As an accountancy firm who provide fixed price accountancy packages for business startups, you might think we have a vested interested in recommending any new business get an accountant as soon as possible, but believe it or not it does make good business sense.
Yes, of course you can manage your finances yourself and hiring an accountant might feel like an unnecessary business expense, but not only is it harder than it looks, but also it means you’ll have less time to focus on the most important thing – your business idea.
Not convinced? Well, here are 5 reasons why you should hire an accountant.
1. Gives you one less thing to worry about
Whether it’s managing your books, submitting VAT returns or making sure you pay people on time, keeping on top of your business finances can be incredibly time consuming. Add to that the fact you could get fined if you don’t do things on time or in the correct manner and you’re just opening yourself up to a lot of unnecessary stress and strain.
Hire an accountant and all of that goes away. Yes, you might get nagged to provide certain information by a particular time, but at least you won’t have to worry about missing deadlines, facing fines or even what Making Tax Digital means for your business as we’ll take care of everything for you.
2. Let’s you focus on what you’re really good at
Starting a new business is exciting and it’s tempting to think you should do everything yourself, especially when you first set up. And while it’s always good to understand all the different aspects of your business, should you really waste your valuable time and expertise on balancing your books or working out how to fill in a VAT return? Or to put it another way, wouldn’t it be better for you to focus on what brings money into your business, rather than keeping the tax man happy?
Obviously, if you want a full understanding of everything, then as your accountants, we are more than happy to go through everything in as much detail as you want.
3. Keeps your business 100% compliant
Do you need to register with Companies House or HMRC? How do you register for PAYE? What type of accounts do you need to file and by when? There is no doubt that running a business is complicated and sadly ignorance is not an acceptable defence.
But with a good accountant by your side, you don’t need to worry. We’ll make sure you and your business are registered correctly and that all necessary documentation is submitted in the right format and at the right time.
4. Reduces your costs
It might sound counter-intuitive, but hiring an accountant is actually an effective way of reducing your costs. As experts, we’ll be able to identify tax savings, provide advice on how to reduce your tax liabilities while also making sure things like payroll are managed properly. This in turn will avoid any costly mistakes which could damage both your company’s reputation and bottom line.
5. Help you grow your business
One of the things we love at Chimes is helping a startup grow into a flourishing and profitable business. It’s why we are more than happy to act as a sounding board for any new ideas or decisions you have to make.
Not only will our detailed knowledge of all your finances help ensure decisions make sound financial sense, but we’re also in the perfect position to spot any areas for improvement or trends that might benefit your business.
And of course, having someone on hand who will be able to provide you with an independent and fresh perspective can be vital for business growth.
Get in touch for an initial chat
Hopefully, that’s given you some insight into why every startup should hire an accountant and how it could be beneficial for your business.
If you would like an initial chat about how we could help you, or would like to talk through our fixed price packages for startups, then give us a call. We’ll be delighted to help.
