28th March 2013
Hiring an accountant to manage your finances is a smart move, whether you are an individual or a business. Accountants know tax laws better than anyone. In fact, that’s probably the first thing they learn at account school. Keeping your finances in order often comes down to knowing how to properly file taxes. If you are a small business or even an independent contractor, an accountant offers a number of benefits. Following are the top 5 reasons that you need an accountant to manage your finances:
1) Taxes – Again, accountants know tax laws and can be very beneficial when it comes time to file your taxes. They can ensure that you are in compliance with these tax laws which will help you to avoid problems down the road.
2) Assets – As a small business or contractor, you have a number of assets that can be difficult to keep organized if you are not mathematically inclined. An accountant can help you to keep your assets balanced with your debts and offer advice on how you can better keep your operations within your allotted budget.
3) Planning – Planning for business upgrades or expansions can be difficult without knowing just how much you can afford to spend on such scenarios. An accountant can assist you by helping you to determine just how an expansion can benefit your business and whether or not this is something that you can afford at the moment.
4) Investments – Accountants are trained to be able to spot viable investments. A personal or business accountant can help you to wisely invest your money and prepare for the future. Whether you are looking for an instant return on your investment or you want to put a bit away for a rainy day, a qualified accountant can ensure that you place your money in smart investments that will give you the return that you want.
5) Networking – Accountants will have access to others in your industry. This offers its own benefit by giving you a greater chance of networking with others. Professional accountants often have a number of business customers and many of these other customers could potentially benefit your own business. Hiring a qualified accountant and one that is popularly used by other businesses in your area could help you to meet other business owners for networking possibilities.
Using a qualified accountant will help you to considerably plan for the future of your business. Whether you are looking for financial assistance for business or personal reasons, an experienced accountant can provide you with business and tax advice that will help you to better manage your finances.
This article was written by Nixon Williams Accountants at www.nixonwilliams.com, the UK’s leading accounting practice for contractor accounts.