If you’re running a company, being cost-conscious is a must. However, one area which you should never attempt to cheap out on is accounting. Here’s 3 reasons why hiring a professional is a better option for your business than DIY-style accounting.
1. It’ll slim down your workload
Admittedly, the lone wolf approach can be pretty awe-inspiring.
But in most contexts, it’s just not particularly feasible. As a business owner, for example, you’ll rarely have enough time in the day to handle all the stuff that needs doing: managing, budgeting, researching, *gasps for air*, product-developing, hiring and so on. And that’s before you even consider accounting.
You might be under the impression that spinning one more plate wouldn’t be a massive problem. But (as we’ll cover more in the next section), accounting is not an area you can afford to get wrong.
Taking the time out to learn how it works – and all with no guarantee of getting it right – is a surefire way to stress yourself out. The last thing you want is to be fussing over books when an evening in front of the tele is much more like what the accountant ordered.
Outsourcing your tax work to someone else is a great way to save a little time and allow you to focus more on the parts of the business that need your attention.
2. It’ll help you avoid financial penalties
First things first: we’re not here doom-monger. Making a few errors on your tax return is probably not gonna usher in the apocalypse. However, if miscalculations feature more consistently, you could have sum problem on your hands. Errors that occur repeatedly across your return are likely to be perceived as ”careless”, thereby triggering a financial penalty.
Unfortunately, steering clear of those penalties is about more than just taking ample time and knowing how to use a calculator…
- If you’re already up to your neck in work, avoiding mistakes is easier said than done. However, thanks to our rigorous proofing process/the existence of an ultra-strength, clandestine coffee blend sold only to accountants, it’s far less of an issue for us than it might be for you.
- There’s more to accounting than just plugging in numbers. For instance, even if you’ve read our nifty guide on accounting jargon, your tax return will contain some technical terms you mightn’t be familiar with. Conversely, this lingo will make perfect sense to a trained accountant.
3. You’ll receive quality business advice!
The impact of a great accountant extends beyond the tax return – a good ‘un will also be able to advise on your business operation as a whole. For example, they might be able to analyse your financial statements and pinpoint areas where effciency savings could be made.
At Q Accountants, we can do even more than that! Our expert team can help with many other tasks too, such as cash flow management and the creation of expansion plans. If that’s not enough to encourage you to join the ”Q” for our services, I don’t know what is! 😉
Contact us to find out how we can help your business!
