Why Small Businesses Shouldn't Think They Don't Need An Accountant

We all know that an accountant is essential for business, but it’s surprising just how many small businesses still don’t use one. Small businesses and sole traders find it very hard to justify paying for anything that they don’t absolutely 100% need – so often they struggle on without an accountant because it is one less bill to pay. However, having an accountant can actually save you money – they are able to identify all of the places where you could be getting extra tax relief for example. Here are some jobs that every business (no matter how small) should employ an accountant for.

Tax Returns

Every business, no matter how small, needs to let the taxman know how much they are earning. It’s quite a long and drawn out process and there can be huge implications if the wrong figures are submitted. Having an account do your tax return for you means that you can sleep at night knowing that it has been done by an expert. There are all sorts of questions in a tax return that may well stump you – but an accountant will know exactly how to answer them. The whole process will take much less time and you won’t have to stress out about it anymore. That has got to be money well spent!

Payroll

Any business that employs people has to make sure that the pay is correctly administrated with all the tax implications set up correctly. A lot of small businesses struggle alone, but the plain fact of the matter is that an accountant can get the whole process nailed much more quickly and efficiently. This means there is no risk of your employees not being paid the right amount of money and there will be far fewer issues with the tax office as a result. Payroll is definitely something that is best left in the hands of the experts.

Auditing

Your accountant will be more than able to carry out your business auditing and this is essential in the operations of a successful business. They will be able to spot if you have been the victim of any fraudulent activity and they will also be able to identify other areas of the business accounts that need attention. They will be able to use accountancy software to produce reports for you that will tell you exactly what you are making, along with how much your overheads are. This in turn will make it a lot easier for you to identify the areas you could be earning more money, or making considerable cost savings.

The peace of mind that a good accountant will give you will more than offset the amount of money they cost. So, if you don’t have one yet, then it’s time you set about finding one. Ask your business associates who they would recommend – it’s great if you can go with someone that has been personally recommended to you. In this economic climate there has never been a better time to get your accounts set up and working efficiently so don’t struggle alone a minute longer.

This post has been contributed by Nancy Baker, a freelance blogger who is currently writing for Empaxis, which provides hedge fund back office services. She takes great pride in helping people and assists many social service groups in her vicinity during her leisure time. Log on to www.empaxis.com to know about her company. You can also follow her on Twitter @Nancy Baker.

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