What are the Benefits of Hiring a Chartered accountant for your Small Business?

As a business owner, the money and benefits that would be saved when you hire a chartered accountant to keep your books can easily outweigh the costs involved in hiring them.

Yes! This is so true, I asked few business owners about their experiences before and after they hired an accountant to handle their books and I got some positive responses from them. 

Some were not in support of the idea at first, but later they realised that hiring a professional to handle your records is vital for every company's growth and profitability. Still in doubt about hiring an accountant for your company?

This article is all you need to take the right decision. Read on as i explain to us the benefits of hiring an accountant for your company.

Typically, the main duties of chartered accountants is to keep your books in order and handle your tax issues, in addition to other jobs that they are qualified to do.

For this reason, many business owners choose to hire one to manage their company’s accounting tasks instead of doing it themselves. 

Luckily, there are several accounting firms you can get in contact with if you want to hire a chartered accountant.

Regardless of the size of your company, there’s always a perfect chartered accountant for you. If you have doubts about hiring an accountant, below are some amazing benefits you can enjoy once you hire a chartered accountant:

Chartered accountants practice different accounting services that a business needs. Once you decide to hire accountants for your company, they come into the business with the knowledge limited to a person.

However, if you hire chartered accountants from the best accounting company, their services are not limited to only what they know.

In addition, you will have access to the different services that they offer that are beneficial to your business. One of these services is to prepare your payroll.

Also Read: Difference between public sector accounting and private sector accounting

Not only do chartered accountants have the necessary educational qualifications to manage financial and accounting tasks competently, they also have the expertise and experience to offer you advise on tax matters.

Hiring one will make your business to enjoy all the available tax benefits that comes with knowing how to deal with the tax code, it doesn’t really matter if the laws change. It has something to do with the fact that professional accountants are updated on such changes and they ensure that you business complies with it.

A chartered accountant can also check your accounts regularly to avoid any possible audit risk, reduce tax bills, and help your business do better. In times of audit, you have the assurance that all your books are in place.

There is a business adage that says "time is money". Every business owner wants to focus on growing their business, ensuring that products and services are highly competitive, and build networks. Taking this into account, the wise thing to do is to let your hired accountant do all accounting jobs while you focus on productivity.

Since accountants charge a flat service fees monthly, if you hire a chartered accountant, you will not only save more money and time, you can also focus on crucial tasks of running other aspects of your business. Since your company's accounting will be handled by a professional, there won’t be any need to worry about fines, tax deadlines, and penalties.

Also Read: How To Start An Accounting Business In Nigeria

With a chartered accountant, I can guarantee you that your taxes is in good hands because they are capable of handling your taxes and finances properly. This ensures full submissiveness with the tax laws and it’s a good way to save you the trouble with tax authorities.

Since they can help you prepare the necessary paperwork, you will have peace of mind with the knowledge that your financial transactions are handled properly.

Also Read: Filing Taxes for Your Business: Dos and Don’ts

Apart from balancing the books, chartered accountants can offer you sound business advice which can help to grow your company. They can help with business deductions and business incorporation.

Chartered accountants can also check financial progress, generate financial reports, and propose adjustments if necessary. They can also handle payroll easily, especially when your business expands to a stage when you will employ more staff.

Another benefit of hiring chartered accountants for your company is that they can help you effectively manage your business finances. They can help you discover great ways to spend your money judiciously, so you won’t lose more money when running the day-to-day activities of your business.

There are also instances that hiring a chartered accountant for your company will help you make extra money and ensure that your books of account is more appealing to potential investors.

For business owners, the most essential consideration in any business decision is knowing that your money is in good hands. Due to the compliance rules and regulations that chartered accountants follow when doing their job, it makes them the most secure accountants in the market. They can be relied upon to give your company a safety net if something goes wrong with your finances.

To be a chartered accountant, one is required to work for various clients across different industries. For this reason, accountants have experience working with high performing companies when compared to those who are under financial distress. Just make sure to hire chartered accountants with experience that are tailored to your company's needs.

Finding a chartered accountant you are comfortable with and can trust might take some time. But, once you’ve established a good relationship with your hired accountant, you are assured that your business’s accounting needs will be in good hands. They’ll help you beat your competitors which will enable you to stay ahead of the competition.