How a good accountant can help you save money and boost profitability
Today we are revisiting one of our most popular blog posts, “5 Ways a Good Accountant Can Save You Money,” covering a topic we feel strongly about. If you have a good accountant working with you, you can improve your business results and make more money!
In today’s competitive business world, it’s not uncommon for people to do their own bookkeeping and accounting. There are many reasons why this is done – the most common being that you can save money doing so. Of course, saving a couple of hundred pounds on retainer fees is an enticing prospect, but there are ways in which hiring the services of an accountant will help you save and make money instead.
Here are five ways a good accountant can help you save money:
1) We free up your time
Time IS money, so the more time you free up doing your bookkeeping, taxes, and financial statements, the more time you can dedicate to the tasks that will actually generate money for your business. Why waste your time when you could be doing what you do best and what you enjoy?
2) We help you be more tax-efficient
Accountants have the expertise to save you money by being more tax-efficient. This means claiming what you can, obtaining loans if you are entitled to financial support, and maximising the tax deductions you are entitled to.
3) We help you avoid fines and penalties
You need to file your taxes correctly, and you need to do this on time. With legislation changing regularly, this isn’t easy, and you could be leaving yourself vulnerable to penalties and charges simply because you didn’t know. By hiring an accountant, you can be assured that you’re filing on time and that your taxes are correct.
4) We identify opportunities for growth
Accountants keep your records up-to-date, so you will always know the figures of your business. At a glance, you’ll be able to see how you’re performing, what’s coming in and what’s going out, and also your liquidity. There is power in data! For example, we can help you ascertain how long you could survive if there was a recession, where you can cut down expenses to save money, and where you should be delegating most of your budget if you want to grow.
5) We offer invaluable business advice
As well as accounting, a good accountant can offer business guidance to help you increase your chances of success. They can help you build a business from the ground up; they can help you with goal setting and planning, budgeting and forecasting, and pricing to increase your profit margin.
Atek’s money-saving solutions
With Atek on your team, you can save both time and money while having the reassurance and peace of mind that you’re making sound business decisions for your future. Contact us today.
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