According to a 2020 report on working practices of the UK’s 5.6 million micro firms (businesses with 10 or less employees), the average micro-business spends 15 hours per week (19% of their time in total) doing financial admin tasks. This report is just one example of similar surveys that look at struggles of SME owners worldwide when it comes to juggling multiple roles and responsibilities. With rising cost of living and an increasingly competitive business landscape, it is normal for business owners to do their own bookkeeping and accounting to save money. But did you know that hiring an accountant will actually help your money go further? Here are 7 ways an accountant can save you money:
1) They 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 grow and sustain your business and client relationships. Don’t forget, it would take you a lot longer to do all your finances than a professional anyway. Why would you waste your time when you could be doing what you do best and what you actually enjoy?
2) They help you be more tax-efficient
Accountants can help you save money by being more tax-efficient. This means claiming what you can and not over spend.
3) They help you avoid fines and penalties
You need to file your taxes correctly and you need to do this on time. With legislation changing all the time, 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 always be reassured that you’re filing on time and that your taxes are correct. You can have peace of mind that you won’t get a surprise email from the Federal Tax Authority and you don’t even have to deal with them at all if you don’t want to.
4) They 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, your accountant 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) They assist in gaining funding
It takes a lot of time to secure financing from banks and as we said previously, time is money. Your accountant can help you secure loans and financing really easily from creating a business plan and helping you budget to applying and assisting you in the loan process.
6) They advise on investments
If you’re interested in investing, an accountant can help you understand different investment options. From stocks and money markets to real estate and investment vehicles, they can show you how you can grow your money and which opportunities are the best for you and your business.
7) They offer invaluable business advice
As well as accountancy, accountants 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. This isn’t even everything that’s included in their advisory services so make sure to take advantage of their knowledge.
So, while you think you can save some dirhams doing your own books, without an accountant you could actually end up losing a lot more. By working with our Bespoke Accounting 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.
Whether you need help with VAT filing, monthly bookkeeping or budgets and strategies for your business, get in touch with us to see how we can help you grow your business. Have a look at how we have been helping our clients. If you have any questions, simply book your free 30 minute consultation.