For any business — but especially for small businesses — having a professional accountant available at a moment’s notice is an indispensable service to have.
But when the success of your business relies on successfully generating revenues, an accountant’s services can seem like an expense you don’t need to make — after all, it’s cheaper to take care of your business’ finances yourself, right?
Wrong! Here are the top three reasons why small businesses should always seek out the help of accounting services from the best local bookkeepers:
Business accounting services save time.
Taking care of your business’ finances is a highly time-consuming task, no matter the size of your business — and it never ends. This constant paperwork takes away time from focusing on the more important work of making sure your business thrives and generates leads. A professional accountant is also an expert on tax laws, rules and regulations, meaning you won’t have to worry about making time-consuming errors.
Having an accountant reduces tax liability.
A professional accountant can help guide you on the most tax-efficient ways to run your business, allowing you to save money and understand what your business can and cannot claim each year. By helping you identify tax deductions that your business is eligible for, you’ll save huge amounts of money in the long-term, allowing more growth for your business.
Having an accountant prevents crippling tax penalties and fines
Perhaps the biggest reason why small businesses need to seek out accounting services is the fact that these services greatly reduce the chances for late penalties and fines for tax filing each year. You won’t have to stay preoccupied with tax deadlines — and when missing a tax deadline can result in fees as much as £150 for a day-late form submission to an incredible £1,500 fine for a six-month delay, an accountant will help you avoid such fines.
Do you agree with these advantages that professional accountancy services can offer to businesses of all sizes? Share your thoughts with us in the comments below. To learn more, read this. Good references here.