You’ve just started your own company (or maybe you’re about to develop the one you already have) - and now it’s time to take your business to the next level.
We’re talking bigger investments, and a higher quality of staff.
However, you’re plagued with a bundle of questions.
One of them being the most daunting of all.
Do I really need an accountant?
It’s 2019, after all - with the amount of information out there, surely I can do the finances myself!
Although you can do this yourself - you shouldn’t.
An accountant can do things you’d never dream of.
They’ll be able to make sure your company is operating efficiently - assessing your financial records, budget and even completing your tax return.
They can also analyse data, offer advice and so much more.
Sounds tedious, doesn't it?
So why not leave the boring stuff to someone else, while you focus on other aspects of your business - like making money!
Have you ever needed help with financial planning?
Do you have no idea how to do your taxes?
Are you worried about accidentally doing something illegal?
Well, don’t worry…
You’re not the only one!
Actually, most of our clients have been in the same boat.
It can be draining having to handle the total workload of your business - but a lot of clients struggled with handing over the reigns of their company.
From customer service duties, to marketing, to sales strategies, to finances - they’ve frequently done all this from the ground up.
I understand that this business is your baby, it’s no wonder that you want to have full control over it.
Nobody knows more about your business than you, but - I promise you - life will be easier if someone else handles some of that weight.
Especially someone who is specialised in finance, who can do a much better job than you - (it’s true, sorry.)
Did you know one of our client’s profits increased by 61%.
within a year of hiring an accountant?
And another client of ours cut down on operational costs by 33% in the first month alone.
Sounds like a fairy tale, right?
Well, some fairy tales come true.
This honestly wouldn’t have happened if they’d carried on doing their own finances .
Despite the lack of cape, your accountant will be your greatest ally.
Still not convinced? No problem.
I'll tell you everything I know about accountants and just why you need to hire one.
There are so many reasons to hire an accountant.
The list is endless!
Whether you’re a brand new company, or you’ve been around for years - there’s definitely a way they can benefit you.
From creating financial plans, to analysing your incomings and outgoings - and even using themselves as a reference when you apply for loans.
An accountant will help you with almost any step of your finances - assisting you every step of the way.
I know what you’re thinking...
“Accountants can do so much, they must be way too expensive for me - I’d rather do it on my own.”
Well, they’re not.
You can actually get one as cheap as ||$||33||$|| per hour.
That’s an extremely small price to pay, compared to the thousands they can save you every tax year.
And you don’t have to employ them full time either - it’s not like you need them 24 hours a day, is it?
So why not hire one part-time ?
You could even hire your own accounting-based virtual assistant, if your needs aren’t too high!
And guess what?
You can even employ them by the hour.
Which means big savings if you only need five hours of their time every other week!
I think we can both agree that time is precious.
I wouldn’t want you to lose your valuable time sorting out lengthy tax returns - (and other boring financial stuff, ugh) - when you can easily allocate the task to another person.
One that’s actually trained in what they do, and can do it quicker and mistake-free.
For example, let’s say it takes you eleven hours to write a financial report - but you usually earn around £90 an hour, when you’re focusing on gaining clients.
That’s £990 you’re losing out on, just by writing the financial report yourself.
You could use that money on, oh I don’t know, marketing for example, to increase your company’s exposure.
Your accountant can do that report faster than you anyway.
They can do it in basically half the time - probably less.
They have special accounting software which makes the process easier - (software you’d definitely corrupt if you got your hands on it.)
Besides, not only will you be losing out on income, there’s always the chance you’ve made a mistake.
Trust me, they’re easy to make - and hard to fix.
Imagine you’ve been burning out at work all day, and now you’ve come home to write your financial report - at 3am.
(You thought you wrote it the other day - but you didn’t.)
Now you’ve got bags under your eyes and, they’re actually almost closing - then it happens.
You accidentally jot down the wrong numbers.
And don’t realise.
Now your profits are above the projection line and you’re spending more on capital.
Not realising you’re spending beyond your means putting your business in a dangerous position.
Now you’re panicking.
You can’t breathe.
You need air.
You grab your phone but you realise there’s nobody to call.
And you can’t call 999.
They don’t deal with this type of issue - but you call anyways - (sounds dramatic, but I know a client that actually did this.)
The operator picks up the phone and says, ‘what’s your emergency?’
‘I’m going bankrupt - I can't breath.’
