Many people think that good business acumen means managing as many aspects of your business yourself – after all, this cuts down overheads and keeps you in control, right? While there’s an element of truth in this statement, real business sense stems from weighing up costs versus benefits rather than just trying to reduce expenditure across the board.
Using professional accounting solutions is much more than just having someone to fill out a few forms and insert some figures into a spreadsheet. In reality, good accountants are actually also expert business advisors. Sure, part of their remit may well be filling in your tax and VAT forms – but it’s important not to underestimate the value of this seemingly ‘basic’ aspect of an accounting solutions service.
Firstly, consider this: you’ve filled in your end of year return and submitted it to HMRC. You sit back, satisfied that everything’s in hand, only to be faced with a notification that it’s been completed incorrectly. If you’re lucky, they’ll simply send it back and ask you to do it again – but even this can come at a cost. It will cost more of your own time, and your time is always money in business, and it may also cost you a fine. If your resubmission means that your correctly filled form arrives after the deadline, you’ll be charged the current late return penalty, and if you’re busy with business commitments and it takes a while to find the time to redo it, those costs can soon add up.
In the worst case scenario, a badly filled out return could put you in the spotlight – and not in a good way. It’s quite feasible that your forms could be passed on to a tax inspector, who will then make it their business to investigate your accounts – and if you’ve been doing it all yourself, you’ve no guarantee that everything has been worked out according to their strict rules.
Should the aforementioned points raised become relevant to you, you’ll soon be kicking yourself and wishing that you’d used a professional accounting solutions company in the first place. Trying to save money by doing your own accounts is quite often a false economy; most businesses and contractors find that their business advisors can save them money equal to, or in excess of, their service costs purely in reduced tax liability and timely submission of legally required documents.
Of course this is just an overview of some of the main benefits of using an accounting solutions service, but there are many more too. Professional business advisors don’t work in hindsight – they are adept at looking to the future and offering advice that can help to shape your success by pre-emptive action and showing you how to operate your business in the most advantageous way. With foresight and forward planning, you’re much more likely to see better profits and higher success rates.
Here at Blue Skies, we can help you to make both the best financial decisions and the most beneficial managerial decisions too. With a vast proportion of our clients coming to us via personal recommendation, it’s clear that the people we work with value our accounting solutions and business advice highly.
Why not call us for a no-obligation chat to discuss the many other ways in which our business advisors and accounting solutions can help you?
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