The decision to become self-employed can be a thrilling and exciting opportunity allowing you to make the key decisions, be your own boss and be tax efficient are just some of the benefits of becoming a self-employed contractor.
Being self-employed also means that you are now in sole control of every financial aspect of your business so it’s vital to keep your finances in check, particularly when the contracts and work load begin to increase.
It is also crucial that you monitor your taxes professionally and efficiently to avoid any penalties or fines. One great way to ensure your finances and managed correctly is to hire a specialist accountant.
Here are some great reasons to choose a specialist accountant and relieve yourself of the financial strains and worries of being self-employed.
As the old saying goes, ‘time is money’ and is never truer than in the world of business. Managing your taxes and paperwork can be a laborious and time consuming process so hiring a specialist accountant can relieve you of these stresses. The time saved can be used more constructively to obtain new contracts and clients, complete existing work projects or even catch up on your social or family life.
Most business owners, particularly those who are self-employed, usually don’t have the adequate resources or information at their disposal to efficiently control their own accounts. This problem could increase significantly if your profile and workload expands.
It’s crucial to be aware of and fully understand your businesses financial status and situation. Be fully aware of what you owe and to whom. An accountant will be able to show you clearly and concisely and in the simplest form.
Businesses now use technology throughout their organisation and it is a fantastic resource when it comes to accounting. The days of ‘balancing the books’ are over and an accountant will be able to computerise your entire financial system
Most accountants, particularly experienced ones, should have some level of knowledge when it comes to handling the finances of a business in your field. This is also a great opportunity to network as they may deal with other clients who could benefit your business. It could be a great way to attract new customers.
Help your business grow
When you have obtained the services of an accountant, it gives you the freedom to expand as the financial pressure is relieved. They will also be able to help you understand what is required to expand, particularly when hiring new staff or taking on large contracts as they will be aware if you have the financial capabilities or not
This article was provided by Nixon Williams, providers of comprehensive accountancy services to businesses throughout the UK