An accountant becomes an essential part of every business at one time or another, whether that business is a small start up or an established limited company. Accountants are able to offer a wide range of services beyond simple number crunching, and will be able to tailor their service to what you need the most at any particular time. That, of course, begs the question: when is the best time to hire an accountant? The answer will depend on your current situation, type of business, and many other factors. Below, we will take a look at some of the most common times people choose to hire an accountant.
Setting Up A Business
Setting up a business requires you to wear many different hats, and is both challenging and exciting in equal measure. We would highly recommend speaking with an accountant early on in this start-up phase so they can help you launch and register your business in the most suitable way, and help you achieve the best tax advantages for your business. An accountant can also work with you to build or review your business plan, ensuring that you get off on the best foot possible.
When Bookkeeping Is Eating Up Too Much Time
Keeping your books updated and in check is a time consuming process. As any business owner knows, time is their most valuable resource, and less time on the books gives you more time to manage, develop, and grow your business. While you may feel you can keep on top of things in the early days, your business will reach a point where it is simply unmanageable for you to keep up with the books, and while it’s never too late to hire an accountant, by this point you should have done it sooner.
An accountant can deal with all kinds of day-to-day tasks for your business in addition to supporting you with the bigger picture.
When Applying For Loans, Grants, or Funding
Many business owners will likely reach a time in their career – early or later on – when they wish to acquire some sort of credit or funding to help expand their business. In reality, even the most successful entrepreneurs will likely meet challenges when applying for credit, particularly in relation to their eligibility.
An accountant can offer guidance on how to improve your credit eligibility, and help you find loans that have the best chance of success. The world of business credit can be a minefield, but your accountant will do much of the heavy lifting for you and research the best type of loan for your current situation.
When You Are Due A Tax Audit
If your business is registered for VAT or you pay employees through the PAYE system, you should expect an audit every five years or so. However, if HMRC suspects errors, you may be contacted for an audit more regularly than that. Tax audits can be stressful experiences, especially if you do not have an accountant or have neglected keeping on top of your books. Mistakes are understandable, but unfortunately HMRC do not view this as an excuse.
If you are due a tax audit, hiring an accountant can help ease the stress as you know that your books are in the best possible hands. Your accountant will go through your records with a fine tooth comb, ensuring that nothing is missed and everything is accounted for.
Aston Black Accountants
If you have reached a point in your professional career where you feel it is time to hire an accountant, Aston Black are here to help. Based in Milton Keynes, we offer a wealth of services designed to appeal to small and medium-sized businesses, including business taxes, payroll, tax returns, and much more. We work with businesses across Milton Keynes, Northampton, Wellingborough, Kettering, and further afield to provide them with essential support every day.