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Advice on accountancy when going self-employed

Although it might seem tempting to save money by attempting to deal with accounting without any help when self-employed, this can quickly prove to be a false economy. As most self-employed people soon realise, time is money.

When accounting is not within a person’s area of expertise, what might take a professional only a few hours could end up taking days, with the result that time which could have been spent earning money for the business is lost. That time could add up to much more, financially, than it would have cost to hire an experienced accountant to do the job. It is easy to see how hiring an accountant when self-employed could save money in the long run.

Accountants help clients avoid tax return panic

Towards the end of each tax year, it is easy to put off dealing with tax returns when more pressing and immediate business concerns push their way to the fore. That is why, as tax deadlines loom, many self-employed people find themselves thrown into a panicky state, enduring late nights and early mornings and scrambling around to find the relevant receipts and other paperwork they need to complete and file their returns on time.

Hiring an accountant, who knows exactly how to put one’s affairs in order and will guarantee that the all-important return is filed before the deadline, can remove a great amount of strain from the shoulders of a self-employed businessperson. Again, this will free up the time and the mental resources to get on with the all-important everyday tasks of running the business.

Expert advice on the future of a business

Once an accountant has been hired, and the problems of book-keeping, drawing up accounts and completing tax returns have all been taken care of, self-employed people are free to think about the future of their businesses. Professional accountants can provide valuable services that will help to take a business forward in the right direction. Financial planning, using tools such as cashflow forecasts and budget plans, can assist a businessperson in turning long-term hopes into realities. Looking even further into the future, issues such as pensions can be sorted out, enabling the self-employed to relax and concentrate on the here and now.

With success, many self-employed people will find that their businesses grow, and they might realise that they need to employ others to help with the extra work. Hiring staff typically involves handling more paperwork, and an accountant can really help when it comes to coping with the additional administrative duties and tax implications. Having an expert on hand to set up payrolls can be extremely beneficial for self-employed people who have no previous experience of hiring staff. The best accountancy firms will make sure they have someone available to offer advice all year round, so that any tricky questions can be resolved as soon as possible. With assistance from a professional accountant, a business is much more likely to run smoothly, all the way through from starting up to expanding and on until retirement.

Posted by Mark
July 27, 2013

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