your time
They say time is money and this old saying rings true for most business owners. By appointing an accountant to worry about your books and keeping on top of tax deadlines, you’ll have more time to invest in client relationships and the work you know best.
An accountant can save you money by saving you time.
If you would like to discuss how an accountant may be able to save your business money, contact us today to book your free, no-obligation consultation.