Accountants are more commonly considered when it comes to tax time. You need someone to handle all the paperwork and make sure you pay your tax bill on time. Did you know accountants are useful for much more than that? That is especially the case for specialist care home accountants.
Your accountant will be able to help grow your business. Here are three ways that care home accountants will help you.
Aid with Your Financial Decisions
How do you know if that other care home is worth investing in? Should you switch medication suppliers? There are so many questions that involve finances and not all decisions are straight forward. While one decision may look easy at the beginning, there are long-term complications that you need to be aware of.
As a care home owner, there are high chances that you have no idea what the figure breakdowns mean. Well, there’s no need to worry. Care home accountants will be able to step in and help at every turn.
Specialist accountants will have already worked in your industry. They know about any tax implications and where money needs to go. They’ll have seen the paperwork and financial details in the past, so will be able to sit do with you and explain them. They’ll help you make a more information decision to make the best one for your business growth.
Make Sure You Know Your Tax Deductions
There are so many tax deductions available for care homes. Specialist care home accountants will already be aware of them. There’s no need for them to go searching for obscure answers and potentially causing you to lose out on thousands and having to pay more tax.
The accountants will make sure you are aware of every little deduction you can make. This is above and beyond the regular business deductions. Anything for medications, employees, and future tax breaks coming up will be considered.
And you won’t need to apply them. You’ll just need to make sure the paperwork is there to prove them and then let your accountant get to work. That extra money you have can be invested back into the business, and your accountant will help you make those decisions as already mentioned.
Reduce the Chances of Being Inspected
Inspections are a hassle and can result in your business being closed, in extreme cases. You never know when an inspection is coming, so you need systems to show your business is well led, financially secure, safe and responsive to your clients needs.
Specialist care home accountants have seen the most common faults arising where care homes are inspected. They also know the best steps to avoid tax investigations – like making sure your tax paperwork is filled in correctly the first time. They will help you save the right types of receipts just in case you are investigated and then handle the investigation if and when it occurs.
You get to spend your time on the other elements of your business. You get to focus on employee happiness, resident care, and marketing to offer the care to those who need it.
If you’re still on the fence about specialist care home accountants, it’s time to make a decision.
Getting a specialist will help you grow your business in so many ways. You don’t just get tax help, but help to prevent tax investigations, and also relevant management information to help with financial decisions, and much more.