Do I Need An Accountant for my Business?
Having an accountant is incredibly helpful for any stage of business, but for start-ups it can seem like an unwanted expense. We answer some of the most commonly asked questions about why an accountant can be a necessary expense.
What do I need an accountant for?
Running a business can be complicated and time-consuming enough without the added burden of managing the finances. Hiring the services of an accountant and/or bookkeeper will certainly help with the administrative load.
Your accountant will have a wide range of experience beyond accounting, including payroll, bookkeeping, VAT and tax returns, and possibly some legal services.
Unless you have solid accounting experience yourself, using an accountant will also give you peace of mind. You’ll be able to focus on the work, knowing that your finances are being reported correctly.
How important is an accountant to a business?
Accountancy isn’t just about performing calculations and HMRC reporting, though that’s reassuring enough.
A good accountant will help you understand the financial health of your business, and will have the knowledge and experience to advise you on potential changes which could help you operate more efficiently.
They’ll be used to asking questions or making suggestions which really get to the heart of your business operation.
Do I need an accountant for my startup business?
There usually isn’t a lot of spare cash available if you’re newly self-employed and just starting up in business, we get it. But, an accountant can offer valuable insight into your business model, as well as helping you maximise every resource available to you!
Remember, accountants deal with clients of every size and type, giving them a lot of experience to draw on when advising you.
What accounting software do startup businesses use?
There is plenty of accounting software out there to try including free versions such as Pandle, so it’s worth doing your research. If your needs are likely to be particularly niche, such as certain integrations, then it could be wise to consider a bookkeeping system which will support that.