Why hiring an accountant is better than a DIY approach
When running a small business, you may feel like you don’t need an accountant yet. After all, who knows your business better than you? And why pay someone to do something you can do yourself? At first, these seem like obvious reasons why you shouldn’t be hiring an accountant, but when you look into it, doing accounting yourself often leads to errors that can, potentially, be devastating to your business.
With 60% of small business owners feeling they’re not very knowledgeable about accounting and finance, hiring an accountant to take on this responsibility is a logical next step. Don’t risk the business you’ve worked so hard on and consider these reasons why hiring an accountant is better than going it alone.
What you’ll save
Doing it yourself can feel like the easiest and cheapest way to handle your accounts. But handling them yourself can hinder your business. Every moment you spend on bookkeeping or taxes is a moment taken away from working on your business. Doing your own accounting can also make it difficult to keep a consistent schedule and keep track of all the important details and requirements. Hiring an accountant allows you to dedicate all your time to your business growth without sacrificing any quality.
Accounting comes with strict deadlines and, if missed, you can receive a large fine. Last autumn, 27% of small businesses in Britain missed the tax deadline set by the HMRC, with 34% completing their admin last minute. An accountant removes the need for this rush by maintaining your accounts all year round and preparing for deadlines. This also means fewer mistakes in your accounts, as it can be difficult to understand for those not dedicated to the field.
We all know the saying ‘you’ve got to spend money to make money’ and that rings true for your accountant. Paying for an accountant will demonstrate where your money is going and where you can minimise financial drains. You can see what’s working for your business and worth investing in further. Under the watchful eye of an experienced accountant, your business will be in the best position to flourish.
What you’ll gain
A key benefit to bringing on an accountant is the wealth of knowledge they have. There are a lot of potential tax deductions you could be eligible for and just not know about. Your accountant will have both the expertise and time to sort through any potential tax benefits and ensure you’re not paying any more than you need to be.
An experienced accountant can also offer far more than just basic financial management. Your accountant can provide valuable and informed financial advice when you’re looking to make big decisions for your business. 30% of small business owners regard their accountants as their most trusted advisors, placing value in hiring an accountant far beyond just handling the bookkeeping.
Just as you’re the best at running your business, an accountant is the best at handling your accounts and finances. Sharing responsibility with an expert will allow you to focus on the areas of your business that need you the most without taking attention or quality away from an integral aspect. An accountant is more than just another expense – they’re an investment.
At Big Hand, we’re expert business accountants. Our team has the knowledge to support you and your business the whole way, so you can focus on the areas that matter to you. To find out more, get in touch on 0161 327 2911.