25 reasons why you need an accountant for your small business
I’m often asked, ‘Why do I need an accountant?’ so it seemed like a good idea for a blog. So here, in my view, are 25 reasons why working with an accountant helps your small business.
1. Financial Insight: Accountants know about the things in your business that you don’t know you don’t know.
2. Tax Compliance: They ensure your business stays on the right side of tax regulations – accurate and on-time.
3. Time-Saving: When it takes you 2 hours to grapple with your bookkeeping, they are done in 20 minutes.
4. Cost Efficiency: The quicker and more accurately your bookkeeping gets done, the less it costs you.
5. Business Structure Advice: Setting up your business with the wrong structure can be time-sapping and costly – get it done right the first time.
6. Budgeting Assistance: Budgets might be a bit dull but without them, it’s much harder to keep track. Accountants love setting up budgets for you.
7. Cash Flow Management: Your accountant will highlight any pinch points in your cash position so you don’t end up not being able to pay your bills.
8. Expense Tracking: Thousands of pounds in extra tax is paid every year by business owners who don’t know what they can claim. Your accountant will claim every penny you can deduct.
9. Risk Management: When you’re deep in the inner workings of your business, it can be hard to spot the steamroller coming down the road. Your accountant will look out for steamrollers and pull you out of the way before you get flattened.
10. Business Planning: Having a detailed financial plan helps you stay in control of your business finances, giving you the right information to make informed decisions.
11. Payroll Processing: There’s nothing better than happy employees. Happy employees = happy customers. Keep your employees happy by having your accountant pay them the right amount on time, every time.
12. Financial Reporting: There’s much more to your reporting than just the P&L and balance sheet. Your accountant can produced detailed variance analysis and KPIs to help you manage your business more effectively.
13. Loan Application Support: When the bank says ‘No’, your accountant can support you to find alternate funding sources.
14. Forecasting: Most people think ‘tax returns’ when they think about accountants, but the best accountants are also thinking about your company’s financial future.
15. Technology Integration: Cloud accounting and AI is the future of accounting. Don’t get left behind – ask your accountant to help you implement accounting for the 21st
16. Vendor Negotiation: Armed with the right figures on your supplier costs, you’ll be in a stronger position to strike a better deal. Your accountant may also be able to help with alternate supplier analysis.
17. Retirement Planning: What happens when you want to retire? Talk to your accountant about exit strategies so you can be confident about your finances in retirement.
18. Financial Education: Accountants love to talk about figures. Make your accountants day by asking them to explain some financial jargon or key performance indicator.
19. Succession Planning: Will you sell, pass on or simply close down your business. Your accountant is there as a sounding board on what comes next.
20. Fraud Prevention: There are so many scams around these days that you need to be vigilant – accountants keep up to date with the common scams and can help you avoid losing your hard-earned cash to fraud.
21. Resource Allocation: Not sure how best to use your staff or other resources? Your accountant can help you understand how to create optimum efficiency.
22. Credit Management: Chasing invoices can be time-consuming and soul-destroying. Having your accountant demand payment is much more likely to deliver the cash into your account.
23. Strategic Advice: You might not be entirely sure which way you want to take your business. Many accountants have worked with businesses at every stage of their journey – ask for advice.
24. Networking Opportunities: Accountants know A LOT of people. Need a new supplier, funding, investment or customer – ask your accountant for a referral.
25. Peace of Mind: Sleep easy at night knowing your business finances are in safe hands.
At Adams Accountancy, our team of 10 highly experienced accountants and accounts assistants can help you with any of the above areas. Get in touch with us today by emailing info@adams-accountancy.co.uk for a no-obligation chat.
