Benefits of having an accountant
Many small business owners think that they can save money by not hiring an accountant, and having the assistance of some software instead. Unless you have a background in bookkeeping and accountancy this can be an expensive mistake.
Hiring a good accountant can have many benefits, no matter how small your business.
Before you start trading, an accountant can advise you on the type of company best suited for you, and the structure of your business. They will also advise you, as the business grows, whether changes should be made.
When recording your financial transactions, an accountant can ensure that you are compliant with the law, they will ensure deadlines will be met for Companies House and HM Revenue and Customs.
There are many considerations which an accountant will help you with, such as should the business be VAT registered, should you have employees or sub contractors, and what are the implications?
If you’re on your own running a small business, it can be very isolating. Having a good accountant to speak to about the business is a valuable asset to have.
Obviously I have a vested interest in advising you to have an accountant, but every accountant dreads the new client who has been operating without one for a period of time.