As a business owner, you have a lot on your plate, especially with inflation hiking your costs.
So, any measure that provides you with a chance to save valuable time and money will be well received.
According to a recent survey, by Intuit QuickBooks, accountants are helping UK businesses to adapt to the economic challenges being thrown at them.
In fact, 83 per cent of the 600 respondents said their accountant or bookkeeper has helped to reduce the impact of inflation on their business.
How is this achieved?
You might think that an accountant just ensures you pay the right amount of tax at the right time. But they have so much more to offer.
Of course, being compliant with tax regulations is vital, accountants can provide valuable insights that can improve your business’s performance.
Your accountant will have a clear idea of your business’s finances, so will be able to make suggestions on where you can enhance performance.
The survey revealed that UK SMEs could save up to £28,000 a year from their accountant’s suggestions to reduce costs, along with increasing revenues and profits.
For instance, with Making Tax Digital (MTD) regulations meaning that the accounting system is going digital, accountants can help you to get to grips with the software.
As revealed by the survey, 80 per cent of SMEs reported that their accountant helps them to make the most out of their cloud accounting software.
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