14 Aug Drastically minimise the risk of costly accounting mistakes by outsourcing to a professional
One element of small business accounting that few mention, is the propensity for mistakes to happen. There’s nothing to be ashamed about when it comes to making mistakes. When you have a busy blossoming business to run, time is always in short supply. Those mistakes can become expensive, however, so should be avoided.
One of the easiest ways of doing that is to outsource your accountancy early.
How mistakes are made
There’s no way around the fact that accountancy is a time consuming and somewhat laborious process. Automation and technology have made the process somewhat more streamlined, but ultimately it still requires a considerable amount of attention. This is time and attention you just don’t have when also running a business.
It’s so easy in the midst of long days, promotions, and serving customers to simply not quite notice you tapped the wrong key into your accounts. The trouble is that mistakes can be costly. If you make a mistake in your tax return, you run the risk of being fined. If you make a mistake in your general accountancy it can make the rest of your figures wrong going forward, and be borderline impossible to trace the original mistake.
Mistakes may be made innocently, but their fallout can be extremely costly for a small business.
Avoiding the risk of mistakes
Mistakes can happen to anyone, in any part of business accounting. Whether it’s your tax returns, calculating your VAT, payroll, or even just managing your general daily cashflow. When you’re a small business owner you have enough headaches as it is, without having to deal with the fallout of an accounting error on top of it.
Mistakes cost time, money, and where employees, customers, or suppliers are concerned they can lead to a negative brand image. That’s something that needs to be avoided at all costs, no matter how big your business.
An accountant can help you. They will handle the heavy lifting of every aspect of your finances, making it their business to ensure your accounts are handled in the most accurate and timely fashion possible. For more information or a quote, contact us here SQK Accountancy today. We’re experts in small business accounting based in Manchester.