Many freelancers or small businesses starting out, often choose not to employ an accountant due to the cost associated; feeling as if it’s a luxury they simply can’t afford. However, by not investing in an accountant they often set up their businesses poorly, end up paying too much tax and can receive hefty fines for late payments to HMRC.
As well as being trusted business advisors and someone to provide impartial advice on your tax affairs, a good accountant will also provide a host of other benefits. Accountants in North Wales provide a comprehensive service for small to large sized businesses. Here are some of the best benefits of hiring an accountant.
Getting Things Right
Accountants are experts in the completion of tax forms. They need to be experts in order to ensure that everything is correctly filed with HMRC; errors not only cost you time, but could end up costing you financially due to fines and penalties.
Time Saving
Many freelancers and small businesses charge by the hour or bill their clients based on the amount of time they have worked on a specific project. This means that every hour spent pouring over paperwork and tax returns is time that you are not earning.
Your time is better spent where your talents lie, which is not spending valuable time on sorting out your accounting. Handing over the particulars to an accounts expert will save you time that could be better spent on building your business.
General Business Advice
Experienced accountants have dealt with all kinds of businesses, meaning that they are often in the best possible position to give general business advice and can help in the growth of your business, as well as dealing with the details of your finances.
When you are starting out with a new business venture, even if you’ve been in business for a number of years, it always helps to have other people to bounce ideas off and your accountant can give you objective feedback.
Saving Money
That might sound a bit paradoxical, but it’s true – hiring an accountant can work out saving you money in the long run. Correctly submitting your tax return isn’t just about ticking some boxes; a good accountant will know where you can legally reduce your tax liability which can soon add up to a decent saving.
Tax regulations and rules are constantly evolving and changing, so unless you want to spend your free time researching and learning about tax laws each year, it makes sense to appoint an accountant for your business needs.
How to Find a Good Accountant
Now that you have a better understanding of the benefits an accountant will bring to your business, it’s time to find an accountant that is suitable for your needs.
It always makes sense to hire an accountant who will understand your individual needs and unique circumstances, so find out if the accountant has prior knowledge or experience working within your industry and crucially, if they are experts in dealing with freelancers or small businesses. Accountants North Wales are experts in a number of different sectors, and have team members with knowledge of different industry trends.
