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Why do business owners hire Accountants?

There are many reasons to hire an accountant. It doesn’t matter if you’re just starting a business and your accounts are simple or you are an established business looking to grow; hiring an accountant can be a smart move. Here are some of the top reasons why people use accountants:

They are the experts – How many of us can confess to being up-to-date with current financial regulations, laws and industry-specific information? Not many of us! This is why people hire accountants – to be the experts for us. Understanding taxes is no walk in the park and one small DIY error could land you in hot water. This is why we rely on professionals as they are up to speed on latest developments. For Cheltenham accountants, visit a site like Cheltenham accountants Randall & Payne

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Time-saving – Unless you aim to go into accounting, not many business owners enjoy doing this aspect of running their business. People want to spend time doing what they love and not pouring over figures and dealing with tax returns. By taking care of your financial needs, business owners have more time to focus on the things that they enjoy doing and more important things like sales and production.

Offer Support – Accountants often provide more than just number crunching. They can, in fact, provide advice on a range of issues relating to business such as checking your projections, forecasting and business plan. They may suggest changing your business model or company status if they think it will be more profitable and efficient for you.

Investment Advice – Many companies reach a stage when they require investment, be that in the form of loans or investors. This will require detailed breakdowns of accounts, projections and future financial forecasts. This is something an accountant is very good at and they can provide invaluable support during this stage of a company’s progression.

Handle Everything – Although a business owner retains legal responsibility, full account management can be handed to an accountant to take care of everything from payroll for your staff to the filing of accounts with Companies House. This is a popular choice for small to medium sized businesses who don’t have their own accounts department.

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Save Money – Whilst hiring an accountant does mean paying one, many people are surprised at just how much money an accountant can save them. Perhaps you are not claiming all the expenses you are entitled to and by doing so, can drastically reduce your tax bills. The savings to be made will offset any cost for hiring an accountant. Depending on whether a client requires just help with a tax return or complete account management, an accountant will often pay for themselves.

Making Business Easier – Not everyone is good at spreadsheets and figures and when taking care of your accounts becomes a real headache, it can be a huge relief to hand over the responsibility to the professionals. This provides excellent peace of mind, knowing that your business is being run as a tight ship with everything being logged and submitted accurately and on time.

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