Small business owners and entrepreneurs spend their time learning new skills. Whilst people generally set up their own company in order to concentrate on doing what they love, they also have to diversify their talents in order to do other tasks, from networking to cleaning, posting online content to submitting tax returns.
But unless your specialism is accounting, how do you know you’re getting your accounts right? It comes down to the fact that you don’t know what you don’t know. Whilst you may think you’ve got a handle on things, you may not realise that hiring an accountant could bring you business benefits you haven’t thought of. In terms of tax savings, growth plans and avoiding errors the money you save by hiring an accountant may well end up being more than the cost of the accountant themselves.
Here’s our guide to knowing when it’s time to hire expert help?
Growth
You’ve done brilliantly and people love your products and services. So much so that you can’t keep up with demand and need to take on staff, move to bigger premises and keep a close eye on your spending and future plans. But if you’re nervous about spending the money, think of it in terms of your own time. Work out how much per hour your time is worth, then multiply that by the amount of time you spend doing the accounts – including all that head scratching, crossings out and lying awake at night wondering if you’ve got it right.
Writing a business plan
An accountant will help you create financial projections on which to base a realistic business plan that’s more likely to benefit your company in the long run.
You need investment
You’ve got some great opportunities on the horizon, but in order to make the most of them, you’ll need to secure financial investment. An accountant can point you in the right direction.
Legal structure
You might be a sole trader now, but as you grow your company, there’ll come a time at which you’ll need to decide whether to make it limited or an LLP.
If you’ve reached the point where you need to hire an accountant, please feel free to contact us to talk about the services we offer and how we can help you take your company forward.
