24 Jun Why it’s best for small businesses and startups to hire accountants
Whether you’re a sole trader, planning a business startup, or a small business owner, it’s likely you recognise that funding your trading can be very difficult when you have to cope with a limited budget.
Perhaps you’re already considering ways to reduce business costs in order to eke out currently available funding? If so, one area in which cutting costs may seem simple is outsourcing your accounting. However, the experts here at SQK Accountancy would urge caution here, for some of the reasons detailed below.
Reasons to opt for professional accounting
Unless you have a solid financial background and understanding of ways business financing works, hiring a professional accountant really is the way to go for any startup or existing business. First of all, if you make mistakes running your own accounts and financial systems your business could be negatively impacted for a long while ahead.
We’ve compiled the following short list of the sorts of things professional accountants can do for any startup or small business.
1. Accountants can facilitate any business to start up
Any startup business requires a good deal of financial input and know how, whether it’s required for building the basis of systems that will be in place or for helping source the best available loans or finance solutions. Your accountant can also help you work out the right structure for your new business, whether that should be on a sole trader basis, limited liability company, or any other applicable format.
Startups also benefit from professional input to the business plan and advice about running available software solutions. Indeed, there are countless ways an accountant can help kick start your new business in the best possible manner, in ways that will save you money over the long term. Why not give us a call today to find out more?
2. Why your existing small business needs professional accountancy support
There are countless reasons to choose accountancy support for your small business. Here in the UK, one vital way accountants can help existing business operations is with the switch over to the Making Tax Digital systems being put in place by the government. VAT returns are already required in digital format, and it won’t be too long before PAYE accounting, income tax returns, and National Insurance returns follow suit. Many small business owners are already struggling with the requirements for digital VAT returns, and a professional accountant can help simplify matters considerably.
We’ve hardly touched on the benefits of accountants for startups and small businesses here.
If you’d like to find out more, check out some of our other blog posts, or give us a call to talk about your needs in detail. We’ll be more than happy to discuss any of your accountancy problems and can help you source the best solutions to suit your business.