When is the right time to hire a business accountant
posted 11th November 2021
To save costs, many start-ups manage their own financial records at the beginning. Working all hours of the day juggling sales, marketing, procuring, negotiating and of spending 2-3 hours a week doing the books, they often come to realise they need an accountant for their small business. Actually, they needed one earlier but the thought of spending their limited budget prevented them from seeking out a small business accountant in London.
While doing the accounting yourself can help you save a few pounds in the short term, you find, unintentionally, you are depriving your business of valuable time doing what you do best and that is running the business! If you wait too long to hire an accountant then your business might already be going under and you may end up giving all your hard-earned money to the tax man instead! For example; an accountant can help you draw up a forecast and measure this against your actual results to determine opportunities/costs before the business blows all its cash. Or, an accountant can ensure your business is optimised form a tax perspective. The last thing you want to do is leak cash
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If you are planning to turn your dreams into reality then, you will need help from the best small business accountant in the town. Here are some of the key advantages of hiring an accountant for your small business:
You can avoid early pitfalls
Do you know only 3 out of 10 start-ups survive beyond the lifespan of five years?
So, rather than considering an accountant a mere expense, think about them as an investment that will save you plenty of time, money and stress down the road. According to a recent survey, only 30 per cent of small business owners work with accountants. That's expected considering how each pound matters to a small business. That said, the same percentage of companies who avoid hiring end up with the nightmare of making mistakes and getting things wrong. This leaves investors, lenders and the tax authorities losing confidence. Having an accountant at your side can cut all these hassles and you can avoid these pitfalls.
Does watching a you-tube video on accounting and taxation make you an accountant?
No! Dealing with your taxes can be stressful and challenging. Hiring a small business accountant in London can aid you to support the whole financial well-being of your small organization. As an owner, your hands are already full with running the business. Having someone professionally trained and qualified Chartered Certified Accountant looking after your financing will mean you sleep well at night.
Accountants provide business consulting
Accountants are industry professionals and can become a great addition to your small business. As they are already well-versed with all finance-related norms, trends and tasks, they can support you to create an effective business strategy to improve your company's financial health.
Accountants who have previous experience in different organizations have a keen sense of how a business runs and can offer great advice on business strategies. A recent survey found 60 per cent of business owners consider accountants as a trusted source for advice.
Accountants are the source of support for your business
As mentioned above, accountants are considered as a trusted source of support on whom owners can rely for business-related advice. Furthermore, you will get access to a network of professionals including financial advisers, solicitors, finance brokers and tax specialist who can provide essential advice/support to expand the business or protect against attacks.
How to find the right accountant for your small business?
The task of finding the right accountant for your small business can be both time-consuming and complicated. You may have to go through a lot of reviews, conversations and interviews to find the perfect fit for your business. However, if you are looking for recommendations then, we would recommend going with Lancing Cotswold Accountants and Tax Advisers. We are a growing firm of accountants, tax advisors, and consultants. As a reputed name in the market, they have the most reliable small business accountants in London to help you with your business.
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"Insightful, reliable and on point. Thoroughly recommended (T Rogers)"
"We don't need to worry about the finances anymore, Lancing Cotswold take care of everything. Highly recommended (C Patel)"
"Good value for money, highly dependable and enthusiastic. Never a dull conversation. Give them a go, you won't regret it (L Khan)"
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