If you’ve recently started a small business, you may be wondering whether you need to hire an accountant to help you out. There are numerous reasons why doing so is a good idea, we’ll take you through some of them in our blog post below.
The number one is that accountants are able to help with a wide variety of different stages in the growth of a business. And to us, that sounds like the best possible reason to hire an accountant!
As experienced accountants, serving businesses and customers across Milton Keynes, Wellingborough, Northampton and the surrounding local areas, our accountancy team at Aston Black have helped many small businesses, take a read through our blog below to find out more.
What can accountants do for small businesses?
An accountant can help a startup or small business with their business plan, assist with company formation, loan applications and even tax investigation.
They can save you time & effort
If you’re a small business owner, you’re probably always on the lookout for ways to save money. Your first thought might be to do your taxes yourself. Whilst this may seem like a great idea as it doesn’t cost you anything in monetary terms; it does cost you time, which can be very valuable if you’re a busy individual.
If you’re inexperienced in doing your own accounts, it may take you a while to figure it all out and there may be errors – is this really good use of your time?
Instead, you should consider hiring a locally based accountant who will be able to carry out the work quickly and efficiently.
They can offer advice when you’re writing a business plan
If you involve an accountant earlier on in your new business, they’ll be able to offer advice for writing your business plan. Alongside this, an accountant is also able to provide you with advice on the best accounting software to use and help with your financial forecasting projections and other reporting tools.
One of the key elements of a successful business plan is that it has realistic goals but remains professional. When hiring an accountant, you can use their financial knowledge and advice from the very start to help give your business the best possible start.
They can provide advice on your business structure
There are numerous different types of business structures, from limited companies to limited liability partnerships, corporations, sole traders and more. If you hire an accountant early on in your business start-up journey, then they’ll be able to help you decide on the right type that suits you.
How can an accountant help a small business succeed?
Businesses that hire an accountant can benefit from a wide range of services to help you save money, reduce risk, comply with any regulations, as well as help you manage growth and plan ahead.
An accountant can help you with: setting up your business, tax (including paying the right amount and saving), improving cash flow, reducing your workload, bookkeeping and financial reporting, growth management, audits, business advice, buying or selling a business and more.
- Choosing the right business structure
- Budgeting, cash flow management and forecasting
- Tax planning
- Business consulting
- Employee benefits and HR
- Software recommendations
How can you find the best accountant?
- Make sure that they specialise in your type of business or industry – it’s no use selecting an accountant that only works with IT companies if you’re a plumber. Equally, if you’re a small business, it’s best not to choose one that only has large companies on their books.
- Select one that is proactive and reactive, one that goes above and beyond the numbers – you want to find an accountant that tells you how to save tax legally and ethically, as well as someone who recommends using good accounting software and teaches you how to use it effectively.
- Qualified professional – as with many industries, finding a qualified professional for the job is often the best idea and fit.
Contact Aston Black Accountants
Are you looking for an accountant based in the Milton Keynes area? Aston Black Accountants are here to help, please give us a call today on 01908 760293, drop us an email at [email protected], or alternatively, you can fill out our online enquiry form, and we’ll be in touch.