Accountants for Small Business ? When to Hire

Posted by Amit Gupta on March 29th, 2017

For a small business, accountants can be a significant investment that can help owners save money and ensure compliance with tax assessments and understand technical financial systems. All companies need a good accountant, but in many cases, it’s not practical nor cost-efficient to set up and maintain a dedicated accounting department. If you are a small business owner, certain factors will help you determine when you should hire accountants or outsource your accounting to professionals. As your small business grows, the accountants will be able to keep up with its evolution and changing needs. Here are the instances when hiring accountants for a small business is already a good idea:

• You have no idea how to handle taxes and money matters – Accountants can support you in ensuring accurate figures in your accounts, help you plan your taxes before finalisation, and make sure your business is compliant with the requirements of lenders and HMRC (Her Majesty's Revenue and Customs). They can help you make strategic decisions when cash flow is tight in your business and you are struggling to raise your finances. Small business accounting can become complicated without expertise and experience, so it is best for you to leave it to seasoned certified accountants.

• You are struggling to meet deadlines – With an accountant, you do not have to worry about missing on other opportunities and tasks for your business to do the books and meet deadlines. You can leave that to accountants for small business.

• You are paying too much tax – An accountant can help you figure out why. Likewise, he or she can help you legally reduce your business taxes.

• You are writing a business plan – Whether it is a brand new or a revised business plan, accountants can assist in making financial projections to make sure that you are making a professional and realistic plan that is likely to succeed. They help you avoid the guesswork, too.

• You need advice on the legal structure of your company – Your business may be small, but it still has a specific type of legal structure, which is determined by certain factors. Some companies may be limited liability partnerships, limited companies, proprietors, or sole traders. Accountants can elaborate on the legal business structure that is suitable for your business and help you pick the right one.

About the Author:
Allenby Accountants is an independent accounting firm, located in Uxbridge, the western part of London. We are accountants, business advisers, offering financial services and helping you to achieve your business objectives. Our offered range of services includes accounting, bookkeeping, tax management, VAT management, tax planning, Inheritance tax, capital gains tax issues, succession planning, etc. We specialise in offering services to sectors like medical & healthcare, retail industry, professional services, property & construction industry, charity and not-for-profit organisations and more.