Businesses often struggle to see the benefits in outsourcing accounting and compliance. Some see it as an unnecessary expense, while for others they just like to retain control.
More often than not an outsourced accountant will actually save you money. In fact, the benefits go much further than that. From saving time to planning for the future of your business, here’s why outsourcing accounting and compliance is a great idea.
Can outsourcing your accounting save you time?
Perhaps the most obvious benefit of outsourcing is the time you will save. The average small business spends eight working days a year on tax compliance alone, and this is just one of many financial tasks that need to be completed. Bringing in an outside accountant means that you can put this time to better use – coming up with new ideas and growing your business.
Many small businesses worry that they can’t afford to outsource their accounting. In fact, a good accountant should end up paying for themselves. A recent study found that UK businesses are losing £5.6 billion a year in unclaimed expenses. An accountant could cut your tax bill considerably by making sure you claim in full.
How will outsourcing your compliance help?
An accountant makes it their business to stay up-to-date on the latest rules and regulations. They will ensure that you are fully compliant with the law and that you meet any deadlines for payments. This could, potentially at least, save you thousands of pounds in penalties and late fees.
Improve your cash flow
Efficient invoicing is vital for keeping your business running smoothly. Failing to send invoices promptly, or forgetting to chase up late payments can leave you dangerously short of cash.
An accountant can set up an automated invoicing system. This will send out invoices as soon as possible, as well as allow you to check the status of all invoices in one place. An accountant can also advise you on updating your invoicing terms to ensure that customers pay you on time.
Get access to the latest technology
Invoicing isn’t the only area in which technology can help. Although automation is traditionally seen as a threat to accountancy, many modern accountants are keen to embrace the latest automated accounting software. By outsourcing your accounting, you will often be introduced to the best software as part of the process.
There may come a time when you want to expand your business by attracting investors. Potential investors will usually start by taking a look at your finances, and disorganised bookkeeping is a sure-fire way to put them off. Hiring an experienced accountant will ensure that you make the best possible first impression.
Get long-term guidance
Building a lasting relationship with an accountant can be invaluable. Having a financial expert on hand who is already familiar with your company means that you have someone to turn to when making big decisions about the future of your business.
Get help now
We are always happy to work with new clients. We can cast an expert eye over your finances, finding new ways to save money and improve productivity. Whether you need help with a specific problem, or you just want to tidy up your books in time for the new financial year. If you would like to find out more about our outsourced accounting services and the benefits of outsourcing accounting and compliance visit our outsourcing section or, contact us and we can help.