Before choosing an accountant, you must be clear about what such a service can do for you and your business. The best known ones are of course reducing your tax bill and filling, and this is what most people think of when they decide to take on an accountant. Both of these are indeed correct, but there are also a number of other services and support functions which an accountant can provide for your business. To illustrate how important and beneficial an accountant can be to the growth of your business and how they can make or break success and longevity, we have outlined 7 reasons how an accountant can help you in your business:

Filling out tax forms:

Even those with the simplest business model can have a complicated tax return, so even if you think you can complete it yourself, we recommend having an expert check it over. If you fill out your tax forms incorrectly, the best outcome is that the treasury will return your forms to you to do again, which can lead to late submissions. The worst outcome is when a tax inspector goes through every aspect of your finances in detail. Using an accountant provides peace of mind that your forms are completed correctly and on time so you can focus on what you do best – running your business and increasing your income.

Minimising your tax bill:

Everyone associates accountants with filling out taxes. Yet good accounts don’t just help you fill out your tax forms; they also ensure that you take advantage of every available legal way of minimising your tax bill and are well-versed in the ever-changing tax laws. As a result, employing the services of an accountant may well ‘pay for itself’.

Helping with planning your tax liability ahead:

Tax planning is more than just simple tax preparation. An accountant will work with you throughout the year to offer advice that allows you to operate the business in a way which gives you the biggest tax advantages.

Growing your business:

Accountants can also advise on growing your business – especially as good financial decisions are vital to running a successful business. Good accountants want your business to succeed as it can reflect back onto them, so many experienced accountants act as business consultants in tandem with their accounting work.

Making business decisions:

Accountants can act as ‘sounding boards’ for business decisions and may even get to know your business as well as you do. They provide objective, financially focused input, and they don’t have the emotional attachment to your business that you do. As a result, their advice can be as valuable, if not more so, than their number-crunching abilities.

Helping with personal finances:

As your personal finances are directly related to your business income, especially if you are a freelancer or sole trader, a good accountant will provide personal financial advice along with business finance advice throughout the year. Therefore, you will be better able to manage your finances and save money moving forward.

Helping with saving time:

If you are spending your valuable time working on your accounts, you actually have less time to focus on your business and generate more income. In effect, every hour you spend working on your accounts it is actually ‘costing’ you at your hourly rate. So by appointing an accountant you are saving time and also money!

Ultimately, having an accountant isn’t just good business practice that ensures your business’s financial health and a stress-free tax season, but a guide to the broader world of professionals who can support you in making decisions that will help you and your business develop and grow.

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