When it comes to running a business, there will always be plenty of demands on your time, skills and energy, including selecting accounting and auditing services. For many entrepreneurs, the mark of a growing business is the point at which you decide to bring in specialist help to run the corporate accounting and administrative aspects of your operation. In this article, we’ll look at some of the reasons to hire an accounting service provider in Northampton.

Why consider bringing in external accounting and auditing services?

Unless you have a background in accountancy, it makes sense to bring in an accounting service firm, for example. Some disciplines can be learned pretty easily, but accountancy is a specialist field, and there are various benefits to hiring specialist expertise. Here are five reasons to consider an accounting service provider in Northampton:

1. Access to skills:

Perhaps the biggest benefit of using accounting and auditing services is that you gain immediate access to specialist skill sets. You can buy in full bookkeeping services and support with your business tax returns and then get advice on the best accounting systems that allow your business to run smoothly and in a compliant fashion.

2. Tax advice from industry experts:

Your accounting service provider in Northampton can also provide valuable tax advice so that you don’t pay more than you should, and so you can take advantage of tax schemes that are perfectly legal, whilst helping you to minimise your tax bill. This is very important for new businesses, in particular, because inaccurate tax or VAT filings can mean that you pay more than you owe, and tax refunds can be time-consuming to receive.

3. Time-saving:

Accounting is time-consuming, especially if you don’t know what you’re doing! Again, an outsourced service saves you time and means you can focus on the things you do the best – growing and running your business.

4. Compliance benefit:

One of the biggest risks in getting your business accounting and tax incorrect is that you will find yourself on the wrong side of taxation law. This can result in hefty financial penalties for your business. For example, you can be fined up to 15% of your outstanding VAT bill if you don’t register your business in time and according to legislation. The use of an accounting and audit service can make sure you are fully compliant, taking a weight off your mind.

5. Lower fixed cost

It’s expensive to hire and employ accountants directly into your business, so if you use the flexible service of an outsourced provider, you get the benefits of the service but at a lower cost. The cost is also flexible and can be scaled up and down according to your needs, rather than being an ongoing fixed cost. The provider cost is also affordable for your business and cheaper than training and constantly investing in an in-house team. The scalability of an external service is another major bonus for growing businesses that need to remain flexible and responsive.

These are just five of a wide variety of reasons to consider external accounting services.