For many small business owners, particularly self-employed workers appointing an accountant can seem a bit of a chore. The accountant and business owner can be worlds apart. Have you seen the Volvo advert on the TV recently? It says “I’m looking forward to my meeting with my Accountant, said no one, ever”. If this sounds like you well you are likely working with the wrong accountant.
Limited company owners and directors generally have more of an interaction with their accountant. After all, being incorporated means you have more paperwork and responsibilities. Companies in most cases have greater sales and purchase more services from their accountant. This leads to greater interaction and stronger relationships.
You’re probably thinking that stronger relationships doesn’t pay your accountants bill? Here are fives reasons why appointing a great accountant really does pay for itself.
1. More time and money for you
Time is our biggest asset. But finding enough of it can be extremely challenging. Many small businesses do not have a designated finance member. This can normally be an owner, director or spouse. Who by their own admission lack the skills to run the finance function of the business.
In this situation,
By employing a finance professional such as an accountant or bookkeeper this will mean more time for you as a business owner to use more wisely. If you are spending 10 hours a week on your books. This is 10 hours less you could have been making sales or improvements. 10 hours at £100 per hour is £1,000 per week you could potentially be missing out on. Accountants and bookkeepers offer competitive rates to help give you better financial data. Having expert systems in place and using software such as Xero and Receipt Bank makes bookkeeping simple and hugely efficient.
2. Expert advice only a few clicks away
Have you ever used a solicitor and been charged £200 per letter? Or perhaps a more traditional accountant who has billed you for a meeting you didn’t want or even need. These guys in most cases bill on time.
At Accounting Inc. or packages include unlimited support and advice. Pick up the phone, send us an email or even a text and we’ll get back to you the same day. With no extra charges. This advice could save you thousands of pounds.
I have seen the problems which arise when entrepreneurs go gung-ho and start a project without seeking professional advice. In some cases costing thousands of pounds and getting into a pickle with HMRC. This can cause much-unwanted stress. This is where appointing a great accountant is really valuable.
3. Access to wide network
Accountants are in most cases very well connected. At Accounting Inc. we see ourselves as our clients’ primary advisors. Meaning first port of call for everything going on in their business and personal financial lives. We can connect you with our partners which include, solicitors, financial advisors, mortgage brokers, marketers and more.
However, we won’t just connect you. We could even refer our clients and wider network to you. One referral could cover your accountancy fees for the whole year. The question you need to ask is does your current accountant refer you? Or even reward you for referring work to them? You should consider this before appointing an accountant.
4. Spot opportunities and threats
Traditionally accountants have focused on compliance and worked in the past. At Accounting Inc. we work proactively. This is where having that close working relationship with your accountant really pays off. If we have access to your live numbers we can spot opportunities and problems before they arrive. Perhaps you’re starting to run low on cash. We can spot this ahead of time and even source you finance to bridge the gap. We find this adds real value to our clients. Rather than being reactive. We are in the business of helping businesses achieve success. Not a recorder of historic financial transactions.
5. Save money
Appointing a good accountant will save you tax. How much really depends on your business, your investment and ability of the accountant. Again being in your inner circle really does give us as your prime advisor the best opportunity to save you money.
Our financial director service means we can play a proactive role in your business. We’ll help you understand your numbers and make smarter, faster decisions to boost your businesses performance.
We can provide tax planning to utilise tax savings and allowances. If you own a limited company we will recommend the optimum structure to save tax on dividends for example. You may be entitled to receive allowances that you weren’t aware of such as R&D tax credits. You may be entitled to receive a cash refund of up to 33p for every £1 spent on qualifying R&D costs.
At Accounting Inc. we see our clients fees as an investment. An investment should see growth. Therefore we make it our business to give our clients a return for their investment. We will get involved in your business to a level you probably won’t expect. Our programmes are designed to help you achieve your goals in less time.
We offer a free informal consultation so why not come and see us for a chat over a coffee. We will discuss where you are at and how we can help you get to where you want to be.
Accounting Inc. are accountants and business advisors based in Newcastle upon Tyne and Gateshead.