Why you should consider an accountant for your startup business

I’ve been self-employed alongside my employed role for almost 7 years now, and I’ve just taken the leap into full-time self-employment. It’s a nerve-wracking time for me, and one thing I don’t want to have to worry about is my business’s finances.

Up until now, I’ve managed all of the business finances myself. This has involved all kinds of jobs such as raising customer invoices, keeping track of money moving in and out of my business account, matching up payments with invoices, and completing my own tax return. As my business grows, I’m looking into the different options an accountant can offer. I want to make sure I’m on top of all the financial aspects of running a business, but I have to admit that as the business grows, the finances are starting to get a little more complicated.

The first thing I want to point out is that accountants often specialise in very different areas of accounting. This was news to me as I just assumed that any accountant would be able to help my small business. However, there are a number of different types of accountants, so it’s important to make sure you do your research and make an informed choice. The Tax Preparation Services are one of the most crucial aspects that you should be looking for when selecting an accountant. Having a reliable and experienced accountant to help prepare your taxes can save you valuable time and stress.

These are just a few of the different specialisations that your accountant may deal with:

• Assurance
• Commercial Finance
• Corporate Finance
• Corporate Recovery
• Corporate Treasury
• Financial Accounting
• Forensic Accounting
• Management Accounting
• Financial Risk Assessment
• Corporate (Business) Tax
• Personal Tax

So, when you’re looking for an accountant for startup business, you ideally wouldn’t want to choose somebody who specialises in dealing with personal tax issues.

What an accountant can do for your startup business

A startup business may only need a little input from an accountant in the early days, but the sooner you appoint somebody, the better. An accountant can ensure that you meet all of your financial obligations no matter how small your business. You can even hire a fractional CFO for your business through companies like CFOShare whose experts not only prepare statements, but advise you on financial planning and future goal-setting.

This could include:

• VAT returns
• Cash flow analysis
• Payroll
• HMRC Compliance
• Sales trends
• Financial Audit

As a business owner, your priority will usually be growing the business by bringing in new sales and bringing down costs. The financial side of the business can be very time consuming, and if you opt to juggle both running your business and managing the finances, you may quickly find it becomes too much to handle.

One of the other things to consider is that financial obligations for businesses can and do change. An accountant will know exactly what’s required of your business and can be on hand to ensure your business remains compliant. This kind of expert knowledge is invaluable for businesses that really can’t afford to make any mistakes with their finances.

If you’re just getting started with your business or even just setting up as a self-employed sole trader, then now is the time to enlist the help of an accountant. It really is the best way to be 100% sure that your business finances are being handled correctly and to avoid hefty fines further down the line.

*This is a collaborative post.