Why do I need an Accountant?
Updated: Sep 11, 2020
With so many useful apps and online accounting software options available now, we wouldn’t blame you for thinking you don’t need an accountant. These helpful solutions can help automate bookkeeping, claim to check your VAT returns for errors and are available 24/7 on a variety of platforms. We won’t deny their value but recommend that they should be used in conjunction with the advice of a professional.
Just this January we were contacted by a client who was strapped for cash ahead of the Self-Assessment deadline and decided to file his own return to save the cost of our fees. As it turns out, he faced some difficulties which meant he missed the deadline and incurred a penalty. Furthermore, he was not aware of some losses he had available to offset against his 2018/19 income which meant he didn’t have any tax payable. Without us intervening, he would have paid over £1,000 in tax and, needless to say, we would have filed the return before the deadline saving him an additional £100.
Here are our top reasons for engaging an accountant, especially Equal Accountancy:
TIME – even with the best software, someone still needs to be entering your records regularly and accurately. That’s where we come in – we can complete your business bookkeeping on a weekly, monthly or quarterly basis depending on your needs. This brings peace of mind that the data has been input correctly, with VAT rates appropriately applied and that the bookkeeping can produce a reliable snapshot of your business’ current position. By handing this over to us, your time is kept free to deliver your products and services to the highest quality.
MONEY – whilst you may think that accountancy fees are an unnecessary expenditure if you can complete your own accounts and tax return, as with our client story above, this isn’t always the case. Missing deadlines can become expensive. Late filing penalties and surcharges can apply for all filing requirements from payroll to Corporation Tax therefore having an accountant to keep you organised and on top of the deadlines can be invaluable. There may be allowances that you are unaware of and would not claim without the advice of an accountant which could result in higher tax bills.
WORRY – without professional advice, you may be left with unanswered questions or second guessing some of your finances which can be troublesome. We promise to answer your questions the same working day and complete your accounts in a timely manner, so you are never left waiting for answers. We will help with tax planning and keep you organised ahead of deadlines to take the stress out of paying your tax bills.
We have worked with all of the popular bookkeeping packages including Quickbooks, FreeAgent, Xero, Kashflow, Capium, Sage etc. so we are happy to incorporate your existing software into our service package tailored to you. We also offer a bookkeeping health-check to review the systems you have in place to ensure that they are best suited to you. Get in touch to find out more.
Equal Accountancy Ltd offers Accountancy and Bookkeeping services in Hemel Hempstead and surrounding areas across Herts, Beds and Bucks. We offer a range of services for Limited Companies, Self-Employed individuals and Landlords including Year End Accounts, Corporation Tax returns, Self-Assessment Tax returns, Payroll services, VAT returns, Bookkeeping and Company Secretarial. Get in touch today for a free, non-obligatory quote for your business needs.