There are many great reasons to hire accountants during the various stages of your establishment’s growth. An accountant has the skills to make everything easier as you progress. However, don’t assume this means you must always take one on full-time or on a retainer basis. Depending on the circumstances, you might only need to take up a few hours of their time.
An accountant could be cheaper
If you are a small business owner who wants to save money, you are probably thinking you can’t afford one. However, you must consider how long it would take for you to do the necessary tasks. In addition, you should ask yourself whether it is a practical use of your time.
To give an example, it could take 10 hours for you to do the taxes. Your time may be worth £100 each hour. Therefore, to do the taxes yourself, the cost would be £1,000. Not to mention, there is the danger of errors if you do the taxes yourself, particularly if you multi-task.
Should you hire an accountant to handle the taxes however, there is a good chance they won’t cost as much per hour. You will have more time to produce extra revenue. Moreover, you shall gain peace of mind knowing that a professional is attending to everything.
Accountants can help with the business plan
One choice you can make is to involve your accountant while writing your business plan up. They could employ their software to add financial projections and separate reports to the plan. This shall aid you in fashioning a successful, professional, and realistic plan.
By hiring accountants during this early phase, you can take advantage of their financial advice and knowledge from the beginning. This can minimise the risk of overextending or risking cash flow problems.
The company’s legal structure
Something else an accountant can assist you with is advice on your company’s legal structure. One thing that sets companies apart is their legal structures. Many of them are different. Certain ones could be called limited liability partnerships and limited companies and others proprietors or sole traders.
Prior to deciding which one fits the most, you will have to consider all of the options carefully. For instance, you might do business as a sole proprietor or trader, invoicing on your own name while operating on a self-employed basis. If you are in this situation, it may be possible to offset a few living expenses against tax. Accountants can advise you on things like this.
Find the right person to help you
In order to find an accountant that suits your needs, you should use Accountancy. The directory we run allows you to discover experts that specialise in a variety of areas. Spend some time browsing and think about your decisions so you can be certain you are choosing the right accountants for the job.