Small and large business owners alike understand that having an accountant is essential to the success of their business. However, it is not always budget-friendly to hire a full-time, in-house accountant. That’s why many businesses are turning to external accounting services to assist them with their financial needs. The benefits of hiring an external accountant to businesses don’t just stop at cost savings though. The GW & Co team has put together the top five ways an external accountant would benefit your business and why you shouldn’t hesitate to onboard one for your business.
Here are five benefits of hiring an external accountant for your business:
- Cost savings
This is an obvious but very important factor, especially in these trying times when all businesses are trying to keep their overheads down. By outsourcing your accounting needs, you can save money on hiring, training, and maintaining an in-house accountant. Rather than paying a full salary, you will be paying a monthly fee suited to your business and budget. Moreover, hiring an external accountancy firm often means you will benefit from years of experience from a team of accountants who are experts in multiple fields of finance.
2. Professional Advice and Expertise
An external accountant can provide an objective perspective on your business, as well as valuable insights into how to make your finances more efficient. With their expertise, you can trust that any advice they provide is sound and professional. Moreover, external accountants are up-to-date with the latest tax laws and regulations and can provide valuable advice on how to maximise tax savings and avoid any pitfalls or fines.
3. Access to the latest technology
External accountants often use the latest accounting software and tools to streamline the process and help you better manage your finances. This can help you save valuable time and money, as well as provide up-to-date live information about your financial situation.
4. Increased security
Hiring an external accountancy firm provides an extra layer of security for your financial information. By having an external accountant handle your sensitive data, you can rest assured that your financial information is safe and secure. Data protection, security laws and client confidentiality are adhered to and taken very seriously within firms.
5. Time saving
External accountants can help you save time by taking care of the tedious and time-consuming tasks associated with accounting. This ranges from the day to day data entry of your accounts, to ensuring important weekly, monthly and annual deadlines are met financially such as those pesky tax deadlines. This allows you to focus on growing your business, instead of worrying about missed deadlines or misunderstood finances.
By leveraging the expertise of an external accountant, you can save time, money, and resources, while also staying on top of your financial situation. Whether you’re a small business or a large corporation, having an external accountant can be a great asset for your business.
If you would like to find out more about how GW & Co Accountants can benefit your business, please don’t hesitate to contact us. We pride ourselves on jargon free, plain speaking and truly care about the needs of our clients with 95% of our clients choosing to stay with us.
