There are currently 60,000 accountants and counting in Ireland with many helping small to large businesses keep their business finances in order. Growing a business takes a lot of hard work and many things come with financial considerations and implications. When starting up a new business the last thing anyone wants is to spend money unnecessarily. Many people often view an accountant as an expensive luxury, however not hiring one can also be an expensive mistake. An accountant does more than fill out forms and sort out your tax returns, they also offer expert advice, help you grow your business, and save you money in the long run. Hiring an accountant such as Bond and Co Accounts in Swords, Dublin offers many benefits for your business so let’s look at these benefits.
Accountants can save you Time and Money
As a business owner, your time is your money. You need to dedicate your own time to the important work of developing products and services to improve your business profits. Hiring an accountant will buy you time in running your business. Hiring an accountant is an investment, however, the time and money they will save you will outweigh the fees and stress of not having one. A good accountant knows how to reduce your taxable income and how to claim tax reductions. They can assist in operating your expenses and understanding the ins and outs of staffing, therefore setting opportunities that will help boost your profits. Hiring a professional accountant will ensure nothing is ever missed, reducing the risks of errors occurring which can be costly to your business, in turn saving you money.
Help to Register your Company for VAT
Registering a company for VAT can seem a little intimidating to many new businesses especially those who may struggle with paperwork, etc. VAT is a tax that impacts every business and industry every year. An accountancy company will understand what your VAT liabilities are and will make sure your company is fully compliant by getting your VAT returns prepared and filed with revenue on your behalf. This takes the burden off your shoulders so you can focus on your business at hand. The company will provide concise and clear advice to address all your VAT registration needs. A good accountant will solve all the difficult VAT issues in a cost-efficient, timely, and practical way. It is always recommended to seek expert advice when registering your company for VAT.
Help you Grow your Business
Whether you are starting a new business, feeling stuck after a few years, or you are excited to start growing your business further, there are so many ways an accountant can benefit your business. They can assist with financial modelling, developing a new business plan, and business growth and profitability strategies to help grow your business and tailor it to your goals. An accountant can also offer expert advice when it comes to changing the structure of your business as you grow. From partnerships and sole traders to corporations and companies, having the right plan in place is essential to ensure you are protecting your business, assets and you are not paying too much tax. Having a dedicated accountant one-to-one will know and understand the ins and outs of your company and will like to see your business succeed.
Bookkeeping
Accountants have exceptional bookkeeping skills for businesses of every size. They have an educational eye for revenue streams for many industries and will ensure your financial system is in outstanding condition. Accountants are built for looking over every day financial activities. From preparing bank deposit statements to submitting a payable purchase order invoice, these small tasks pile up if they are not dealt with on a regular basis. Many businesses require a bookkeeper to keep up to date with transactions and establish their accounting mechanisms.
They are Experts in Tax
Tax returns may seem straightforward for some, but they aren’t. As a business owner, it is unlikely that you have time on your hands to organise your taxes. Accountants have multiple ways to help you reduce your tax bills. They can help busy businesses such as Frazer Dental to free up money to either be invested in your business or themselves. They will ensure everything is done right the first time with no mistakes. A good accountancy firm will make sure you understand all the legal ways to minimise your bill. They will work throughout the year and offer advice that will allow you to operate your company in a way that gives you the biggest tax advantages. An accountant’s jobs aren’t just about numbers and submitting forms, they also have the expertise that can establish profit maximising tax mechanisms and help you identify tax loopholes. Accountants administer payroll, audit financial information, prepare budgets, business plans, and financial statements. Tax is a tricky business so it’s best to seek professional help.
Help you Plan for the Future
Having a long-term plan for your company and its finances is the key to its long-term success. An accountant can help you plan for the future with assistance in tax planning and budgeting, along with assistance in self-managed super funds, debt management, and preparing for your retirement. Working together you both can follow up reports from the past months and examine the seasonality of your business. This will help you determine the best time to buy inventory and budget for big ticket investments so that you can stay viable and competitive. As a business owner, you will be preoccupied with the daily running of the business allowing an accountant to look at the bigger picture and find the best way to support your business.
As the saying goes, “many hands make light work so partnering up with an accountancy firm who has the experience, and the skills will guide you through to lasting success. Professional and reliable accountants can accomplish a lot for your business. Accountants will not only tick all the boxes for you but also see unique opportunities to take your business to new heights.
