4 Ways You Can Save Money by Hiring an Accountant

If you are running your own business, you are probably doing your best to save money wherever possible. If so, you may be putting off hiring an accountant because of the extra expense, but this could be a mistake. An accountant can not only make the running of your business easier, but they can also save you more money than you spend on their services. Here are four ways in which a trained accountant could save you money.

Reduce Your Tax Bill

If you do not have access to specialist financial advice, the simple fact is that you could be paying more in tax than you should be. Qualified accountants are specialists at helping you to minimize your tax liability legally so that you never have to pay more than you are legally supposed to. If you are just starting out your business and working from home, your accountant may be able to provide you with details of tax reliefs that can really help you get your business off the ground.

Avoid Fines

If you cannot get all of your records in order in time to file them with HM Revenue & Customs, there is a good chance that you will be fined. Additionally, if you make a mistake this could also lead to a fine, even if you did not realize where you went wrong. By hiring an accountant, you can avoid such mistakes, as well as avoiding a visit from the tax inspector.

Make Better Financial Decisions

You will have to make important financial decisions when running a business, so it makes sense to have access to specialist advice in order to make the right decisions. Making a bad decision could seriously affect the profitability of your business, and having your own advisor can enable you to make better decisions that lead to more growth and profitability.

Invest Time and Energy Elsewhere

If you are spending hours and hours working on your accounts, you have to ask yourself whether this could not be better spent elsewhere. If you are able to hand over your accounts to your accountant, you can immediately forget about the stress and time involved in sorting them out yourself. This means you will have more time and energy to invest in doing what you do best, which includes generating more income.

Save Money and Hire an Accountant

Hiring an accountant is one of the most sensible decisions that you can make when you are running your own business. Not only can an accountant save you lots of time and effort, which you can then focus on other areas of your business, but they can also lead to significant savings.

7 Tips On Choosing The Best Accounting Software

I’ll tell you my experience as a manager of a transportation company to choose accounting software and ERP.As the company grew the need for a full, easy to handle accounting system was mostly integrated. Already we had had experience not pleasant with systems that promise but do not meet the requirements of the organization. (Bad advice post sales, make counter adapts to the conditions of the company that supplied the program.) Instead of be a help, generate difficulties in the accounting closure, some lack the fixed assets module.)

Vendors Always Show Us A Paradise

The challenge is to always tell us the good things. We cannot expect a seller to tell us where the your accounting software implementations has failed, or that make us a list of their weak points. And what is worse: usually we have to wait for that all the installation process and a month of use have passed to know if really met our expectations. And this time, it is too late. Let’s say that according to my experience there are 7 tips to choose the best accounting software:

Best Accounting Software

The current software has helped us in internal processes such as:

  • Move from manual check-in services to systematized billing.
  • Have 100% control over the portfolio through reports such as maturity and balances per day.
  • Management integrated cost center level cards of owners of vehicles, generating a better consultation on accounting reports.
  • Take statistics of vehicles, revenues, expenses, etc., through its comprehensive system of performance indicators.
  • Administrative and management reporting through the Balanced Scorecard System.
  • Unified and instant process in the accounting of all venues.
  • Full control of the machinery and equipment of the company using the costing of these: ContaPyme allows you to afford individually or by groups the machinery and equipment of the company and calculate the cost of their use in each of the lines or production orders based on various criteria of allocation as the hours of use of the machines during the month in each of the lines or production orders.
  • Specific costing of investments: includes the ease of generating work orders and production orders that lead to the specific costing of investments and productive projects.
  • Generation of indicators of productivity for the optimum decision-making and management: the accounting software that we currently use has administrative modules that facilitate the obtaining of performance indicators, financial and productivity. It contains a powerful definition of indicators of type system semaphore; trends and indicators maps type Balanced Scorecard. Let’s you easily design own indicators and management reports and represent them graphically through historical graphs of behavior of the indicator or semi-circular gauges.