5 Benefits of Using External Business Accountants
Save Time and Improve Efficiency
On average, small business owners spend 10 hours per month on bookkeeping. This is wasted time that could be spent focusing on improving other areas of your business.
Outsourcing your accounts is far more cost-effective than hiring a full-time member of staff, as you're not paying a salary, sick leave, holiday pay, or any other benefits your business may offer.
Avoid HMRC Penalties
If you submit your VAT returns via paper without authorisation, HMRC will fine you £400.
This is just one of many baffling fines that you could end up paying if you don't truly understand how to navigate HMRC.
It doesn't matter if you're a limited company or a sole trader; you need to keep your financial records for at least six years if you're a limited company and five years if you're a sole trader
Failing to do so could result in a £3000 HMRC fine and being disqualified as a company director.
Keeping track of and properly storing these documents can be a time-consuming task that is easily avoidable by using external accountants.
Expert Skill Set
With their years of experience, accountants can help with other areas of your business, such as financial strategy and relationship building with banks and solicitors.
They will also often have access to specialised accounting software, which will help eliminate any risk of human error.