Reasons Why Your Business Needs an Accountant
As a business owner, you obviously will not need anybody to tell you just how time consuming running a business can be. Not only is it time consuming, it is downright stressful as well. One of the best aspects of running a business however, is being in total control. You get to know what comes in and what goes out, though keeping on top of your figures can be tough. As the business expands, finding the time to oversee your accounts will become increasingly difficult, and in actual fact, it could be downright impossible. To ensure your books and accounts are up to date, legal, and accurate, you may wish to consider hiring accounting firms in Glasgow. The Glasgow region of Scotland is renowned for some of the best accountants in the country, particularly Breco accountancy services. Though some business owners may be hesitant, here’s a look at a few key reasons why your business may need an accountant.
They can assist with business plans – Not only will tax accountants in Glasgow help take care of your books and finances, they may also be able to offer you additional help as well. Many accountancy firms are able to assist with business plans. Your accountant will almost certainly have been around more business plans than they care to remember, so to them, they will be incredibly simple. To you however, drawing up your first business plan can be daunting. Your accountant will use the latest software to assist you with financial projections, they will help give a clearer insight into your business, and they will help provide you with important figures that may need including in your plan as well.
They will save you money – Let’s face it, none of us want to spend more money than we absolutely have to, and when the time comes for you to do your yearly books, if you’re doing them yourself, you could potentially be paying far more tax than you need to. An accountant, like those located in Bridgeton, or Greenfield, or Shettleston in fact anywhere in Glasgow will be able to show you how to save money on your taxes by showing you how to claim on expenses, how to offset, and how to accurately file your tax returns. Many business owners can actually claim back certain things on expenses that they never thought possible, and thanks to accountants and tax advisors in the Glasgow area, they will be shown what they can claim back, and how.
They let you focus on your business – As a business owner, you obviously specialise in whichever services and/or products that your business offers members of the general public. You are not however, a qualified accountant, so why should you also have to do your own books? A lot of business owners will think they are saving money by doing their own books, when in reality they are losing out because they are wasting their own time, and could be doing things wrong. When you hire an accountancy firm, you provide them with the basics that they need to know about your company, and you then leave them to it. They handle your books, whilst you handle running your business. This helps save you time and takes some of the pressure off of you, plus it allows you to use your time in a more constructive manner, which subsequently helps to improve your business.
They help you avoid fines and legal action – When it comes to your business accounts, HMRC have a zero tolerance approach in place, which means that you have to be honest, your accounts must all be in order, and your tax returns must be filed by a specific date and paid in full, every single year. Failing to do so will result in hefty fines and penalties, plus, if they have reason to believe you are trying to commit fraud, you could potentially face legal action. Put simply, you just cannot afford to take any chances when it comes to your accounts, which is why a good cheap accountant in Glasgow could be exactly what you need. Your accountant will ensure you get everything in on time, that everything is in order, and that you therefore are not worrying about fines and penalties. Not only that, but as mentioned, they can actually help you to save money so that you are not paying more tax than you are required to by law.
You learn the basics – In an ideal world, your accountant would work for you until the day you retire, but this isn’t always possible. What’s more, the more clients they take on, the less time they will have just for you, so you may need to cover some of the basics, or at least, stay on top of things. Tax accountants Glasgow will teach you the basics so that you know what needs to be done when they aren’t there. Even if you do keep them on full-time, it is always useful to know what you are doing, just to be on the safe side.
They may help you acquire a loan – If you wish to take out a business loan in order to expand your business, to help convince the banks that you are not a liability, and that loaning you the money would be a smart investment, an accountant may be needed. They will get all of your accounts in order, they will be able to demonstrate how much your company has grown, estimate future projections, demonstrate that you know what you are doing, and convince them that you can easily pay them back their money, plus interest.