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The risks of doing your own business accounting

Business accounting can be one of the more complicated parts of running your own business. From tax rate changes to keeping track of import and export tariffs for international businesses, it can be almost impossible to get everything right. Here are just a few of the risks of running your company’s finances without using an accountant, and why a business without an accountant helping out with financial planning runs significant risks.

Losing out on government grants

A good accountant will always have their finger on the pulse of financial regulations and the way that governments incentivise businesses. In recent months this has become more important than ever, with many companies struggling due to lockdown regulations, and falling into Tier 3 lockdown. The government has provided some support for businesses, but by not having an accountant you could risk missing out on some important information. Having accounting help means you stay up to date on grants and never miss out on a financial advantage.

Adherence to regulations

One major risk that some companies can run is the risk of receiving fines for not adequately aligning themselves with financial regulations. By failing to apply tax laws and tariffs to your own company, you can be seen to be gaining an unfair advantage over other companies and potentially receive fines of thousands of pounds. Even if you’ve not done so deliberately, the expense of these fines can do significant financial harm. By using an effective accountant these risks are removed, as accountants are far more knowledgeable and specialised in this area.

Peace of mind

When you do your own accounting, you always run the risk of making mistakes. No matter if this is your first month or fifth decade doing your own accounting, you’ll always have that creeping worry that you’ve missed out on a key factor that could either save you some money or do financial harm.

You can avoid these fears by contacting CWR Chartered Accountants today. Our team of experts have years of experience in accountancy and are trained to the highest standards. If you’re concerned about keeping the books balanced, get in touch with CWR Accountants today for a quote.