We are a small business so we completely get it. Trying to keep overheads as small as possible, and making sure that spending on the business doesn’t creep up, we understand that it is tempting to take a DIY approach to accountancy. After all, it is not a legal requirement for a small business to have an accountant.
But just because there isn’t a legal requirement doesn’t mean it isn’t the sensible, and most cost-effective decision. And if you think all we do is the tax return, then think again!
Here are just six reasons why as a small business owner you need an accountant:
Do what you do best
Any business support function that you do yourself comes at a cost. A cost of your time. While you are spending time doing your accounts, you are not spending time doing what you do best. Every hour you spend doing my job, you are not doing your job, and not earning money and growing your business!
If you are doing your own accounts, just keep a record of how much time it takes you. To read the latest legislation, to educate yourself, to enter details, to check details, and to worry about details. It adds up. And of course, you will likely take more time to do those tasks, considerably more time, than a qualified accountant who spends their day performing such tasks.
In short, we expect that we would be the more cost-effective option for you, Just think of us as the Accountant Fairy Godmother to give you back time – and hopefully money – to help you grow your business.
All about cash flow
It’s not profit that will keep a business operating successfully. It’s cash flow. An accountant will make sure that you have the cash management policies in place to be able to access cash as and when you need it, to keep your business moving.
Information is power
An accountant can make sure that you have the systems and support structure in place to minimise the admin needed to manage the money side of your business and be able to respond to business decisions quickly, and in an informed manner. Whether you need to decide needing a loan, submit a tender or employ an extra team member, an accountant can help you understand the short, medium and long-term impact.
Regulations
It seems every budget changes another regulation or law linked to business accounts. Staying ahead of the game, and planning for changes that have been announced, is part of the value an accountant adds.
Financial Records
Financial scrutiny and regulations are getting tougher and tougher. Whether you are applying for a mortgage for a new home, or want to submit a tender for a large contract, you can be pretty confident that you need a lot of financial information. An accountant will be experienced and skilled at pulling that information together, and presenting it in a way to ensure you have the best chance of getting the outcome you want.
Qualified
It takes around six years to qualify as an accountant. That should give you an indication of how complex the processes can be, and why we should be considered “experts”. It’s not as simple as watching a TikTok tutorial and taking it on yourself. We are regulated, monitored and qualified. Because it is important. And because when we get it wrong it can be costly. Still feel confident you can do it yourself?
We honestly believe that we add value to our clients, and help not only to keep them legal, but help them to grow, be sustainable as a business and sleep better at night. If you would like to have a chat about how we can help you, then give us a call.