Benefits of having an accountant

ScotiaAccounting  |  19th August

Small business owners can often be heard to say that they can’t afford an accountant or that they think an accountant is just there to fill out forms to keep the tax man happy.

Accountants are much more than that and we will not only save you time and money but will also help you to grow your business.

Saving you Time

Your time is best spent doing what you’re good at. If you have a very simple business then you can probably complete most of the forms yourself. But will you be completing them correctly? Will you be getting them in on time?

If you miss a deadline for important documents, such as submitting company accounts to HMRC, then you can face heavy fines.

Saving you money

So let us assume time isn’t an issue and you’re 100% confident you know how to complete all of those forms correctly. Perhaps you even have software to do it for you. How else can you benefit from using the services of an accountant?

Completing the forms correctly is one thing. Doing them in the way that’s going to save you the most money is another. A good accountant will make sure you take advantage of every legal way to minimize your tax bill.

That’s time and money covered. They are after all the two main commodities we could do with more of when starting and growing a business. Personally I think the above two benefits on their own justify the cost. There is however a third benefit that far outweighs the above.

Growing Your Business

As well as doing the paperwork and minimizing your tax bill – an accountant can also be a great source of advice to help you grow your business. In order for your business to be a success it’s important that you take the correct financial and managerial decisions early on. A few wrong moves in the early days can put you out of business.

Tap into your accountant’s network. They deal with a variety of different businesses on a daily basis.

An accountant can act as a sounding board. He or she knows your business almost as well as you do and probably knows the financial side of it even better. Objective input from someone that knows your business but doesn’t have the emotional attachment to it that you do is priceless.

It’s not a matter of whether you can afford an accountant – can you really afford not to have an accountant?

We would be more than happy to discuss your accounting options. Call us on 0131 220 8234 or email mail@scotiaaccounting.co.uk.