by Jerry Mooney
One of the biggest challenges for SMEs is being able to juggle multiple roles and deal with all the standard practices that come with running a business, such as bookkeeping and paying taxes. Whilst a lot of small business owners want to handle everything in-house, as they fear outsourcing is an unnecessary expense, it is certainly worth thinking about hiring a chartered accountant Lithgow (or a similar accountant in your area). In fact, this can often be the more affordable solution, as the best accountants will help you to save money and ensure you do not suffer any fines. Keep on reading to discover the reasons why you should hire an accountant at your SME…
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Create More Realistic Business Plans
An accountant can give you invaluable help when writing your business plan. They can devise reports, including financial projections, with the aid of accounting software. This will help you to create a much more professional and realistic plan. There are so many business owners out there that have not even bothered to put a business plan together. This could be because of a lack of time or a lack of data. An accountant can assist with all of this.
Increase Efficiency And Save Time
One of the main benefits associated with hiring an account is that you will save time and so you will be able to focus on the core of your business, i.e. what makes you money. This gives you the perfect platform to excel and ensures paperwork, finances, and other technicalities aren’t holding you back. So many businesses today are spending too much time on activities that do not boost their bottom line. However, it’s not like you can just ignore your accounting commitments.
Help With Applying For A Business Loan
The main determining factor as to whether you will be granted a loan is your ability to pay it back. Banks and financial institutions will want to know how you are going to repay the money they lend you. An accountant will help by presenting projections and relevant figures to convince the lender to agree to the loan.
Completion Of Tax Assessments
An accountant will be able to ensure you comply by the tax regulations that are in place. There are severe penalties for businesses that do not pay tax on everything they are meant to. In a lot of cases, business owners do this by accident, as they do not fully understand how to fill in their tax returns. An accountant will make sure everything is held above board whilst also providing you with advice on any tax breaks so you can get the best value claim reward. They also have access to all of the best tools and software for tax completion. This includes the likes of TripLog Mileage, which is a system that helps businesses to track their mileage for tax purposes with ease. This is extremely beneficial for SMEs with a considerable size fleet. Accountants know all about the best tools to help your business keep on top of everything.
Assistance With Auditing
Once your company begins to grow, i.e. reaches a specific turnover or certain size, you may need to be audited. This can be expensive, time-consuming and very stressful. You will definitely reap the rewards of an accountant during this time, as they can make sure you comply with the audit and tax compliance laws.
Peace Of Mind
Last but not least, you can have the peace of mind that everything is being handled above board. You don’t have to worry about taxes or anything going wrong during the audit process. With so many other things going on at your business, it is always good to have an element as big as your finances handled by an expert. One less thing to worry about is a good thing, right?
To conclude, from increasing efficiency to ensuring you comply with the legal regulations that are in place, there are many different reasons why you should consider hiring an accountant for your small business. Whilst you may view this as an unnecessary expense, a good accountant will actually save you money. Thus it is certainly worth taking the time to search around and find the best accountant for your needs. Look at their experience and reputation. It is always a good idea to read reviews that have been left by others.