When Do You Need an Accountant for Your Business? Here’s Your Best Guide | There are plenty of excellent reasons why business owners have been utilising the experience and expertise of accountants for years, and outsourcing your accounting needs to someone qualified can very well be the answer to your problems. But whilst some businesses have some clear-cut reasons why they need an accountant – such as a business expansion, getting audited, applying for a loan, and the like – other businesses may have their doubts as to how an accountant can really be of service to them. So when do you need an accountant for your business? Here’s your best guide.
How much time do you spend on accounting and bookkeeping tasks?
One invaluable question you should ask yourself is this: how much time do you spend on accounting tasks? It may seem like you are saving money by not hiring an accounting service or accountant, but think about how much time you take balancing your accounts. If it takes you 15 hours to record your transactions and do your business and personal taxes and you make an average of £100 per hour, the cost of doing things yourself amount to £1500. Is it worth it? On top of this, you also have to consider the risk of making errors, particularly if you multi-task, which a lot of business owners do.
On the other hand, if you hire an accountant (such as one from GSM Accountants in central London) to handle time-consuming responsibilities such as your taxes, you will most likely spend less on their services compared to what you lose in earnings if you do it yourself. You will not only have free time to produce revenue for your business – you can also have peace of mind knowing that a professional is taking care of the necessary tasks and details, which is priceless.
The concrete uses of an accountant
- When you need to delegate
Most business owners prefer to be in complete control of their business, which is only natural. As a business owner, you can set your hours and schedule, design your plan and strategy, regulate your work, and even decide on your finances. And this is entirely liberating. But at some point, you may already need to delegate. Being overworked is real, and you will end up feeling stressed as well. But if you delegate specific tasks to a professional, such as your bookkeeping and accounting duties, then you can benefit from an expert’s help and do away with the stress associated with handling financial tasks. Delegation is vital, as the most successful and noteworthy business owners will tell you, and you can begin by delegating your financial requirements to someone who knows best.
- When you are dealing with government regulations
It can be quite daunting to deal with government regulations and paperwork, which is one primary reason why so many business owners choose to hire accounting services for tax filing. But an accountant will not only be able to help you with tax returns – but they can also help you with other government dealings and regulations, such as legal compliance, statutory accounts, registering your company, maintaining the records of administrative staff and directors, and handling your payroll as well as making sure your employees’ paperwork and tax codes are in proper order.