As January gets underway, many small business owners will be looking back on 2014, considering what was a success and where improvements could have been made. Once accurate reflection has taken place, it is time to look ahead to 2015 and a prosperous new year.
For many entrepreneurs, there are so many tasks to deal with on a regular basis that they may find it difficult to put time aside for financial management, business plans, and forecasts. This is where outsourcing can be the better option, saving valuable resources for the business.
Saving time and money
Although it may seem as though outsourcing is an extra cost to the company, it actually saves money in the long run. Not only will you be free to deal with other aspects of the business rather than struggling with the books, but accounting outsourcing will save you money. You will no longer have to spend hours during the evening poring over the company invoices, as a qualified professional will be dealing with them for you.
In-house accounting
Some companies prefer to hire an in-house accountant, but for a smaller business this is often an extra burden on the already overstretched budget. Not only do you have to pay a salary to the accountant; you will also have to provide software, training, paid holidays and more. You also have to provide cover for absence, which can place strain on other employees.
The taxman
Outsourcing accountancy to a professional will definitely keep HMRC happy, as you are much more likely to submit tax returns and accounts on time. This will result in no penalties or interest charges, and you will have an accurate figure upon which to base next year’s financial forecasts.
The benefits of expertise
Dealing with the routine management of the company finances, combined with bookkeeping and other duties, can be time consuming, especially when you have to stay ahead of all the changes to regulations. Outsourcing to an expert will ensure that you remain compliant at all times, in addition to benefiting from all relevant allowances, tax relief, and expenses, minimising your tax bill.
Changes to processes
As new processes are introduced, like Real Time Information, you will no longer have to worry about new software or how to process forms online using new procedures; outsourcing deals with all the worry for you, leaving you free to deal with other, more important aspects of the company.
Outsourcing your accounting will help you to make the best decisions for your company in 2015, building a successful empire in the year ahead. Call us today to discuss how you could benefit from our expertise.