When starting a business there are a huge number of things to take into consideration from staffing and premises to marketing and advertising, but for everyone the ultimate goal is to make a living from it. The world, especially the business world, revolves around money and in today’s competitive and uncertain business environment there are many things which can affect performance and ultimately affect your business. Most of us will have some knowledge of accounting and keeping track of money but the skills of an accountant are vast and they play a vital role in the commercial success of businesses. This is a reason why many businesses fail due to poor planning and bad financial management.
A lot of smaller businesses shy away from using a chartered accountant because they wrongly assume that it will cost them far too much money and the costs will outweigh the benefits, but this is not the case. Here are some reasons why you should use a chartered accountant:
Save you money in the long run
While a chartered accountant might cost you more to begin with in the long run you’re likely to save money in the long run. Some accountants will do little more than manage your accounts and complete the relevant tax return forms for you while a good accountant is more proactive. A chartered accountant will have knowledge about the different areas of business, what proportion of your operating costs can be offset against tax, the implications of doing this etc. A chartered accountant will save you money in legal ways without causing risks to your business.
Many third parties such as your bank, the HMRC, clients and existing and prospective suppliers will rely heavily on the financial picture of your company which is portrayed through your figures. If your accounts have been signed off by a professional, recognised chartered accountant then this bestows a huge amount of credibility on the accounts validity and therefore your business.
Peace of mind
Nothing is more worrying than hiring a so called professional but then worrying about the level of their work. With accounting you don’t want to worry that the taxman is going to come knocking on your door or that you’ll be sued for errors in your accounts. By having your accounts and taxes handled by a chartered accountant with years of training and exams behind them will give you peace of mind. In the rare case of an issue all chartered accountants like for example Brentwood Accountants have to maintain indemnity insurance.
A vast pool of expertise
When a small business starts chances are they’ll choose an accountant who is cheap, but they might not have the credentials or practice that your business needs. By choosing a chartered accountant you’ll know that they have such a wealth of knowledge or expertise that they can tackle any problem. This can be incredibly useful if you begin to trade internationally or have a tricky tax issue to sort out.
Helping with long term organisation
By hiring the right chartered accountant you’ll have easy access to your files which will be laid out in a simply and easy way to ensure that your finances and payroll are organised in a fashion which will help you in the future. By keeping good organization you’ll be able to flick through and find any information you may need going forward.