Why Freelancers Need an Accountant? Freelancers are perhaps the most independent workers across industries, especially since they operate under free schedules. Unfortunately, not all aspects of freelance life can be easily achieved. Your line of work may come easier, but other areas of your freelance business may be difficult to achieve, particularly when it comes to managing your finances. You may end up visiting the accountant’s office more often than necessary, taking a huge chunk of your precious time.
Hire an accountant to achieve better. Quite frankly, it’s one of the most vital assets a freelancer can ever have. You’ll have access to the best tax deductions, as well as tax investments and other basics you need to know.
Still in need of convincing? We’ve gathered all the reasons you need to welcome one into your freelance life:
Reason #1: You’ll have a business advisor
Why freelancers need an accountant, and what are some of the biggest misconceptions around this notion? One of the biggest misconceptions, when you’re about to hire an accountant is that they only exist to take care of your accounts and bookkeeping needs. However, they do more than just compute your business maths for you. With tight budgets and better opportunities, you’ll have an expert to help you achieve it all.
Given their financial expertise, decisions that help you achieve your career goals will be more than reachable. You’ll also have access to resources on business growth and development, especially when it comes to the financial aspects. Bear in mind that your freelance career will eventually take off—invoices and income collection will soon turn into a complex financial situation.
Reason #2: You’ll have access to a rich financial experience
Apart from providing you advice and expertise, when you hire an accountant, you’re also onboarding a vast network of other freelancers. They’ll know the ups and downs of the freelance world, leaving you with extensive knowledge on how to handle your finances.
Your accountant will also have the right solutions to various financial problems, and can easily help you navigate through precarious waters. With their first-hand experience, you’ll be able to successfully grow your freelance career.
Reason #3: You’ll have better chances of saving
When the question of why freelancers need an accountant comes your way, it might mean more expenses, bear in mind that their services will pay for themselves. The amount of money you can save with their help is astounding, especially since you’ll have access to tax reliefs. Business expenses can also be listed on tax returns, including the following items:
- Website development and maintenance
- Software purchases
- Coffee runs
- Vehicle (petrol and mileage)
- Heating bills
These items can be claimed as tax returns, thereby allowing you to save better on costs. With extra money now on hand, you can utilise it to further your freelance journey, such as spending more on an ergonomic office set-up or perhaps ultimately expanding into a small business.
The Bottom Line
Freelancing is an industry that’s steadily growing, and will likely continue to expand as the year’s pass. Growth is a magnificent experience, but this can only be achieved with the right mindset and strategy. A huge part that can be covered when you hire an accountant, and the reasons listed above are just a quarter of the value they can contribute to your career.
For the best accountants for freelancers in London and surrounding areas, Accotax is the place to call. Our passionate team of professionals offers you unparalleled services, all dedicated to helping your business grow. Get an instant quotation today!