Hiring a quality accountant is a wise investment in the financial health of your business.
It can be tempting to choose a cheap accounting firm in the interest of saving money, but this often proves to be a costly mistake. It may seem like great accountants cost a lot but they save you even more money in the long run. We’ve all heard the old adage “you get what you pay for” and here’s why it’s especially true when it comes to choosing an accounting firm.
Save Money On Your Tax Return
The most obvious benefit of hiring an accountant is to save money on your tax return. Yes, it’s possible to do your return by yourself for free but in doing so, you run the risk of costly mistakes and errors that can cause long-term damage for your business.
Preparing a tax return is a time-consuming and stressful undertaking. An accountant allows you to stay calm rather than tearing your hair out and suffering sleepless nights during tax season.
On top of this, it’s far more profitable to remain focused on running your business than to dedicate all of your man hours to filing your taxes. Remember, accountants have done this hundreds - if not thousands - of times before and know exactly what they’re doing.
With all of that being said, any old accountant won’t do. An experienced and fully qualified accountant will be able to save you a lot more money on your tax return thanks to their extensive knowledge. What’s more, is that it’s in their interest to do so because more expensive accountants build their reputation through providing a quality service. Low-cost accountants, meanwhile, lure clients in through tantalisingly low prices and so they don’t have the same incentive to go above and beyond to save you money.
Higher Quality Service
More expensive accountancy firms attract a higher calibre of staff because they’re able to offer attractive salaries. This means that the firm is able to offer more knowledge and expertise, which is very valuable to your business.
Many people don’t realise that anyone can call themselves an accountant without any qualifications at all. Cheap accountancy firms often take advantage of this and hire unqualified staff, which results in a poor service. There are many unqualified accountants out there who don’t know what they’re doing, which presents a huge risk for your business.
Before you hire an accountant or firm, ensure that they are fully qualified. This ensures that your chosen accountant meets a certain standard of professionalism, has undergone stringent training and exams and is regulated by a reputable organisation.
Don’t be lured in by cheap prices. Choosing an accounting firm based on price alone can be a very costly mistake. As explained above, expensive firms charge more for a reason. Carefully consider the needs of your business and take time to weigh up the rewards of hiring a quality accountant against the risks of opting for a cheap service. Despite higher upfront costs, a quality accountant can generate a large ROI for your business and prove very lucrative in the long run.