If you’re running your own business, you’ll almost certainly get to a point where specialist help is required. However, many business owners are still a little fuzzy when it comes to knowing just when they need to call in the experts. After all, in a small business, cash is king, and you don’t want to spend more than you have to.
That being said, a growing business will often have to speculate to accumulate, and knowing when to hire an accountant instead of tackling your own finances could make all the difference to achieving your goals.
The good news is, you don’t have to spend a fortune to find the right accountant. Many offer a free consultation to discuss your specific needs and wants, and the most forward-thinking accountants use cloud accounting technology to make the entire process more convenient and cost-effective.
So, what is the telltale sign that you need to hire an accountant? Let’s answer that with another question:
Do you know the value of your time?
We often find that clients approach us when they realise how valuable their time really is. When they’re burning the candle at both ends, juggling clients, family, and business admin, they very quickly learn where their priorities lie.
Whether you want to spend more time with your loved ones at the weekend, or you’d like to squeeze in a few more hours on a well-paid client job, the fact is, taxes, accounts, and spreadsheets aren’t always the best use of your time.
For example, let’s say that it takes you 10 hours to do your VAT return and that your time is worth £100 an hour. That’s a cost of £1,000 to do the return yourself! What’s more, there’s always a risk that you’ve made some errors – especially if you’re multitasking, as most business owners do. This could lead to even more time being spent on a task that’s taking you away from your core business, and your family.
Instead, by hiring an accountant, you’ll not only have peace of mind that the VAT return is completed and filed without error, you’ll also have that time back to spend on your business and with your family. For the sake of a few hundred pounds, you could enjoy a date night with your partner, or a trip to the beach with the kids!
The key is to start early
It’s always recommended that you start working with an accountant very early on, even if it’s on an ad-hoc basis. This allows you the time to develop a strong, trusting working relationship, and gives you the opportunity to tap into their expertise from the outset.
For instance, as a sole trader, your accountant can help you maximise all of your allowances and claim all of the expenses allowed by HMRC. Or, if you’re setting up a Limited Company, they can advise on you the company set-up, shareholding, and contracts, as well as best practice and fiduciary responsibilities of company directors.
Whichever business structure you choose, having that existing relationship with an accountant is worth its weight in gold. You might have a sudden influx of clients and feel that you’re ready to move to new offices or hire new staff. They can help you decide if you’re truly ready, and if you can afford it by running forecasts and pinpointing any worrying cash flow trends.
You see, the great thing about working with an accountant who understands you and your business is that they’re always on hand to offer you objective advice – based on real numbers – that you can trust.
We’ve worked with hundreds of clients who grew from tiny startups to global companies, achieving turnovers they could only dream of in the beginning. We helped them harness their skills and realise their potential, to the point where they now oversee companies they can be proud of.
Choose an accountant you can trust
The beauty of the world today is that you no longer have to choose the closest local accountant. You can look far and wide because location is not as relevant as it once was. Thanks to cloud accounting software and Skype for Business, Zoom, or GoToMeeting, you can meet your accountant for a (virtual) coffee whenever’s convenient for you.
This has flung open the doors to finding someone who truly understands you and your industry, and can help you progress to the next level.
So, if you’re ready to take back your weekends, speak to the team and find out how many hours we can help you save. Contact us today to get started.