Addition Finance – 4 Reasons You Should Outsource Your Accounting
Starting a new business is exciting and rewarding. It also requires a lot of legwork, elbow grease and dedication.
If you’d rather invest your energy in developing new ideas and generating sales, you’re not alone. According to a Clutch survey, 55% of UK small businesses make use of an accountant.
You might be wondering what you need an accountant for, especially if you’ve gotten a handle on your bookkeeping. Here’s the thing: accountants are not bookkeepers.
Bookkeeping is all about recording and organizing the numbers. An accountant, on the other hand, takes those numbers and puts them under a lens. Their job is to analyse your finances, assess what’s working, what isn’t – and what COULD.
Hiring a good accountant is a perfect example of “spending money to make money”. It’s an investment in the future of your business. An accountant will work with you to plot a growth trajectory, cut unnecessary corners and get you all the benefits that you’re entitled to.
Here are 4 ways that hiring an accountant can boost your bottom line:
#1 – They can prevent mistakes
With everything that small business owners have to juggle, it’s inevitable that a ball gets dropped every now and then. And while some mistakes can be corrected, others – like a late or inaccurate tax filing – can end up costing you dearly.
An accountant can safeguard you against these errors – which will save you time and money!
#2 – They can save you stress
Sure – you could just take up painting, or practice yoga. But when you put the brush down, or untangle yourself from Crow Pose, there’s still a proverbial mountain to climb.
The peace of mind that comes from knowing someone else (who’s very capable) is taking care of things can’t be underestimated. It also means you can focus that mental energy into doing what you really love (like growing your business…and mastering that headstand).
#3 – They can save you money
This isn’t the paradox it seems. HMRC’s fines for late Self-Assessment filing start at an unforgiving £100. Having an accountant ensures that you’re 100 percent tax-compliant – meaning you not only meet the deadlines, but all your information is accurate and up-to-date.
Accountants are excellent analysts, as well. They’ll use the details to frame a bigger-picture outlook for your business. If there are tax breaks or relief schemes you’re entitled to, your accountant will help you get them.
#4 – They can help you grow your business
This – with bells on.
One of the main reasons that SMEs make use of an accountant is to scale up. They can tell you when and how to take that calculated leap – for example, changing your trade status, taking on employees, investing in R&D, and reaching out to accelerators and VCs for funding.
If you want your business to level up, you need a good accountant.
Want some help with that?
Addition’s CORE plan (which you can get for £99 a month) can help get you started. We’ll provide you with the tools and support you need to get going. And since we know there’s no one-size-fits-all business model, we let you tailor our plans as well (think main menu + side orders).
Whatever your ‘why’ is, we can sort the ‘how’ and ‘when’. Why not hop on a free call today? Together, we can make it all add up!