Should you hire a specialist accountant?

When running your own business, there are many things to consider to ensure it is running as efficiently as possible in a cost-effective way that will ultimately lead to growth.

For both start-up and established businesses, one of the main considerations is whether to utilise the expertise of a third party, whether that be in marketing, IT, sales, or accounting. Of course, each of these areas will come with a cost that some are reluctant to accommodate, however the benefits of using a third-party will, more often than not, far outweigh any negatives. In fact, spending money on these areas will almost always be beneficial to your cash flow long-term.

So, why should your business consider hiring an accountant? We take a look below…

The benefits of hiring an accountant

Time-saving

First and foremost, an accountant will help take care of all the time-intensive (not to mention stressful) aspects of your tax obligations. If you aren’t accustomed to carrying out these tasks, the expertise of an accountant will free up a significant proportion of your time, leaving you free to focus on running and growing your business.

Meet all of your requirements accurately and on time

With an expert in tax law at the helm of your tax requirements, you can rest assured that filing will be carried out on time and accurately. This will not only save you a great deal of stress during the process, but also remove your risk of receiving a dreaded fine from HMRC for incorrect or late tax returns.

Reduce tax liabilities

Your accountant should be able to maximise the deductions and tax reliefs available to ensure that you are paying as little tax as possible whilst staying compliant with HMRC’s rules.

Expert advice on-hand

Limiting contact with your accountant to just once per year will not allow you to fully utilise their expertise. Rather you should look to your accountant as a source of knowledge on all things business as they are ideally placed to provide advice on a huge range of areas, from growing your business to selling your business, R&D to business performance, your accountant will have a wealth of knowledge to guide you at any stage of your business.

The above are just some of many benefits that hiring a specialist accountant can bring to your business. Here at Ellis & Co. we have built strong and lasting relationships with clients across a wide range of industries, supporting them from start-up, through growth and beyond.

If you’d like to find out more about our services and how the Ellis & Co. accountancy team can work with your business, get in touch today!