The operator thinks you’re crazy - you miscalculating a few numbers has nothing to do with them.
All you’ve done is got yourself another fine.
This time, for wasting police time.
I’m sure you don’t want that, right?
Though financial errors aren’t an urgent police matter (the only thing you murdered today is your calculator), they’re definitely important enough to be concerned about.
If you make a significant mistake, well...
Things can get ugly, really ugly.
Like when a client of ours lost ||$||3852||$|| by inaccurately listed their financial projections.
They forgot to add sunk costs and all that other financial jargon.
If you don’t know.
Sunk cost is money that can’t be recovered.
That’s a big hindrance if you ask me, especially for the company’s growth.
They were only a small company, making just under ||$||8988||$|| a year.
Which was really bad for them - and I mean, really bad - considering their operation costs were so high.
But they didn’t lose hope.
Just how things can get super ugly...they can also get really pretty.
After our client (well, they weren’t our client at the time) suffered this major setback , they finally decided to come to us and hire an accountant.
It was one of the best investments they’ve ever made.
Seriously , they told us themselves.
Because they’d lost so much money, they could only hire one for a few hours.
But that’s all they needed.
They immediately took over their financial proceedings - helping them reduce costs and allowing them to refocus their time on the meeting with clients!
Could you believe their sales increased by 37% in the first 3 months?!
(I wouldn’t have believed it either if I hadn’t have seen their profits soar with my own eyes.)
They also managed to recoup the ||$||3852||$|| loss.
A small setback for a major comeback, am I right?!
Think about everything you could achieve with the aid of an accountant.
They’re experts in their field, so there's less chance they’ll cause an error.
And even if they do- (I wouldn’t worry though, Bigfoot has been sighted more times than an accountant’s mistake) - they have professional indemnity insurance.
So, compensation is covered if you’re sued for;
You won’t have to spend time worrying about what’s going to happen if you make a teeny, tiny mistake anymore.
Now you can actually focus on the parts of your business that you love - like, you know, making money.
And before you know it.
Your business is growing immensely, like a starving plant when sunlight hits its roots.
So, don’t be that little flower in the shade.
Get an accountant!
By your side, they can prove to be a mighty friend.
Teamwork makes the dream work, after all.
Read More: The Best Accountancy Blogs In The UK
Unless you’re a person who loves numbers - (I don’t) - going over profit margins, expenses and revenue can be a bit of a drag.
You know as well as I do, that assessing your business's financial performance on a regular basis is the key to continuous growth.
It’s make or break.
And that phrase alone can cause you so much stress.
The fear of getting things wrong can be quite extreme sometimes.
But it’s okay to feel uneasy about your finances.
It happens to the best of us.
Have you ever had that feeling that you’re losing track of who owes you money.
And wondering why you’re suddenly incurring more expenses?
I know a lot of our top clients have.
(They weren’t always this good, you know.)
It’s a big deal.
If you can’t keep track of who owes you, you’re basically working for free.
Because I can guarantee you’ve had at least two payments fly under the radar.
And if you’re incurring more expenses as well - you’re literally running towards debt.
Well, you better slow down Usain Bolt, or your business could end up collapsing.
I’m sure you don’t want that - who would?!
You want to make as much money as possible.
But not to worry.
An accountant will get you back on track.
They utilise specialized accounting software that creates automatic reports on debtors and creditors, any profits and losses - and so much more!
They also have great analytical skills, so they can actually pinpoint where your extra expenses are coming from.
(And what you can do to eliminate them.)
If you do hire an accountant - (and you should) - they’ll also create weekly/monthly cash flow statements for you.
It’s a great way to review projections and see where your business is heading.
Your accountant will offer you as much advice as they can - which is bloody loads - so your business can keep on thriving.
Hiring an accountant is like playing with your iPhone 11 pro max - there’s just so much it has to offer.
You’d actually be surprised how many ‘features’ they can offer you.
From making deductions on your tax bill, to analysing your financial records - the list of things they can do is insane.
I know a busy person like you doesn't have all day to sit here reading about the benefits of hiring an accountant though.
So here are my top 3 pros!
Your accountant exists purely to minimize costs and maximize profit.
Isn’t that your objective?
You want your revenue to be as high as it possibly can, right?!
An accountant will lower your tax exposure as much as possible.
They’ll go through your business with a gigantic magnifying glass, and check to see if you’re making full use of any tax allowances or reliefs you can claim.
