7 Essential Benefits Of Having An Accountant
Navigating finance can prove to be challenging a lot of the time. However, having a skilled accountant by your side proves to be highly beneficial when you need help with your financial obligations.
16th December 2023
In the world of business, this may seem like more of a luxury, however, for many companies, having a professional accountant also plays a pivotal role in strategic planning for growth. Whether you’re an individual managing personal finances or a business navigating the intricacies of corporate accounting, the benefits of having an accountant are tangible.
In this article, we’ll explore the essential benefits of having an accountant, shedding light on how their professional services can make a substantial difference in financial management both personally and professionally.
1. Minimised Direct Tax Liability
One of the primary advantages of enlisting the services of an accountant is the effective reduction of direct tax liability. Tax laws are typically quite intricate and tend to change regularly, making it challenging for individuals and businesses to keep up with new regulations on their own.
Accountants possess a deep understanding of tax regulations as a key aspect of their profession. They, therefore, can identify legitimate opportunities for deductions and credits, ultimately reducing the amount you owe in taxes. This not only ensures compliance with tax laws but also maximises your financial resources.
2. More Efficient Use of Time
Many businesses don’t have the time to spend reconciling their accounts and looking after their financial admin. Managing financial tasks can be incredibly time-consuming and mentally demanding. Accountants take the burden off your shoulders by handling tasks such as bookkeeping, financial reporting, and other administrative functions. This allows you to focus on more important business activities, increasing overall operational productivity and efficiency.
The time saved can be redirected towards strategic planning, business development, or personal pursuits, enhancing business growth or freeing up more of your time. Having an accountant will also ensure that there are minimal mistakes in important tasks like budgeting, financial reporting and tax reporting.
3. Advanced Bookkeeping Practices
Accurate and organised financial records are what make up good financial management. Accountants excel in maintaining precise bookkeeping practices, ensuring that their financial records are up-to-date and compliant with regulatory standards. Proper bookkeeping facilitates day-to-day financial operations and lays the foundation for informed decision-making and strategic planning.
Bookkeeping is especially important when you run a business. Each transaction that goes through your company has to be verified and qualified against a legitimate invoice. Outsourcing professional accountants can make this process a lot smoother, allowing you and your staff to focus more on business development and income-generating activities.
4. Valuable Expertise and Insights Into Current Economic Trends
Accountants are financial experts who stay abreast of current economic trends and industry developments. Their valuable expertise can provide you with insights into market conditions, helping you make informed decisions about investments, cost management, and overall financial strategy.
This proactive approach enables you to adapt to changing economic landscapes and position yourself or your business for financial success. Depending on the industry you work in, accountants will also have a better idea about where key investors or governments are putting their money, thereby unlocking possible cash injections for your organisation.
Moreover, if there is a downward trend in a specific area or industry, then a professional accountant will be able to help come up with solutions to remain financially safe through expert suggestions.
5. Support During Company Audits
Facing a company audit can be a daunting prospect, but with an accountant on your team, you gain a knowledgeable ally to navigate the process. Accountants assist in preparing documentation, addressing auditor enquiries, and ensuring compliance with audit requirements. Their experience in audit support not only eases the stress of the audit process but also increases the likelihood of a smooth and successful outcome.
Auditors will scrutinise your company’s financial records, tax returns, and income statements. They are there to ensure that your company remains compliant with the law. Accountants have in-depth knowledge about what is required in the case of an audit, and can therefore manage the process confidently.
6. Increased Opportunities for Business Growth
For businesses, accountants play a pivotal role in facilitating growth. Through financial analysis, cost reduction strategies, and strategic advice, accountants contribute to optimising financial performance. They help identify areas of improvement, implement financial best practices, and position the business for increased profitability.
With an accountant’s guidance, businesses can unlock new opportunities and navigate challenges with confidence. They will also have their finger on the pulse in terms of investment trends which can open the door to new opportunities in forming beneficial business relationships across sectors.
7. Assistance in Budgeting and Financial Forecasting
Accountants bring a systematic approach to budgeting and financial forecasting. They assist in developing realistic budgets based on historical data and future projections, as well as industry and economic trends. This enables individuals and businesses to set financial goals, allocate resources efficiently, and track performance against financial targets. Accurate financial forecasting is a key component of ensuring that your business grows and that budgets and forecasting remain as accurate as possible.
Get In Touch With Professional Accountants Today
The benefits of having an accountant extend far beyond the traditional perception of number crunching. From minimising tax liabilities to providing valuable economic insights, supporting growth, and facilitating efficient time management, accountants are instrumental in ensuring financial success and correct management. If you’re ready to experience these benefits firsthand, it’s time to get in touch with professional accountants.
For expert accounting services tailored to your needs, contact Braant Accountants today. Our team of experienced professionals is ready to assist you in your efforts to manage your finances efficiently and successfully. Our services are tailored toward individual and organisation needs, meaning we work collaboratively with you on any financial or accounting matters you may be presented with. Let the team here at Braant help you optimise your financial processes for a more secure future.
Call us today.
We have the resources, the experts, the knowledge and experience to help your business grow. And with over 1,000 accountancy clients in the UK and London, the volume of our work allows us to share economies of scale with you.