When Should I Hire an Accountant For Small Business?
If you run a small business, there are lots of things to think about: getting the right equipment, hiring the right people, and making sure everything is running smoothly.
But if you’re going to be a successful business owner, there are also some administrative tasks that need doing – one of which is keeping your books in order. The good news is that this doesn’t have to be hard work.
Hiring an accountant for a small business is a great way to take the weight of the financial side of your business off your shoulders. Keep reading to find out 5 things to look out for that might mean it’s a good time to hire an accountant.
You’re Doing Your Own Accounts and Bookkeeping
If you have a successful business and are spending time doing your own accounts, it’s probably time to hire an accountant. Accountants can release you to focus on the aspects of your business that you enjoy and are good at. They’ll also help you to;
- Save time
- Get more out of your business
- Plan for the future
- Keep up with tax changes
Spending Hours Preparing Your Tax Return?
If the thought of doing your own tax return puts you in a state of anxiety, consider hiring an accountant.
Tax returns can be complicated and daunting for all sorts of reasons—you may not have enough experience with them yet, or maybe doing them makes you nervous because no one else has ever taught you how to do it properly!
If all this sounds familiar, then consider hiring an accountant for small business.
You’re Planning For Growth
If you’re planning for growth, an accountant can help with projections and plans for the future. As a small business owner, you need to be thinking about how to keep up with your business as it grows. An accountant will be able to provide financial planning services that can help set up your company for success in the long run. These services include:
- Financial Planning
- Tax Planning
- Cash Flow Planning
- Business Planning (Including Budgeting)
Imagine planning to grow but having to do all of this yourself? Hiring an accountant will allow you to use your time more efficiently and fast-track your growth.
Is Your Business Brand New?
If you’re looking to start or buy a new business, an accountant is invaluable in ensuring that your numbers stack up. They will help you to understand the risks and make sure that your forecasts are realistic. Accountants can also help with dealing with HMRC and ensuring you comply with employment laws as well as other regulatory requirements such as those relating to health and safety.
Many small businesses are set up by people who have a passion for what they do but little knowledge of accounting principles or legislation. While this can work well in the short term, it’s important to get advice from an experienced accountant before things spiral out of control – especially if there is any uncertainty around how much income may come in or expenses paid out over time.
You’ve Grown and Need Help
As your business grows and succeeds, you’ll find there are more areas where you could use professional help – perhaps in completing tax returns, producing regular management reports or helping out at audit time.
At this stage, it’s worth finding an accountant who can work with both your business and personal affairs. Once you’ve found the right person for the job (which may be someone external to your company), they should be able to help you make sense of all this additional information about yourself and your company.
You’re Juggling Too Many Things
You should hire an accountant when your business is successful enough that you have other things to do with your time than keeping the books.
While it’s possible to learn how to do your own bookkeeping, there are only so many hours in a day and if you’re already managing employees and meeting with clients, learning how to keep track of your finances probably isn’t at the top of your list.
That’s why hiring someone who specializes in accounting makes sense. They can help make sure that everything is done correctly and on time, freeing up more time for growth and expanding operations.
Do You Need an Accountant for Small Business?
The benefits of hiring an accountant for a small business are clear, whether you’re just starting out in business or you’re well established and growing.
Countplus is more than just an accountancy firm – we offer legal and business advice and have a team who will look after you every step of the way as you grow your business.
It’s easy to get started – just arrange a free consultation today and we’ll get started.