Perhaps you’re thinking of starting a business and wondering if hiring an accountant is essential for success? Or maybe you’ve already started your new venture and have come to realise an accountant could help grow your small business.
It’s not uncommon for small business owners to turn away from hiring an accountant, especially in the early stages of starting a business. Why? Some believe if they can do it themselves, why pay someone else to do it for you? Well, there are many reasons, and we’ll explain why.
First of all, the vast majority of small business owners would recommend hiring an accountant. In fact, a recent study shows that 89% of small businesses say they saw more success with the help of an accountant. Yes, that’s 89 percent!
But aside from the numbers, why else should small business owners consider hiring an accountant?
1. Free up time (a lot of it)
In the early stages of running your small business, it’s highly likely you’ll be wearing many hats. This could involve work such as sales and marketing, planning and strategy, daily operations, customer service, finances and much more. By hiring an accountant to tackle the finances for you, you’ll have more time to concentrate on doing what you love (and more time to make money of course). After all, that’s why you start a business, not because you enjoy preparing tax returns.
2. Help you grow
Guidance from a professional can go a long way, don’t underestimate it. A good accountant can help refine your business plan, giving you a strong foundation for growth. They’ll stay up to date with the latest trends and prepare other financial forecasts to help your company expand. In short, an accountant should be considered an asset to all small businesses.
3. Save money
Although hiring an accountant comes at a cost, the value you’ll receive far out ways the small fees you’ll pay. A good accountant will help you save money by:
- Completing your tax returns to ensure no fines are received due to missed HMRC deadlines
- Advising on the most tax-efficient plan for your business
- Helping you keep a close eye on your cash flow
- Looking over paperwork to double-check finance administration
- Freeing up your time – time is money!
There are many other ways an accountant can help your small business save money. If you’d like to find out how HL&W could benefit your business, contact us today, we’d love to help.
4. Remove any worry
This may not apply for all, but many small business owners find their finances daunting. After all, there’s the complexity of the tasks, paperwork, deadlines and accounts terminology to get your head around. So, if you’re worrying about finances, consider hiring an accountant to take the weight off your shoulders.
So, should you hire an accountant for your small business?
With the amount of time, money and stress hiring an accountant can save for a small business, there’s no reason why you shouldn’t at least consider it.
If you’re looking for a qualified accountant to take care of your finances, speak to HL&W today and find out what we can do for your business.