4 Ways an Accountant Could Save You Money
When you outsource certain aspects of your business, it’s easy to focus on the expenditure. However, with any services, it’s important to consider the value-add. That’s particularly relevant to accountancy, as it could actually save you money and go some way to ‘paying for itself’.
In this post, we’ll look at four ways hiring an accountant could save your business money.
Tax is an unavoidable task for every business. Most businesses will see it as exactly that. A task. A burden. They will take the fastest route to get taxes out of the way and focus on what they do best. However, this might not provide them with the most tax-efficient route.
Whether it’s setting up as a limited company to benefit from corporation tax rates, paying some of your profits out as dividends or claiming certain costs as expenses, experienced accountants know how to save your business money from taxes while staying completely above board.
2. Avoiding penalties
There’s another cost benefit to having your taxes done by the professionals. They will do it on time, every time. If you forget to fill in your tax returns or miss a payment, you’ll usually be subject to a financial penalty from the Government.
Take the self-assessment deadline, for example. Missing the 31st Jan deadline results in an instant £100 penalty, increasing by a further £10 a day after another three months. There’s also a charge of £300+ for failed payments after 6 and 12 months.
Professional accountants will be well aware of all the financial deadlines across the country, and those that apply specifically to your company. Put simply, you won’t ever be penalised for late payments or missed deadlines.
3. Highlight needless expenditure
When you start a business, you’ll probably have a keen eye on every penny you spend. However, as things start to grow, you take on more employees, more clients and a bigger list of outgoing costs. In short, it can be difficult to keep track of it all yourself.
Your broadband provider could put their costs up at the end of a fixed contract. Or maybe you’re paying out for a piece of software that your business no longer uses. Whatever the case, accountants can review all your expenditure to highlight any areas you could save money – and help you make cost-effective decisions going forward.
4. Saving time
In business, time is money. So why would you waste so much time working on your finances? From tax and bookkeeping to payroll and auto-enrolment, professional accountants can take so much off your plate or that of your employees. That’s plenty of paid hours freed up to focus on the day-to-day running of your business.
Let us save you money
UWM Accountants is a team of professional, experienced accountants in Leeds. We provide a wide range of reliable accounting services that can make your business more cost-efficient and save you money in the long run.
Get in touch with our friendly team to find out more.