SME ready for an accountant

Is My Small Business Ready for an Accountant?

As a small business, you may think you can’t afford an accountant. But when you evaluate how long it takes to do a task yourself, can you say it’s a good use of your time?

Appointing an accountant can help lift a huge weight off your shoulders because unless you’re an expert in the field, there’s a huge learning curve that awaits any small business owner.

What can a good accountant do for you? Having a dedicated accountant means leaving the stress of finance to the experts. They can focus on key areas of your business and offer bespoke advice to help you progress and grow.

Cost-efficiency Of Accountants

Let’s say it takes you 10 hours to do your taxes and your time is worth £100 an hour. That’s a cost of £1000 to do your taxes yourself – not including the additional time it would take to correct any errors which can be common for multi-tasking business owners. Typically it would take an accountant significantly less time to complete the same task as they are well practised and specialised in this area.

Why Should I Hire an Accountant?

You don’t always necessarily need to employ a full-time accountant or hire one on a retainer basis. Sometimes just seeking an accountant on an ad hoc basis can be enough.

An accountant can help take care of any time-consuming tasks all whilst costing you less per hour than it would cost for you to do it yourself. Effectively, you’ll have more time to focus on the core functions of your business and spend less time nitpicking through admin tasks.

While we understand – as a business owner – a certain level of multitasking is inevitable, there’s a multitude of studies that demonstrate why multi-tasking makes an individual less efficient.

‘Research suggests that only 2% of people can multitask effectively. As for the remaining 98%? They’re actually lessening their productivity without even realizing it.’ (Research UK, only 2% of people can multitask successfully).

Taking this into consideration, having a dedicated accountant means one less task for your mind to focus on as well as peace of mind knowing a fully trained expert it taking care of all the details.

What Can An Accountant Help Me With?

You can include an accountant in various aspects of your business to ensure things run smoothly. Not only can they help with your payroll and taxes but they can also help with the following…
Advice About Your Company’s Legal Structure
Depending on the legal structure of your company – i.e. limited, limited liability partnership, sole traders or corporations etc. An accountant can help you understand all the legal implications of each business structure and help you choose the one that best suits you.

Advice When You Write A Business Plan

An accountant can help you add financial projections and other reports to your business plan using their accounting software. This will help you to create a realistic and strategic business plan.

Hiring a professional during the early stages of your business means you get the benefit of their financial knowledge and advice right from the start. Saving you time and money in the long-term.

Help With Your Finances

Accounting can become complex very quickly, you may feel like you’re losing control of your books and who owes you money or who you owe money to. This is where an accountant can take the reigns and help you get back on track of your cash flow.

Business Loan Or Overdraft

If you’re going to be applying for a business loan or overdraft an accountant can come in handy. Why? With their extensive knowledge of the financial industry, they can advise you on the best deals available and ensure that the terms and conditions are favourable to you.

Furthermore, an accountant can, in fact, increase the chances of a bank approving a loan – because having an accountant implies you’re serious about your finances; this gives banks more confidence that you’re a responsible and trustworthy business.

Enables You To Delegate

At times, small business owners can feel overworked because of the responsibilities that come with the territory. Whilst some find it easy to delegate certain tasks, others find it difficult to let go of micro-managing; this can sometimes be to the detriment of your business.

Delegating certain tasks to an accountant can be liberating, finally giving you the time to focus on what you specialise in.

Accountants Help You Every Step Of The Way

Accountants can help you during every stage of your company’s development, making life easier for you and allowing you to concentrate on what you do best – running your business.

As a business owner, it can be difficult to delegate responsibilities, but by allowing a good and trusted accountant to handle your finances efficiently you’re free to look after the rest.

Are You Looking For An Accountant?

If you’re a small business in the Peterborough, Kettering, Corby or Market Harborough area looking for an accountant to help you take control of your finances, Stonehouse Accountants should be your first choice. We work in-depth with all our clients because we understand your business needs – helping you every step of the way to maximise your businesses potential.

Get in touch today!