Do I Need an Accountant for my Small Business
10 March 2023

Small business owners are often overworked as they have to take care of every aspect of running their business. From designing and building products or services to promotion, marketing, and dealing with customers, there’s often not enough time to make sure all your small business’s finances are in order. Staying on top of taxes, VAT, payroll, and invoices can be complicated as well as time-consuming, especially as a small business grows.

Hiring a professional accountant can help you save time and money, lighten the burden of paperwork, and avoid hefty fines for costly accounting errors. While it’s not a legal requirement in the UK to hire an accountant for your small business, the pros may outweigh the cons as an accountant can help free up time, allowing you to focus on what you do best – running your business.

If the idea of balancing your books or filling out an HMRC tax return stresses you out, or if you can’t find the time to do your business accounts, then you might want to hire a professional accountant for your small business.

Financial help from day 1

When it comes to running your small business the right way, an accountant can help from day one. An accountant can provide advice to help you write a business plan as well as decide what type of business you want to set up, whether that’s as a sole trader, partnership, or limited company.

If your small business is already up and running and registered with HMRC, an accountant can help you stay on top of your tax returns as well as payroll if you hire employees. Professional accountants are also up-to-date with the latest tax laws and regulations, thus minimising the chance of penalties, fees and fines.

Save time, hassle & money

Hiring an accountant for your small business can help you save time, stress, hassle and money in the long run by increasing your tax efficiency, improving cash flow, and offering reliable financial information as your small business grows.

With years of training and experience, an accountant can become like a business partner, helping you navigate the confusing world of business accounting. From loan applications to audits and making use of the latest accounting technology like cloud accounting software, an accountant can bring a new level of experience and understanding to your business’s finances.

Invest in your business

Investing in an accountant for your small business can give you an edge over your competitors. But like everything in the business world, there’s a huge range of choice, price points, and quality when it comes to small business accountants, so before you hire one, it’s important to bear a few things in mind.

Always choose a reputable accountant you can trust with your small business’s financial information. Even if it’s them who makes the mistake, it will be your business that suffers. So, look for accreditations and qualifications recognised by UK bodies like the ICAEW, ICAS and CIMA. You can also read reviews and testimonials on their websites or sites like Trustpilot and google reviews.

Depending on your requirements, you can hire a full-time accountant, one on retainer, or for just a couple hours to help you finalise your self-assessment. With a huge choice of accountants, take the time to find the right accountant for your small business and it could turn into a long-term, profitable relationship that benefits both of you.

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