Crunching your own numbers might seem like a cost-cutting exercise when you run a small business. But the truth is, a good accountant will recoup the cost of the work they do for you in the efficiencies they make in your financial affairs.
Do you need an accountant?
If you have a limited company, or you are a sole trader, there is no legal requirement to appoint an accountant. You are free to do all your figures yourself.
But an accountant can do so much more than simply take care of your end of year tax return.
Small businesses, entrepreneurs and start-up companies alike can all benefit from having an accountant on board.
Let's start with the start-up.
Are you new to business? Is this your first foray into running your own company? Starting a new company comes with all manner of duties that require your attention.
This includes registering with Companies House and various tax departments, setting up payroll and preparing your office to handle the paperwork of bookkeeping.
Accountancy is one area that can be reliably handed over to someone else.
And remember, by doing so, you will be freeing up your valuable time to do what you do best - running and building up your own business.
How much does it cost?
Does an accountant cost money? Of course, and it’s one of the biggest reasons preventing entrepreneurs from seeking the services of a professional accountant. But startups should consider their services investment, not an expense.
As with so many things, it is best to spend as much as you can comfortably afford on your accounting needs. If you have a budget in mind, a good accountancy firm - like ours! - will be able to set up a plan according to your requirements.
As you grow your business, your accountancy needs may change. But setting up a relationship with your accountant early days means they can adapt with you.
What will they do for me?
The advice you receive from your accountant can be invaluable, even if you have filled out your own tax returns in the past.
A good accountant will be able to advise you on everything from tax planning and dividend administration to offsetting expenses and dividend declaration.
In addition, accountants can recommend ways to budget or register for VAT or PAYE.
They can even handle all your payroll and bookkeeping needs.
You can incur serious penalties for filing your tax return late but an accountant will ensure that you are on time with the information you are required to submit, giving you the peace of mind that an important deadline hasn’t been missed.
Accountants are professionally trained to understand the paperwork and the fine distinctions required within the tax departments, ultimately saving you costly mistakes further down the line.
In short, a good accountant will help get your house in order and free up time for business development. Isn't it time you employed one?
Contact us today to find out more