Small or start up business can find themselves questioning if engaging the services of an accountant is necessary.
There are several factors you need to consider if you’re thinking of going it alone:
• You can register with HMRC for self-employment yourself
• You’re probably more than capable of preparing and submitting your own tax return
• Whether or not you have a decent grasp of profit and loss and all of your invoices (to avoid an end of year panic)
We’re not trying to talk ourselves out of business here, in this digital age, the accounting profession has changed, and an accountant is no longer someone who just provides historic data for working out your tax liability.
What you may not have considered is how much value an accountant can actually add to your business and how their experience can benefit you.
Good accountants are not the bean counters for which the profession was once known – they now look at the wider picture and can help with:
• Business set up
• Cashflow guidance
• Long term plans
• Business growth
• Strategic planning
• Succession planning
In short, accounting isn’t just about reporting on the past – it’s about preparing for the future of you and your business. Perhaps it’s better to look at your accountant and think about how to tap into their experience to benefit your business – the right partnership will give you a mentor, a confidante and an advisor all in one.
In theory, you might not need an accountant in the traditional sense but when it comes to advice and support, who can truthfully say they’ve got enough of that. Accountants have seen many businesses succeed (and fail) and can be a mine of useful information. Why not call them, arrange a coffee and get to know each other better?
We have a list of questions for your accountant in our next blog