Are you contemplating hiring an accountant? It’s very easy to think that as a small business owner you don’t need an accountant, you could be saving that money for other causes – and you’re only a small business so there can’t be much to filling in the tax forms, right?
When it comes to completing your accounts correctly, there can be much more than simply ‘completing the forms’. An accountant is there to guide your business and do the hard work for you, so you can focus on other parts of the business.
As a small business time is of essence and cash flow can be tight but budgeting well and incorporating an accountant into that budget could save a lot of time and money in the long run.
An accountant can also take on many roles for your business and ease the time management problem that you may find yourself in. They will also be up to date with the latest law and legislations as well as tax information and any relevant guidelines that are issued.
Let’s take a look at the benefits of hiring an accountant for the regular small business owner:
Building a business is not easy and it takes time and effort to do so. There are many aspects of your business that you need to focus your time on, including developing your products, improving your sales and growing the business. Having an accountant that can take the stress of meeting key financial deadlines and having the ability to dedicate their time to ensuring your budgets are managed well will give the time to do what you need to do.
Completing business accounts can be a daunting task especially if you don’t enjoy this aspect. Often this turns into procrastination and that’s when fines are issued as deadlines get forgotten. Accounts can feel like a burden and can end up taking precious time away from other important tasks and therefore an accountant can lighten that load and save worry and anxiety.
Save money on your tax bill
A good accountant will ensure that you’re aware of ways to minimise your tax bill. They will keep you fully aware of changes to tax laws and ensure that you are always paying the right amount of tax. Tax planning is a great advantage of having an accountant and will offer you resources and guidance on what to do throughout the year and help you plan ahead rather than just looking at your figures at year end.
Help grow your business
Growing a business starts with an idea but the financial implications are also just as important. An accountant will be able to advise you and help you plan for forecasts or budgets that the banks may require or investors may ask for if you’re looking to expand. They will take time to get to know your business and understand what it is that you’re looking to achieve which will enable them to give you the best possible financial advice unique to your business.
Guide you in a business plan
Along with growing your business long term, as mentioned above, an accountant can help you determine what you can afford and help you with the initial stages with the HMRC and registering your business correctly. They will also be able to help with planning for the future and making your initial business plan.
Keeps you on track
Hiring an accountant not only takes the pressure of your accounts away from your everyday tasks but it gives you peace of mind that everything is being looked after professionally and effectively. Having an accountant look after your accounts will ensure that deadlines are met and you’re being kept in the loop of things that you need to do along with the things that they have completed for you.
There are many benefits of hiring an accountant for your business but as a small business owner we believe that it will help with smooth running and the development of your business. If you’re considering hiring an accountant and would like to talk about the services we offer, we’d love to chat with you. Feel free to get in touch!