If you’re a small business owner, you will no doubt wonder when is the right time to hire an accountant. At what stage would you need one? What can they help you with?

Although it may seem like an additional cost to your business, a good accountant will save you time and money, but more importantly, support you and your business as it grows.

Accountants can not only deal with payroll and tax returns, they offer a wide range of professional advice and support services. At Ivybridge Accountants we offer many services to help and you can hire us on a full, part time or on a retainer basis.

Here’s a few reasons you may hire an accountant

Time Saver

How many hours a week/month do you spend doing certain tasks, like tax returns, admin, filing ….? Now imagine that time being spent on completing tasks for your clients or spent looking for new clients? To put this into monetary terms, if in total this was 10 hours and your time is worth £50/hr that’s £500. An accountant can be a cost and a time saver and more importantly reduce greatly the risk of potential errors being made along with the peace of mind everything is ok before submitting your tax returns.

Business Plan Support

If you’re looking to launch a new business venture or project, accountants have access to software and tools along with experience to help support you. Financial projections and reports will help make your business plan more realistic, professional and help you succeed.

Advice about your company’s legal structure

There are a range of company structures from sole traders, proprietors, limited companies, limited liability partnerships or corporations and each vary in a number of different ways. An accountant can explain the legal business structures available to you and help suit which one to match.

Many small businesses start off on the Sole Trader route and later expand into a limited company, this is where an accountant can help with this process and to set up the framework.

Help with your finances

If you’re finding it difficult to track payments an accountant can help streamline this process, offer tools and software to help get you back on track.

Thanks to the advancements with accounting software like Quickbooks, Xero and FreeAgent, you’ll be able to share access to your companies current financial situation and an accountant can help verify the data with in along with….

When dealing with the government

When first setting out in business or as you expand and take-on your first employee, official paperwork from the government can seem a daunting prospect to deal with. An experienced accountant will help you understand the jargon and make the process a lot simpler.

A good accountant will be able to:

  • Keep your company up to date with the latest tax laws and requirements giving you advance notice of changes.
  • Complete and file legal and compliance documents for your business.
  • Keep your company’s status updated with Companies House and maintain records of directors and other personnel.
  • Process your payroll and ensuring employee tax codes and payments are recorded correctly.
  • Take into account savings you maybe unaware of, but are entitled to.

An accountant can help you every step of the way of your company’s development. The right accountant should make life easier for you, so you can concentrate on what you love doing.

Your specialty is running your business and by leaving the financial detail to an accountant, this will ultimately free up your time to spend directly on your business.