Running a small business can be a challenge and it may be that you just see an accountant as an extra expense that isn’t needed, especially if you’re confident doing your own tax returns. However, an accountant does much more than fill in the end of year return and could bring great benefits to you and your business.
The first major way in which an accountant will help your business is they will be able to save you time. Having to keep on top of all the financial paperwork is essential but also highly time consuming. Having an accountant on hand means that they will be able to deal with everything regarding expenses, tax etc. leaving you free to spend more time on the revenue generating aspects of your business. An accountant also knows all of the correct forms that need to be filled in and all the deadlines that need to be met, eliminating the chances of you facing any fines. If you do your own accounts and get them wrong, they will either be sent back to be done again or a tax inspector will bring them back to you and go through all your paperwork. Hiring an accountant would avoid either of these scenarios occurring.
You may be completely confident that you know what you’re doing with the forms and can ensure that you get them in on time, but can you complete them in a way that ensures you do not end up paying any more tax than you have to? A good accountant will know all of the rules, regulations and laws that will help you minimise the tax you have to pay to the government. These laws change on a regular basis but an accountant will always be up to speed with them, meaning they will always be able to take advantage of regulations and allowances that will save you money. Indeed, the amount you save in tax could more than cover the cost of your accountant – and remember, the accountant's fees can be offset as a business expense against your next tax return.
Finally, there is one other key way in which an accountant can help you and your business - and that is by helping it to grow! Many Accountants are able to provide impartial, outside advice to businesses, which can be crucial in the early years, to ensure that the company is making the best decisions for them. Getting important decisions wrong can be costly in the long run, so having an accountant on board from the start can reap rewards later on. The fact that they are not emotionally attached also means that they are able to provide unclouded advice, which they have gained through helping numerous other business to grow.
If you are in need of an account in Havering, contact Johal and Co today.