Do I need to hire an accountant or outsource to a firm?
Outsourcing your accounting duties is often easier and less expensive than hiring an accountant to work in your business, Outsourcing allows you to access the full range of skills within the accounting firm, without having to hire a multi-skilled accountant to work in-house.
While running your business you can easily miss accounting deadlines resulting in penalties and fines, especially if you’re unsure about what’s required.
By outsourcing your accounting to experts, you know your accounting obligations will be filed on time. Accounting deadlines include Annual Return, Directors Income Tax Return, Corporation Tax Return, Income Tax Return, VAT Return, PAYE, and other deadlines depending on your business activities.
If you are thinking of outsourcing a solution to help meet your business’ accounting and compliance requirements, get in touch with our Client Services Team who are always happy to talk you through our services.
Can I do my own accounts? Why do I need an accountant?
- Have confidence that your accounts have been filed correctly and on time.
- Receive support and guidance when you decide to grow your business further or when challenges occur.
- Save time for other aspects of your business, such as sales, marketing, expansion, and more.
- Accurate accounting will help you make better strategic business decisions.
- Be assured that your company is tax compliant and claims all applicable tax credits and reliefs. Check out our guide on how to minimise my tax liability.
When should I get an accountant?
1. When you are setting up, you’ll need an accountant to advise on your legal structure
Setting up a new business takes commitment and you’ll need to understand how to set up correctly. Should you set up as a Sole Trader or Limited Company? What’s required when registering for tax? And how do I decide how to pay myself from my company?
Hiring an accountant means you can ask them these questions and they will help you get your business off the ground. They’ll help you get your finances and business structure right from the beginning so you can be reassured your business is compliant. Specifically, you can receive valuable accounting advice for startups, tailored to your unique needs and challenges.
2. You’ll need an accountant so you can focus on growing your business
Sole Traders and Startups may decide to take care of their accounting obligations by themselves for the first year in business. But this can impact growth because business owners have less time to focus on other important aspects of managing a business.
Having an accountant you can trust to take care of your accounting and compliance requirements relieves you of worry and stress about missed deadlines.
Many of our clients came to us because they couldn’t cope with the pressure of doing their own accounts. Talk to our expert Client Services Team about our accounting services and we can send you a quotation today.
3. You’ll need an accountant when your company’s finances become complex
Are you preparing to export or import from other countries? Do you need specialised advice about your financial situation? Having an accountant means you can rely on their advice and guidance when your company gets too complex.
For example, growing businesses may need advice on pensions, taking dividends, or changing ownership. An accountant can support you with these changes.
4. You’ll need an accountant to file your tax returns and prepare financial statements
Another reason you need a regular or online accountant is to help you file your tax returns and prepare financial statements. It can be difficult for you to complete these yourself unless you are trained in accounts preparation.
Filing a tax return incorrectly could lead to you paying too much tax or under-declaring your tax liability (check our post on penalties for tax evasion in Ireland for more information). Outsourcing this obligation to an accountant will give you peace of mind that your company is staying on top of Revenue and Companies Registration Office requirements.
Why choose Accountant Online for your accounting needs?
Dedicated Accounting Team
You will have a dedicated accounting team who will offer you advice and support.
We offer tailored packages so you only pay for the services you need with no hidden charges.
You can feel confident that your Accounting Team will file your accounts on time and that your company is tax compliant.
Clients of Accountant Online receive exclusive benefits such as free Client Webinars and Startup Masterclasses. And, for a limited time only, accountancy clients can receive a free subscription to Xero Premium Package.
Care and support
Your accounting team is available to answer your queries and offer you advice when you need them.
Quality and trust
Accountant Online is regulated by Chartered Accountants Ireland so you can be assured that our service is confidential and compliant.
Kelly is the Marketing Manager at Accountant Online. Kelly is passionate about making the complexities around running a business simple to understand and accessible to the every-day person. Kelly holds a Bachelor of Science (BSc) in Marketing from Dublin Institute of Technology.