Freelancers can often view hiring an accountant as a luxury or an unnecessary expense, but you should view it as a long-term business investment. Aside from keeping on top of your finances, here are some of the reasons why freelancers need an accountant.
Expertise in Supporting Freelancers
You might consider yourself quite savvy when it comes to bookkeeping and taxes, but do you consider yourself an expert on the matter? While you might be adept at managing your personal finances, business accounting is far more complicated, and a matter best left to experts.
Many accountants specialise in accounting services for freelancers, contractors, and limited companies, meaning that they have the expertise required to ensure that your business finances are handled correctly from a legal standpoint, including freelance-specific tax issues such as claiming personal expenses.
It’s not just industry-specific financial knowledge you will benefit from by using an accountant – such as the fact that you can claim back part of your electricity bill if you work from home. Accountants also keep up to date with ever-changing legislation, saving you from any nasty surprises should a new regulation come into effect without you realising in time.
As a freelancer, you will already be busy working for yourself and hiring an account can save you a lot of time on tasks such as keeping track of your invoices, expenses and filing your tax returns. By leaving your accountant in charge of your finances, you will free up valuable billable hours which you can instead use to generate income. Otherwise, any time you spend on your business accounting will effectively be costing you your hourly rate.
A major reason why you need an accountant as a freelancer is in order to not only handle your account in a legally responsible way but also to handle it in a manner that will save you the most money, therefore increasing your profit. An accountant specialising in freelance accounting will have expert knowledge of everything you can claim for, and ensure that all of your business allowances and expenses are filed correctly, avoiding what can often be a hefty fine for incorrect or late filing.
Finding The Right Accountant
Finding the right accountant as a freelancer means choosing a specialist accountant rather than hiring any generic accounting firm to handle your account. At Brookson, we have over 20 years of experience working with freelancers, contractors, and self-employed professionals, offering an all-inclusive accounting service.
Whether you’ve just started your career as a freelancer and are in need of an accountant, or you are looking to switch from your current accountant, get in touch today for a FREE consultation to find out how we can help you.