As a care home owner, you might feel comfortable with hiring any accountancy firm. After all, it’s only a case of making sure the numbers are right! And while the firm you hire might know nothing about running care homes, they should still be able to reduce your tax burden, advise you on cost savings, and help you to reinvest your profits.
There are, however, quite a few problems with hiring a generic accountancy firm, and plenty of benefits of hiring specialist accountancy services for care homes. Let’s take a look at some of the reasons why you might want to choose the latter over the former.
Care home accountants understand
If you choose a specialist care home accountant, they have a keen understanding of how your business or organisation works. Running a care home is like no other type of business, and without being able to access that specialism – and that vital experience – you run the risk of losing out.
Accountancy services for care homes
Specialist accountancy services for care homes will also give you a refined and experienced outlook for all of your finances. You can rest assured that they understand the issues you face, such as the struggle to maximise your profit margins and the difficulties of cutting costs without affecting the performance of the service. As we discussed above, the specialist firm will know and understand all the angles of running a care home and will be able to offer you the right kind of help. A generic firm without that key experience will not – it’s as simple as that.
All business owners struggle with taxation, of course. But by using a specialist accountancy firm with a strong understanding of tax requirements and the challenge of running a care home, you will benefit greatly. With the right tax advisor, you will be able to make your organisation as tax efficient as possible, without the threat of penalisation from HMRC.
A specialist accountant who understands what it takes to run a successful care home has a huge array of experience they can offer in the form of advice. It’s specialist knowledge that a generic firm simply cannot match, and whether you are looking to expand your business, look into new markets and areas, or just branch out further into the community, it’s vital to draw on that knowledge.
If you are running or managing a care home and need help with your finances, don’t underestimate what an accountant with industry-experience can bring. Here at OBC Care Home Accountants, we guarantee we can help improve your accounts, make you more tax efficient, and ensure that your business is in the best possible shape moving forward. Furthermore, we have all the experience and industry knowledge you need to draw on to make improvements to your organisation long into the future. Contact us today to discuss your requirements, and feel free to drop us a line by email or by telephone. We serve care homes in Eastbourne, East Sussex, Sussex, Kent, Surrey, London, South East, and all over the UK.