If you’re a freelancer or run a small business, you might have not considered the benefits of hiring an accountant.
When first starting out, it can be tempting to do everything yourself and wear many different hats: from the marketing officer to the accountant.
However, as time ticks by and – hopefully – as a healthy cash flow builds up, you’ll be dealing with a lot more numbers, incomings and outgoings.
Having a reliable accountant by your side can help you keep on top of your finances, so you can focus more on what you do best.
We’ve rounded up some of the reasons small businesses and freelancers should consider hiring an accountant.
Initially, hiring an accountant will cost money, but without their expert help, you could be missing key areas where you can save on tax.
An accountant takes a deep dive into what’s going in and coming out of your business. They know the system inside out, so can identify any expenses or reliefs that you are entitled to claim in order to legitimately reduce your tax bill.
When you have a total focus on your business, more work gets done. If numbers really aren’t your thing, the stress that comes with sorting this out can often negatively affect your productivity, motivation and creativity.
As a freelancer, it can seem like you have to do all the tasks that in any other office would be delegated to other members of staff. But, this doesn’t have to be the case. Think of your accountant as an extension of the team who you are delegating this responsibility to.
And, by saving time, you save money – yay!
Peace of mind.
As with hiring any professional, working with a qualified and experienced accountant can assure you that the job is being done right.
You no longer have to worry about missing out important information that could land you in hot water with HMRC.
Point you in the right direction.
Not only do accountants sort out your finances, but many have brilliant connections and can signpost you to valuable people and organisations to help your business as a whole.
Where can you save money? What are some healthy investments you could make that would strengthen what you do? How could you better keep track of outgoings/income? What software or tools would ease the more menial tasks in your business?
Experienced accountants usually have strong relationships with a range of businesses and are happy to help you in a number of other areas in your business. At the end of the day, if your company is financially healthy, they are too, so it’s in their interest to help you flourish.
Bonus tip: Get an official address.
If you work from home and want a more official business address, you can use your accountant’s address as your own! This will make you look more professional to potential clients and also has some practical benefits. HMRC letters and other relevant correspondence will go straight to them, meaning you don’t miss anything. It also removes the need to have to copy and send documents separately.
In short, hiring an accountant is a great way to supercharge your business. VSP Accountancy specialises in working with small businesses, freelancers and startups. But, don’t just take our word for it, check out some of our testimonials.