04 Mar Do you need to hire an accountant or not?
When you’re a small business or startup, it’s tempting to look for ways to save money at every opportunity.
One question that business owners or self-employed professionals often ask themselves is “do I really need to hire an accountant?”
With SaaS accounting software so freely available online, and the .gov website allowing you to self-file self-assessments and the like, it’s easy to think you can bypass the services of an accountant and save money by filing your VAT, PAYE and self-assessment records yourself.
Yet accountants and book-keepers can provide vital support to startups that will save you time and money when you need it most.
Startup support for business
Getting a professional number cruncher is an important preliminary step when looking after the financial health of your enterprise. This is because a professional bookkeeper or accountant can add a whole lot of value to the process of accounting.
Here are just four areas, where an accountant can provide startup support for your small business:
1. Help with budgeting
As well as saving you from the worry of filing your financial records yourself, an accountant can assist with budgets and forecasting to support business financing and personal loan/mortgage applications.
2. Claim expenses
An accountant can also ensure you are claiming all relevant expenses such as use of home, which might otherwise be missed.
3. Cash flow aid
They can also help with the timing of significant purchases to ensure you maximise your cash flow.
4. Make savings
Even though they are often deemed to be an added expense, the cost of hiring an accountant is usually quickly absorbed by the significant savings you’ll make from their expertise.
These are just four good reasons why you – as a startup – should seek some professional support when it comes to accounting for your business.
What’s not to like?
Call SQK Accounting if you are a startup that could use some financial help. We’re here to provide our professional guidance.