If you are a small business owner, freelancer, tradesperson, or contractor, why do you need an accountant? If your business was bigger it would make sense, but are there any benefits of hiring an accountant for you?
Whether you are an individual, a solopreneur, or a small business, an accountant can help you manage your finances more efficiently. In some situations this can mean the difference between success and failure, while in other situations an accountant will keep you on the right side of the law, and will ensure you stay in the best financial position possible.
Here are the top seven reasons for hiring an accountant.
Tax law is complicated but an accountant will first of all make sure that you are in compliance with your statutory obligations, and secondly will ensure that you pay the right amount of tax. When the right tax breaks are applied to your return, you will get the best value for money.
How do you manage the assets in your business? Do you know what all the assets are and how much they are worth? Do you efficiently account for all your business assets including profits, losses, credits and debits? If not then an accountant can help.
Whatever you are planning for the future of your business there will be financial implications. You might also face regulatory issues, such as employment law or obligations from the Revenue. An accountant will help you with these things whether you are expanding, developing a new product, diversifying, downsizing, selling, or winding up.
Accounting software presents several problems to the everyday user:
- They are expensive
- They are difficult to use
- Most people don’t use them to their full potential
- Many everyday accounting software packages do not have the same functionality as the packages used by accountants
Any reputable accountant that you hire will have a high quality accountancy package, and they will know how to use it efficiently.
Your accountant will be able to advise you of potential investment opportunities to help you grow your net worth. Because they know you, your business, and your attitude to risk, they can also help you protect your investments.
Saves You Time
Doing your own accounts and tax returns takes time – often a considerable amount of time. You might think doing this saves you money and that might be true in some circumstances. But it is time that you are not spending working on your business, or enjoying with your family. Plus in most cases an accountant can actually save you money.
Advice You Can Trust
The personal relationship between you and your accountant should not be underestimated either. You accountant is there to answer questions, and because they know your business they can give you informed opinions. Also they are good sounding boards for business ideas, plans, or financial decisions. Having someone that you know and trust at the other end of the telephone is invaluable.
If you would like to find out more about how an accountant can help your business, contact Gilroy Gannon today.