Hiring an accountant is a great idea if you’re self-employed, or thinking about becoming self-employed. They can help you along the road every step of the way, from offering you fantastic financial advice when you’re getting started to managing your ongoing jobs and generally getting more clients.
I personally work with the team at Koustas chartered accountants. For years I resisted the idea of paying someone to sort out my finances thinking I was saving money by doing it myself. However, one of the first lessons you should always learn when running your own business is: your time = money. If I’m spending time doing something when I could be doing work for clients, I am losing money.
On top of that a chartered accountant is going to save you much more money than their fee.
A good accountant can do a lot more than just managing your money and keeping on top of your tax too; they can also save you money, significantly reduce your stress levels and lessen the amount of time you spend on your finances. There are many benefits to employing an accountant when you’re self-employed; below is a short guide to some of the best advantages.
One of the greatest benefits of hiring an accountant when you’re self-employed is that it is a lot less stressful for you. Sorting out tax is many people’s worst nightmares, especially when you’re self-employed and have lots of forms to fill out at the end of the tax year. Keeping on top of exactly how much money is coming in and going out of your business can also take a lot of time and add to already high stress levels from running your own company.
Employing an accountant means that you do not have to worry about filling out the correct tax forms, paying the right amount or keeping track of how much money is coming in and going out; the accountant will do it all for you. They can make sure everything is correct and you can talk to them about your finances and get an update any time you like. This kind of professional service means that you can relax safe in the knowledge that your finances are in good hands.
Sorting out finances can be a very time consuming task, and this time could be more wisely invested in others parts of your business, helping increase your income or even enjoying some relaxation. Another of the advantages of hiring an accountant when you’re self-employed is that it saves you a lot of time.
When people want to save time they sometimes end up cutting corners, and a little mistake as a result of this could be the end of your business. An accountant can work through all of your finances carefully, step by step, and ensure everything is done correctly.
Finally, hiring an accountant means that you can also receive helpful advice from experienced professionals. As well as looking after the basics of your business’ finances, accountants can also advise you on where you can save money and how you can increase your earning power.
With their extensive knowledge in the world of finance there are really no better advisors when you are self-employed. Tax laws are constantly changing and being altered, and an accountant will have kept on top of these changes so that you don’t have to. Accountants can offer you advice on how to save as much money as you can without cutting tax corners or breaching regulations.
They can also help you increase your business and make more money. Their kind of specialist advice can help you understand how to better handle your assets and in what ways you could improve your business’ income.
Hiring an accountant is a great idea, especially when you are self-employed. There are many benefits, including saving you time, reducing your stress levels and offering you fantastic, professional advice.
Author: Biz Think Tank
BizThinkTank is a dedicated small business website, with a wealth of regularly updated tips and articles. Whether you’re looking to start a business or grow your business, you’ll find a wealth of handy advice and information.