If you are finally making some steady income from your small business venture, enough to consider a new hire, you’re first thought should be to hire an accountant. They are the most valuable member of any business. They can save you a fair amount of stress by taking the task of handling the money off your hands. Nights of sitting at the kitchen table going cross-eyed while looking at spreadsheets can finally be over.
But an accountant can do a lot more than putting away pocket money to save. Read on for more details on why a Small Business Needs an Accountant will be your best buy for your business.
Save on money
Tax deadlines, limits, and amounts are constantly changing, but it’s a wave that an accountant will be able to surf with ease. That’s important since you can be penalized for a mistake.
An accountant may well pay for themselves, by going through your spending and pointing out areas you could be saving money. If you are overpaying for a product or service that you need for your business to function, they will find it and offer a better alternative. They could also claim expenses you are entitled to or available grants.
With the accountant paying for themselves, you can probably afford another hire.
Save on stress
A lot of us were not made to look at numbers. The universal language seems to make most of us dizzy. If spreadsheets, invoices, and tax returns send you into a spiral, or the idea of opening your accounts causes an instant migraine, you have enough cause to hire an accountant.
If you wish, you can hand over full management of your accounts with your accountant, which means they can make decisions and handle all your money on your behalf. They can manage your tax return, PAYE and even your communication with HMRC. However, any inaccuracies will still fall under your responsibilities, so make sure you trust them to know what they’re doing. If you’re worried about your taxes, there are specialist tax accountants available to consult.
Save on time
A majority of businesses tend to start out from an organic passion for an idea. Usually, someone is doing what they love and it occurs to them that they can make a living out of it – or that’s the dream anyway. The problem with that dream is that those businesses will treat the finances as an afterthought. These businesses won’t grow. Businesses that respect the finances will.
Hiring an expert to focus solely on the money will save you time that you and your team would be better spending honing and perfecting your products or services. You don’t need to waste your time crunching numbers or trying to understand crunching numbers and your team can spend less time wading through financial records or determining taxes and more time on the general maintenance and nurturing of your business.
Save on confusion
An accountant can do more than just keep your taxes down. They can also improve your entire business setup if you ask them to. They can run a critical eye over your business start-up’s projections and financial plans and advise if it’s a viable option or not. They can also present you will various available options as your business grows and advise you on how, or if you even should change the structure of your business.
An accountant can also inform on investments. They can help you to create a solid plan to present to a bank, investors, or business angels which will hold the details of your forecast and your accounts to date. They will offer guidance and advice, and make sure everything is covered. Lenders and investors will also feel reassured, knowing that your figures are accurate and realistic.