Why Hire an Accountant
Accounting is a well-known profession that is essential for running a business or an accounting practice smoothly. Accounting practices like yours do accounting work for their clients, and for that, they hire professional and experienced accountants.
Usually, your business clients hire their in-house accountant team when they set up their business, but as their business picks up, they need help managing the burden. Hence, they delegate much of the accounting responsibility to you. Therefore, it is important to understand the importance of an accountant, its benefits, and its costs. This blog will help you understand that so that you can select the right talent to handle complex accounting tasks. Let’s proceed.
What Accountants Really Do
The tax compliance in the United Kingdom is increasingly getting complicated and strict and none of your clients would like to come under the crosshairs of HM Revenue and Customs and its penalties. That why the accounting firms always make it a priority to hire good accountants. They will ensure that their practices are tax compliant while also making sure to make them tax efficient.
Accounting firms have the option of hiring accountants or choosing to outsource accounting to service providers. The reasons are to reduce the diversion of resources, reduce the burden on their in-house accounting team, and address the lack of accounting expertise to handle complex accounting tasks. Let’s understand more about the benefits of hiring accountants.
What Are the Benefits of Hire an Accountants?
When accounting firms hire a good accountant, they add value to their accounting services and ensure your processes are compliant with HMRC regulations. Your clients will also make important financial decisions based on the information and reports provided by your accountants. Furthermore, there are multiple other benefits when you hire an accountant, which we examine in detail.
Handling Complex Accounting Issues
Doing VAT outsourcing returns for your clients can be a nightmare for you and many accounting firms, especially when a large amount of payable is involved. Also, financial records must be checked and calculated carefully to collect accurate data on the money that is coming in and going out. Any miscalculations will lead to heavy fines and investigations from HMRC. Only a professional accountant can tackle this complex job and avoid you from such a situation.
Offers Strategic Advice
While your clients are experienced enough to know what works for their business and what does not, experienced accountants possess a lot of experience, which can provide a lot of benefits to your clients, especially in the financial aspects. Accountants can offer valuable advice on tax planning and HMRC compliance because they keep a close eye on the ever-changing tax rules and HMRC regulations. Your accountant’s valuable advice can help your client’s business to reach the next level.
Get Professional Payroll Services
One added benefit of recruiting an experienced accountant is that they can offer payroll services. An accountant can setup and run the payroll service for your clients and work according to their timelines. They will also conduct deductions and calculate taxes on the salaries on time. Furthermore, they can also assist your clients in registering their pension scheme with the Pension Regulator.
Obviously, if your in-house accounting team cannot handle the extra responsibility, you can outsource payroll services to a professional and experienced service provider.
Bookkeeping Services
An experienced accountant will know how to use any bookkeeping software that can help your clients streamline their processes, bring efficiency, and help them make informed business decisions. You must be aware that bookkeeping is time-consuming work which can distract your accountants from other important accounting work. Therefore, you choose to outsource bookkeeping to a professional service provider.
Dealing with HMRC and Company House
An accountant will do regular audits of all your financial statements and records. They also check for systemic flaws in the accounting process, point out any fraud risk, and follow up on it. Accountants can ensure that your client’s financial records are in the right order and that they properly forecast and make timely and accurate payments to HMRC. Also, they prepare annual accounts and submit them to Companies House where necessary.
What Is the Cost of Hiring an Accountant?
Of course, hiring accountants will cost your accounting practice, and if you have decided to bring in experienced and professional accountants, the cost will be even more. However, when compared to penalties, legal costs, and loss of reputation that result from accounting errors, this cost becomes negligible. Certainly, the cost of hiring an experienced and professional accountant may exceed your budget; therefore, you can consider outsourcing accounting services to a service provider to access the expertise of an experienced accountant.
Do Small Business Need to Hire an Accountant?
While small businesses are not under compulsion to hire an accountant, it is wise for them to do so. Large businesses hire in-house accountants for accounting and compliance.
Small businesses usually prefer to work alone, but as their business grows, it becomes difficult to handle business and accountancy alone. Also, cost is one big factor why small businesses avoid hiring an accountant. They can solve this problem by deciding to outsource accounting services to a service provider and avail themselves of accountant services at a reasonable price.
Conclusion
To conclude, an accountant is indispensable for smoothly functioning accounting practices. Therefore, hiring them should be your top priority. This blog highlights the importance of accountants who streamline your process, bringing in business and multiple benefits. But we understand that recruiting an in-house team is an endeavour that will cost you. Plus, the increase in accounting complexities has only added to your burden. In that case, you can outsource accounting services to a service provider such as Corient Business Solutions.
We specialise in offering tailored accounting services for accounting practices. Our teams have vast experience in multiple payroll applications, such as Sage, Brightpay, Xero, Moneysoft, Earnie, and Star Payroll. We customize outsourcing to boost your market edge, saving time for essentials. Let’s connect by phone or online for detailed discussions.