When should I hire an accountant?
As a small business owner, you have to learn to juggle several different responsibilities at the same time if you want to be successful.
Hiring an accountant is one way to get help with your responsibilities, as their knowhow will assist with the more complex tasks you need to complete. But when (and indeed why) should you secure their services?
Here’s what we think you need to consider:
Timing is everything
You might be forgiven for thinking that you won’t need an accountant until your business is off the ground and trading. That’s not the case, as you could benefit from their expertise before you even get started.
A specialist small business accountant can help incorporate your firm with Companies House and ensure all the necessary paperwork is taken care of. They will also help you choose your registered office and prepare your Articles of Association – or company’s constitution.
The support won’t stop there though, as your accountant will be with you all the way – helping with things like tax returns, business accounts and admin support.
What if you go it alone?
If you decide not to sign up with an accountant, it is possible to set up your business by yourself. You can contact Companies House and they will incorporate your firm in a way that suits you.
Although that may seem like less hassle, you could end up paying more for this service than you would with a specialist accountant. The process will likely take longer as well.
If any mistakes are made, you will be responsible for clearing things up. This will probably take a fair bit of time and could cost you further.
By securing the services of an accountant right from the word go, you can avoid these potential pitfalls and get your business off to the best possible start.
What if you’re already set up?
Just because you carried out the initial legwork yourself, doesn’t mean you can no longer benefit from an accountant’s expertise.
They will help prepare and submit your year-end accounts, complete your self-assessment tax return and provide professional tax planning advice. This not only reduces your admin, but also helps you stay compliant with HMRC.
In addition, an accountant can health-check your company to make sure it is performing as well as it should – so you can be confident you’re getting the best results.
No matter what stage you are in the lifespan of your business, you can always benefit from the expertise and support an accountant provides. So, if you are doing it by yourself, why not see how much easier it could be if you delegate some of your responsibilities?
Can you afford to go it alone?
Now that we’ve dealt with the when, it’s time to turn our attention to the why. The life of a small business owner is hardly ever straightforward – so it’s a good idea to get all the help you can.
There are many potential minefields to navigate when running a company, especially when it comes to legislation. The price for non-compliance is usually great, making it essential to seek specialist support to ensure you stay whiter than white.
What’s more, having to spend your time juggling your various responsibilities means you are diverting your attention away from what matters most – growing your business. If you sign up with an accountant, you will be able to let them take care of a few things – lightening your load and saving you precious time.
Why ClearSky Business?
Having an accountant in your corner is great for your business – but why should you choose us? We think there are a whole host of reasons, but here are just a few.
At ClearSky Business, we have an in-depth knowledge of what it takes to run a company. We also understand all the legislation you have to contend with. Our experts will proactively seek out opportunities for your business to grow, so you know you’re in safe hands every step of the way.
Perhaps the most important reason is the fact that we’re much more than an accountant. That’s because we provide expert payroll support, tax planning and financial advice that takes even more responsibility off your shoulders.
This means you have even more time to concentrate on your business – safe in the knowledge that everything is taken care of, without having to deal with multiple suppliers.
For more information, or to join ClearSky, please call 08000 149 597 or email firstname.lastname@example.org.
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