An accountant will actually analyse your financial records to try and find potential problems - (such as a change in consumer spending or rising inflation in correlation to your price.)
It doesn’t matter how minute the change is, they’ll know about it.
( They could actually sniff a 1.1% fall in corporation tax from a mile away .)
It doesn’t matter how big or small an issue is, they’ll be able to fix it!
Read More: The Ultimate Accounting Firms - 2019 Guide
Audits (which can be demanded at any time) are needed to gauge whether your financial report reflects the true financial position of your business.
Failure to submit an audit (or the inclusion of inaccurate numbers) can result in a huge penalty.
You can’t have any old accountant helping you with the audit though.
You’ll actually need the help of a chartered accountant as they have the qualifications required for the job.
They’ll easily be able to get you across the audit minefield.
Did you know that I'm psychic?
I bet I can guess what you’re thinking right now.
“How do I even manage an accountant?”
"Surely they do everything on their own - I doubt they even need assistance."
(I guessed right, didn’t I?)
Well, I’m not going to say this twice - but they do need assistance.
Helping them, helps you!
The more they know about your demands - the better they’ll be in assisting you.
Here are the three things.
I found help accountants the most!
As cliche as it is, I think this saying is pretty relevant here.
Fail to prepare, prepare to fail.
So, if you know tax season is approaching, or you’re about to meet with your accountant - always prepare beforehand.
You never know what issues may arise - and it’s definitely better to have time to fix them!
(Which won’t happen if you’re unprepared and leave everything to last minute.)
No one likes being diverted off their course, so it's best to be ahead of your schedule.
Besides, when you spend time preparing, you’ll have a better understanding on how to execute your goal.
So, make sure you always have your books in order and outline any tasks or questions you have before you meet them. You’ll be saving time for both of you - and they’ll love you for it!
A lot of companies struggle with communication - don’t ask me why.
It’s one of the easiest tasks in the world, yet one of the most neglected for some reason.
But it’s so, so important if you want to enforce a good relationship.
With your accountant.
Imagine if you were the one who wasn’t being spoken to properly.
You would hate it, wouldn’t you?
I’m sure you’d like to be notified if your doctor's appointment was cancelled.
You wouldn’t want to show up to an empty room, only to realise it’s been postponed.
And you wouldn’t want the same doctor to neglect telling you your flu got worse either.
Well, now imagine you’re the doctor and your accountant is, well, you.
Inform your poor ‘patient’ of any changes they need to be made aware of, or even if you need to reschedule your ‘appointment.’
You’ll definitely seem more trustworthy if they know they don’t have to constantly chase you up!
Read More: The Other Side Of Accounting [London]
Most people hate deadlines - if you don’t, you’re crazy (sorry.)
I’ve actually seen some of our clients throw tantrums when they realise they have another one coming up.
(Seriously, it seems like they’re never ending.)
But, you can’t ignore them.
You need to provide your accountant with all the information they need - on time.
Especially if it’s tax season - you want to avoid unnecessary fees and fines, right?
You want to keep all the cash you can.
Not give it away.
It’s not hard to find an accountant.
But how do you go about getting the right one?
Accountants need certain qualifications to perform specific tasks.
We’ve put together questions we get asked daily.
Do they have the right experience?
You’re going to need an accountant best suited to your business.
So, ask about their expertise in working with similar sized businesses to yours.
And let them know which stage your business is at.
Are you just starting up or have you been around for a few years?
Chartered accountants are best for complicated jobs (anyone can call themselves an accountant.)
How responsive are they?
Ask about their availability.
You don’t want an accountant who’s overloaded with other jobs.
Ask about their personal skills and their responsiveness to your communication needs.
And see if it aligns with yours.
You can even check reviews to see what other clients think of them.
Are they up-to-date on current rules?
Financial and anti money laundering laws and regulations change frequently.
Ask about their financial record keeping.
And if they’re a chartered accountant.
They have rules and regulations they have to practice.
Including staying up to date with the law if they want to keep their credentials.
You don’t want the law breathing down your back, do you?
There you have it.
By now, you should understand how an accountant can not only save you money…
But make you filthy rich too!
I know you’re just desperate to hire one now - (especially after reading all my fabulous advice.)
Don’t worry, there’s only one short form standing between you and your accountant!
So let us help you.
Get up to four quotes from our suppliers now!