Do I need an accountant for my small business?
Maybe you’ve recently started on your small business journey, or maybe you’re just thinking about your finances. Either way, wondering if you need an accountant for your small business is common - and we’re going to help you answer that question.
Technically no, you don’t... but neither do big businesses!
Benefits of working with an accountant
However, there are any number of reasons why bigger businesses use or employ accountants of their own. An accountant can ensure that all the normal, everyday filing requirements are met, including payroll, VAT, accounts, and tax returns. You can relax in the knowledge that payroll is properly processed, and that all regulations have been adhered to. If you have a lot of suppliers or employees, it can feel difficult to stay on top of payments and keep track of when these things are due. An accountant can help with this by managing cash flow and ensuring that all suppliers are paid on time.
An accountant can also make sure you’re making use of any tax breaks or benefits that you may not have been aware of otherwise. They can also be a useful sounding board for thoughts and ideas throughout the year, and for talking through strategies and plans and how they can turn into financial results.
It can be easy to become overwhelmed and confused when dealing with money, so another benefit of having an accountant - either on the team or externally - is that they’ll be able to explain the numbers and costs in a user-friendly digestible way, enabling everyone to understand exactly what those numbers mean. If you struggle to find time to tackle HMRC queries or admin, or if you’re just not sure how to approach them, having an accountant on hand will help - they’ll handle all your interactions with HMRC, giving you one less thing to worry about.
An underestimated benefit of working with an accountant is that you’ll have a professional network right at your fingertips whenever you need it. This also means you have access to various lending platforms and other intermediaries, giving you the ability to pull information for a mortgage application quickly and easily.
These are all excellent reasons why businesses put their trust into an accountant. And the result? All your financial admin is taken care of, so you can focus on what you do best...the business!
If bigger companies use these reasons to work with an accountant, then why shouldn’t you?
Thinking about finding a new accountant? Get in touch to see how we can help you and your business.