11 Dec Starting a business in the New Year? 3 reasons to use a professional accountant
As 2020 begins to draw nearer, you may be thinking of branching out in your career and setting up your own business.
Business start-ups are the lifeblood of the UK economy and the New Year is the perfect time to make a fresh start. One key thing to think about is how you will handle your business accounts. For most start-up owners, this involves hiring a professional accountancy firm to help.
But why does this make sense?
Keeps you fully compliant with the law
All business start-ups need to stay compliant with UK law. Whether you will be setting up as a sole trader or limited company, your accounts are a crucial area in business to stay on top of. Hiring a professional accountant to handle your tax returns, payroll and bookkeeping is often the best way to go about this. Professional accountants have the time to stay on top of any changes to the law in this area while also ensuring any returns you submit are accurate.
Saves you time
All business start-ups will have a huge to-do list when getting going. In truth, this will not change as your business matures and grows! Handling your accounts personally, therefore, can be a time-consuming process that you may find hard to fit in. Even if you do, you may find it a real hassle or that you rush through it and make costly mistakes. By outsourcing the work to a professional accountant, you avoid this and get back lots of valuable working time.
Helps to reduce costs
Many start-ups may choose to hire a permanent member of staff after a while to deal with their accounts. While this will give you someone to delegate the task too, it could be the more expensive option than outsourcing it. Hiring a permanent staff member for this role not only involves an annual salary which will go up over time but also pension contributions, sick pay and paid leave entitlements. By contrast, outsourcing the work to an accountancy firm is less expensive as most of these costs are not applicable.
Contact SQK Accountancy for expert help in Manchester
If 2020 will see you starting up a business in the Manchester area, call SQK Accountancy today on 0161 706 0444 or fill in the contact form on our website. We are not only experts in handling payroll, PAYE, bookkeeping, company accounts and tax returns but are also fully up to speed with Cloud accountancy practices. Get in touch today for more details.