27 Dec Sole trader or start-up? How hiring an accountant saves you valuable time
If you’re a sole trader or start-up, every opportunity to secure a client or make another sale is crucial.
The last thing you want to do is waste precious time that could be spent chasing leads trying to get your business finances in order.
If your business is at an early stage, you may think you don’t actually need an accountant because you can manage everything yourself. However, when you have no previous accounting experience on top of trying to run a business, filing tax returns, processing payroll and ensuring compliance can not only prove extremely time-consuming but also stressful. Why put yourself through it when someone else can do everything for you, on time, giving you complete peace of mind? Here’s how hiring an accountant could save your business valuable time.
Income from all revenue streams will be calculated easily
There may be various revenue streams that you will need to account for, and calculating how much income you’ve generated from each one could take up significant time. Plus, it can be so easy to miss something or miscalculate, especially when going through any handwritten records in sales books from pop-up shops, for example, and trying to add up every sale you’ve made yourself. An experienced accountant will accurately calculate everything for you.
Save time filling out tax returns and processing payroll
Completing your own tax return means at least a few hours of your time spent filling out forms, with endless questions to answer and lots of information gathering. An accountant will be able to complete your tax return quickly and easily, saving you so much time.
It’s the same with payroll. If your business is growing faster than you anticipated and hiring employees is now essential, payroll suddenly becomes an unavoidable, time consuming and often complicated task that you didn’t have to think about before. Give yourself peace of mind that your employees will be paid on time every month whilst also enabling your business to grow.
Effortlessly keep up with any law or rule changes
Occasionally laws and rules change and, as a sole trader or start-up with no prior accounting experience, navigating these changes and ensuring compliance may take up too much of your time. A highly experienced accountant could take away all that stress for you, leaving you with one less thing to think about.
Give yourself peace of mind and more time to concentrate on growing your business, SQK are a Manchester based Accountancy, contact us now.