17 Jan What are the dangers of not hiring a small business accountant in 2022?
Small businesses are the backbone of the UK economy and crucial to the overall success of the nation.
It is not always easy to set up and establish a thriving small business, however, and there is lots for any entrepreneur to think about in 2022. One crucial factor is considering whether to hire an accountant or not. While you might wonder about the costs involved, it actually makes perfect sense. This can be seen in not only the benefits it brings but also the dangers of not hiring one.
But what are the main dangers to know about?
Have to handle it all in-house
There is no doubt that running your own small business can get pretty hectic. This is because there is always lots to keep on top of but often with a small team around you to do it. Looking after your finances is crucial but can become a real headache if you do not hire an accountant to help.
From bookkeeping to payroll and tax paperwork, looking after it all in-house can see you or your staff spending valuable working time on business accounts – instead of core tasks. In addition, handling it all within your business might see you having to hire extra staff to cope and increase your outgoings greatly.
No-one to rely on for expert advice
Although many people only think that accountants help with specific tasks like tax returns, they are also a reliable source of expert financial advice. This is often very handy for small business owners who might not have experience with business accounts and might not have anyone else to ask about them. Choosing not to hire an accountant means you do not have easy access to the guidance they offer and have to spend time keeping up with the latest HMRC rule changes personally.
One of the key factors for small business accounting is accuracy. Whether it is monthly payroll details or annual tax returns, mistakes can land you in hot water with HMRC. Hiring an accountant eliminates costly errors because your accountant has the time, knowledge and experience to always get it right. If you choose to handle it all yourself though, rushing through paperwork or interpreting guidelines incorrectly could make mistakes all too likely.
Small business accounting in Manchester for 2022
Whether you are a start-up or a more established small business in Manchester, SQK Accountancy can help keep your finances in order. Call today on 0161 706 0444 for more details on our services or fill in the form on our website for a free quote.