Did you know a good accountant does more that prepare your taxes or manage payroll accounts? Yes, these are all part and parcel of the bookkeeping job, but they are not the only way they are beneficial to your company. Let us examine a few reasons you should consider a local Leeds accountant today.
You may know everything there is to know about your specific product or service, but how well do you know the tax code and its associated forms and rules? Taxes are never black and white, but more of an if this then that. For example, you can deduct a percentage of the value of a business car but only if you are not using it for personal use as well (deduction will be lower). Furthermore, the amount you can deduct will depend upon the vehicles C02 emissions and several other factors. This is but one example of one potential business deduction. Can you see how quickly you could lose money without the aid of a trained professional?
When you are running a business, it is easy to get caught up in the grind. You have orders to fill, product to produce or services to execute. Taking the time to organise your receipts, financial plans and other important documents can sometimes take a back seat to the mechanics of your business. An accountant can take all the scraggly bits of paper, torn receipts and coffee stained paperwork and create an efficient masterpiece of organised bookkeeping. (really, they are that good!)
Now, hiring an accountant for payroll, accounts receivable and more is a fantastic idea for all of the reasons listed and many more, but that does not mean you can take a vacation. Your business is just that – yours, which means you are a part of the bookkeeping process and you should never take a totally hands off stance. Besides, your accountant will need to touch base with you regularly if for no other reason than to tell you everything is going smoothly.
Hiring someone to manage your accounts will cost some money, but if you factor in the time you will save, not to mention peace of mind, there really is no comparison. In the long run, a great bookkeeping service will actually save you money, and perhaps prevent an ulcer at the same time.