What is an accountant?
An accountant is a financial expert who inspects and creates financial records for businesses and individuals. Accountants use a variety of financial statements and data to build financial records and assess a company's or individual's financial health.
Their job entails a variety of responsibilities, including:
- completing audits with external and internal auditors;
- prepare and review income, payroll, costs, and budgets;
- make profit and loss accounts;
- analyse financial data to make budget recommendations;
- prepare account entries;
- implement procedures for accounting control;
- keep financial databases up to date;
- recommend software and filing systems.
What are their main advantages?
There are a number of advantages to hiring an accountant. The following list will include some of the main reasons why an accountant can help you and your business.
- It can help you save time
Doing paperwork and keeping track of what you've spent and what's coming in can be time-consuming and distract you from the task at hand.
Employing an accountant who is up to date on the latest tax laws, rules, regulations, and deadlines, as well as one who understands the format in which HM Revenue and Customs requires all information, can save you hours of time trawling through HMRC's website, allowing you to spend your time more productively.
- Avoid being hit with high tax penalties and fines
Others prefer to hire an accountant so they do not have to worry about looming deadlines. With an accountant, they are up to date on the latest regulations, and never miss a tax deadline as well.
- No longer worry about taxation and its rules
Remember to prepare your company's year-end accounts, abbreviated company accounts where appropriate, personal tax returns, corporation tax computations and returns, VAT calculation submissions, liaise with HMRC, deal with Companies House, and sort your payroll is a burden that can be alleviated with the right accountant.
Your accountant will take care of everything for you, saving you time and money while enabling you to focus on running your business.
What are online accountants?
Accountants play an integral role in your company but you may find that online accountants are more suitable for your business.
Online accountants will take care of all of their tasks for you without the need for you to meet in person. Instead of meeting in a physical location and passing over paper files, you manage everything remotely and online. Your main method of communication would be through emails and phone calls.
Why should I hire an accountant?
If you work for a start-up, a small business, or as a freelancer, you will most likely be responsible for all aspects of your organisation. You'll want to make the most of every dime, from the head of sales to customer service.
Hiring an accountant may seem like an unnecessary expense, however, keeping track of your company's finances can be time-consuming, and unless you take the time to learn about the various sorts of taxes as well as the current laws and regulations, you may end up making costly mistakes.
Upon hiring an accountant, from day one, you will work with an accountant who is familiar with the ins and outs of your company and who takes joy in seeing it flourish.
You should never underestimate the breadth of knowledge and expertise an accountant can bring to your organisation, whether you're searching for financial advice, business insights, or modern accounting software.
We understand how overwhelming it can be for businesses to operate during these uncertain times, and Persona Finance aims to simplify your business needs by providing remote accounting services. If you would like to work with accountants, please contact Persona Finance now at [firstname.lastname@example.org] or if you have other business and accounting queries.