Why do I even need an accountant?

This is the cry I hear from a lot of small businesses and I can understand why. When starting your business, cash flow can be tight and money even tighter and so why spend all that money hiring someone for a job that you can do yourself right?

Did you know that over 60% of mid sized businesses are in a tax dispute with HMRC? This survey carried out by the BDO shows the importance of having support when dealing with the complex UK tax system. Any tax disputes for our clients are dealt with efficiently and promptly so that you don't have to worry.

Accountancy professionals can help with bookkeeping as well as compliance issues and free up more of your time. 82% of small business owners work over 40 hours a week and an accountant can help reduce those hours by taking on some of that work for you. At O'Shea & Co. we deal with all sorts of trades and professions and set up systems that work best for the client. We can give you more time to do the things you love.

Here are some of the main reasons you may need an accountant;

1. Saves you time by taking care of tasks such as bookkeeping.

2. Reduces tax liability by taking advantage of any legal benefits that are open to your business.

3. Prevents hefty tax penalties.

4. Helps your business grow by acting as a valuable sounding board.

5. Removes your tax anxiety.

6. Helps with bookkeeping.

7. Keeps your business organized.

8. Keeps you focused on other important business matters.

Having an accountant can help you focus on running your business while they take care of the financial aspects of it. They can also help you make informed decisions about your finances and provide valuable advice on how to grow your business.

There are several reasons why you might need an accountant. Accountants can help the business make strategic decisions, create budgets, plan for the future, and pay taxes. They also offer financial information to the stakeholders of the business, such as investors, managers, employees, and creditors. By doing so, they ensure the accuracy and efficiency of the financial records and minimize the risk of business failure.

In addition to this, financial management of a business can be incredibly complex and it carries serious consequences if done incorrectly. From missing payments to breaking the law, failure to meet proper standards of accounting and compliance with regulations can leave your business reeling.

So now you know why, the next question is how? We can help! Contact us today.