As a start-up business you may have thought that you do not require an accountant. Perhaps your decision was caused by the fact that your business has not made enough turnover, or maybe that you feel that you are so strong in figures that you will manage all by yourself. These may have been your thoughts at the very start or during your first year of trading.
As your business entered the first year of trading, you most likely have come across situations where you could have used a professional advice. Who do you turn to? Very often, this become a point of making the right decision. At this point you could have a help from your accountant very quickly. Having no accountant, creates at this point more stress and more work, as you are faced with the task of finding someone to help you. By this time, you may find yourself in a losing position as perhaps that new contract needed an immediate decision with a support of figures and projections that the accountant could provide immediately.
Today’s accountants aren’t simply figures people. An accountant can provide your business with not only bookkeeping and financial services but also a wider spectrum of business advice and consultancy. A good accountant will offer take care of your accounts but also offer advice on how to free up cash flow, make savings and raise capital for expansion. They usually have sound knowledge and expertise on tax laws and legislation. Regardless of how good you think you are with figures, an accountant will find new ways to save money.
Employing the services of an accountant will save you time and money. Administrating accounts is a laborious and time-consuming process. Those entrepreneurs that go on to establish and grow their businesses will, invariably, bring in accountants to relieve the burden. The reason for this is not the development of extra finances – although this helps – it’s because it frees them up to spend their time to do what they’re good at: running their business. Working with an accountant might at first seem like an extravagance but it makes perfect business sense if it allows you to spend more time chasing new customers, exploring new avenues or training staff. Accountants needn’t be that expensive anyway. It’s unlikely you’ll need to employ one full time. Instead you can pay a flat fee for regular consultancy or pay-as-you-go. Most accountancy firms offer a range of packages for businesses of differing sizes and stages.
It is always advantageous to see two to three accountants, interview them and then make a decision based on what their package is. Consider to work with an accountant that provide free advice, fix fees and free telephone support.
