A reputable accountant can help your business at any stage, from the initial concept to your retirement. Although these professionals are often viewed as just being responsible for the tax return and payroll, they can do a lot more besides, including running a management accounting service.
There are many benefits to hiring an accountant, like knowing that an expert is dealing with your accounts. Such a professional will be able to deal with complex aspects of the company finances in much less time than most business owners, saving valuable resources. You may not need to outsource all of tasks, but the more complex or time-consuming ones are likely to be the areas where you can save money by doing so.
Legal structure
You can change your company structure at any time, but choosing the most suitable one right from the start will be beneficial. The most common are limited companies, sole traders and partnerships. Your accountant will be able to inform you of the advantages and pitfalls of each, advising which is the most suitable for your business. Therefore, hire one before starting your company, so that you save money right from the start.
Everyday finances
Some business owners attempt to deal with the company financials on their own, and very often get into difficulty by doing so. It is necessary to keep accurate and timely company records, along with controlling profit, revenues and cash flow. Getting into trouble with just one of these can create a serious financial situation, which can be dangerous for the firm. Outsource to an accountant from day one if you want to be able to concentrate on other aspects of the company.
Learn to delegate
As the owner of a small business, you will have to eventually give some tasks to others to avoid becoming overworked and exhausted. Although you may feel better knowing that you have total control over your company, you will eventually make errors through being stressed and over worked. Outsourcing just a couple of the tasks to an accountant will help you to realise the benefits of doing so.
Dealing with HMRC
This is possibly one of the best times to hire an accountant, if you haven’t already done so. Dealing with HMRC, especially if you are the subject of an enquiry, can be one of the most stressful situations. However, an established accountant can represent you, meaning that you can continue to run the business while it is being handled.
If you are considering hiring an outsourced accounting service and want more information, give us a call.