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As business owners we've accepted long ago that we have to wear a dozen hats - leader, recruiter, new business generator and task juggler extraordinaire. That's just part and parcel of running our own companies.
Being pulled from pillar to post is what we experience on a day-to-day basis. Right?
But how often do we ask ourselves what steps we could take to change things, to create more equilibrium in our lives and to help to grease the wheels of our business?
In order to grow, I believe you have to outsource some of your tasks; and feedback from clients and my own experiences have only served to reinforce this.
Why outsourcing pays off
Several individuals and small business clients have commented that outsourcing their accounts and switching to a financial accountant has not only resulted in them paying less tax, but it has also benefited them in other ways.
As a small business owner, I know from personal experience that if I'm feeling stressed and overwhelmed with all the things that running a business demands, it can affect both home and work life. But when I delegate to a professional that I trust, it can be like a weight has been lifted.
I believe that asking yourself these three questions is key:
- Who is an expert or better at this than me?
- What tasks do I hate that I could outsource?
- Who is quicker at this and cheaper than me?
After, all it just doesn't add up if we are charging per hour, more than the person we can outsource to and it is potentially a job we hate - leaving us to focus on and work in our business.
By not attempting to do everything ourselves and by delegating aspects of our business, it can help to create a better balance.
And I believe that approach applies to professional services, including your accounts.
By outsourcing your financial affairs it means that you can focus on running your business and doing what you do best and stop worrying about taxes and financial issues. Instead you can feel reassured that they are being managed by professionals.
It's also less likely that you will have the stress and expense of an investigation by HMRC if your tax returns and accountants are professionally managed.
Some of the recent issues I have dealt with include managing capital gains tax and planning for inheritance tax. This is essential, if you would like to leave any estate over £325,000 to your loved ones, rather than pay potentially hundreds of thousands of pounds unnecessarily in taxes.
Financial planning and being one-step ahead really does make a difference to both your own and your family's lives.
Accountancy one-stop shop
Whether you're an individual or small business needing advice with personal or corporation tax, we offer a 'one-stop shop for your accounting and business planning.
The services we offer include:
- Tax Returns
- Taxation
- Payroll and support services
- Compliance
- Business Start Up support.
Being independent enables us to provide objective business and advisory services and our services are tailored to our clients' exact requirements - not a national model.
Our close-knit, experienced team has many years' experience in the challenges facing small and medium-sized firms, as well as larger concerns.
We also provide a complete financial management service, with the benefit of calling on our wide range of professionals.
We can:
- ensure you save on tax costs and pay competitive fees for your accounts
- provide a complete, objective, service
- be proactive, ensuring we are up to date with the latest changes and legislation
- offer a fixed fee tax return service to help you budget.
We work in partnership with many businesses, charities and individuals across West Sussex and beyond. Please feel free to get in contact with us for an informal chat about your business finances on 01403 337490 or learn more at https://www.giltinan-kennedy.co.uk/services/tax-advisers