Saving you time is one of the most obvious benefits of hiring an accountant. Accountants have the ability to provide quality accounting information quickly and efficiently enough to allow you to make right business decisions at the right time.
Employee hours, paid time off, sick leave, taxes, insurance, pension and dealing with those calculations, it all adds up. Hiring an accountant saves you money in the long run by paying a fixed amount for the services offered. Every pound counts.
We have already subscribed to highly secured systems using the best encryption technology. The amount of money you would have to pay in such systems alone is likely to exceed what you would pay to hire an accountant for your small business.
It can be very difficult to make quick decisions while balancing the multitude of changing accounting policies and the treatment of such changes, technologies, etc. After all, if you work with an expert accountant, he will have the right information you need. The information, which will allow you to continue to make decisions to grow your business with peace of mind.
We all have our strengths and weaknesses. Hiring an accountant allows you to focus limited resources on your business so you can be more profitable. We can help you obtain personalised reports, which will provide you with the insight you need to further your business. And, you will have more time to spend with your customers to offer them a higher level of service.
When you hire an accountant, you minimise risks as you are counting on the fact that he is an expert, and he understands the complexities of regulations, compliance and taxes. In addition to these, accountants will give you access to other services (i.e. budgeting and forecasting) along with the traditional services (i.e. statutory accounts and company tax return).
Did you know that anyone can call themselves an “accountant” and set up an “accountancy practice” in the UK? Unlike the term “solicitor”, the word “accountant” is not protected and there are no restrictions for the use of the term. Instead, a qualified accountant guarantees the following:
Following years of training and experience, a qualified accountant can help you make the most efficient use of your money and your business grow. He brings so much more to the table than just bookkeeping.
Unqualified individual holds no accountancy qualifications, so there are no guarantees about his accountancy knowledge and quality of work. He is unlikely to be able to offer the full range of services and expertise a qualified accountant can.
A qualified accountant is regulated by a professional body and bound by a Code of Ethics, meaning you can have total confidence in his professionalism. If you are unhappy with his work, you have recourse with a professional regulator who will investigate his professional conduct.
Unqualified individual is not regulated by a professional body, so he is not bound by a code of ethics and there is no avenue of complaint if you are unhappy with his professional conduct.
A qualified accountant is required to complete continuing professional development each year. His knowledge is therefore kept up to date and he understands how the latest regulations affect you or your business.
Unqualified individual is not obliged to keep his knowledge up to date, meaning he could be working to outdated standards and regulations, leaving your accounts open to question.
A qualified accountant holds a practising certificate and professional indemnity insurance, meaning you are protected against work he performs that harms you or your business.
Unqualified individual may not hold a practising certificate or professional indemnity insurance, meaning you are not protected or insured against any work he does that harms you or your business.
The right accountant is a professional accountant with the right experience, who has the big picture in mind. Our principal accountant Ari K Ashkenazi FAIA, MSc, BSc (Econ) (Hons) is a qualified International Accountant over 5 years' post-qualification experience.
Qualification as an International Accountant is achieved through a combination of study, exams and Initial Professional Development (IPD). International Accountants are members of the Association of International Accountants (AIA), which is a global membership body for professional accountants in over 80 countries worldwide. The AIA is one of the five recognised qualifying bodies in the UK along with ACCA, ICAEW, CAI and ICAS.
Hiring an accountant for your small business is not a lifestyle decision, but a business one. Do not let bookkeeping distract you from your core work. It is not where you add value to your business.
You can get help if you do not understand something about your tax, for example tax returns, allowances and tax codes.
Get help from HMRC
For simple queries, you can contact HM Revenue and Customs (HMRC).
If you are on a low income
If HMRC cannot help and you are on a low income (up to about £380 a week), you may be able to get free professional advice. This includes help with filling in forms and what to do if you owe money to HMRC.
Get help from family or friends
You can give permission to a friend or family member (a ‘trusted helper’) to deal with HMRC on your behalf for things like viewing your Income Tax estimate, talking to HMRC or helping you to fill in forms.
Hiring a professional
An accountant or tax adviser may be able to help you with your tax. You will need to authorise an accountant or tax adviser to deal with HMRC for you.
If you run a small business or you are self-employed, having an accountant can bring some advantages. Having an accountant frees up your time so you can focus on your business. An accountant can handle key functions such as bookkeeping, and filing your company and HMRC returns on time.
Source: Companies House Blog
Owner-managed businesses often do their own accounting and bookkeeping to try and save money. When it backfires, they come to small-business specialist. He explains why you need to get an accountant or bookkeeper, and how to get the best value out of using one.
Source: Xero Small Business Guides
There are good reasons for hiring an accountant at different stages of your company's growth. From a business plan to company formation, loan application to tax investigation, an accountant can make life easier for you at each step.
Source: Xero Small Business Guides
Whether you have been wanting to start your own business for years, or had a sudden bright idea, read our start-up checklist of the most important things to think about when setting up a business.
There is no legal requirement to use an accountant or tax adviser for any kind of business, but it can make life much easier – particularly when it comes to the hefty additional admin requirements for a limited company.
One of the most obvious benefits of hiring an accountant for your limited company or sole trader business is saving you time. We help you every step of the way as we work with you to understand your small business and accommodate your specific needs. Get in touch to find out how we can provide you with ongoing support.
DISCLAIMER The information and opinions provided on this website are for general information purposes only and are not intended to constitute professional advice. Xcountant Company Ltd T/A Xcountant® | Small Business Accountants - London is a company registered in England and Wales under the registration number 12966530.
Copyright © 2019-21 Xcountant®