The thing that people dread the most about setting up a new business is the admin. 60% of small business owners feel like they don’t know enough about accounting and finance with 64.4% of businesses use accounting software to help them.
Getting to grips with tax and finance is all well and good, but there is so much more to accounting than you might think. We’ve put together a few reasons why we think that using an accountant is the way to go when it comes to running your business.
Saves time and hassle
One thing you don’t have enough of when you start a new business is time. Particularly if you’re starting out on your own. You’ll have to wear a lot of hats, and simultaneously manage a lot of different aspects of your business. Getting help from an accountant gives you one less thing to worry about, which sounds like a given – but your finances are an important factor in the success of your business, so having an expert to look after that side of things can help put you ahead of the game (and your competition!)
Make your tax bill smaller
We’re not all experts in tax and the law, but accountants are! An accountant will let you know if your business is eligible to get involved in any schemes which could help reduce the overall size of your tax bill. They’ll also let you know about any costs you can claim back that you might not be aware of if you were looking after the books by yourself.
Refine your business plan
Starting a business can be tough, particularly if you’ve not done it before. As well as helping you with your finances and making sure that all the numbers are in order, an accountant can give you objective business advice. As they’re a third party their advice will always be in the best interests of your business. They’ll be able to help you plan for any future growth and development, which can help you secure additional funding to make your business a true success.
Track your goals
90% of new businesses fail because they fail to keep on top of their business goals. An accountant can help you create and develop performance evaluations to help you track and monitor your progress. Plus, if you’ve got somebody else doing all the hard work for you, you can focus on the day to day running of the business and meeting those goals. Winner.
Avoid problems before they make an impact
Having an accountant keeping a close eye on your finances can help avoid any issues that might financially impact you. For example, they can let you know if there are any deadlines coming up you need to meet to avoid late fines or penalties, as well as letting you know if a cash flow problem is going to cause issues for you.
Stay legal and compliant
Nobody is an expert in the law, unless it’s your job to be. Having an accountant looking after your business will help you stay on the right side of the law. Guessing your way through the legal side of things could land you with fines, penalties or even the closure of your business.
We work with More Than Accountants to make sure that your business is as successful as it deserves to be. Their fixed-fee monthly services make managing your business finances a doddle. Saving you time, hassle and worry. Find out more about our accountancy services here.