When we run our own businesses, there are a lot of skills that we need to learn, alongside the actual service that you are offering. And one of those – and potentially the most difficult – as well as having a massive effect on your business, is the financial and accounting aspects.
Whilst the basic principles of business are relatively straight forward, once that you start to delve a bit more into it, there are some aspects which aren’t so easy to understand, and there will almost always be situations where you would be grateful for some professional help or advice. We look at how hiring an accountant can help your business.
Getting an Accountant
One solution to resolving your accounting problems is to get an accountant for a specific reason. Maybe you need support in registering your company, need tax advice, help and advice on VAT payments, mortgage application advice or help with the calculation of PAYE payments. You can find an accountant who can come in, analyze your situation, give you advice or help and then fade into the sunset.
The other option is to hire an accountant who can see you through any potential issues that you might have. They will know you and your business inside out and will be able to guide your business through the challenges which are thrown at it – as well as helping with the more every day financial tasks which need to be done, such as PAYE or tax advice which is specific to your company.
The best accountants, should be able to tailor-make a package for your business which includes all of the accounting aspects that you need and want taken out of your hands. It may be time consuming tasks, or those which require a little more concentration or knowledge than you have. Or it might just be the tasks that you don’t want to do. Pure and simple! They can help with the process of book keeping and other duties which need to be done ongoing, on a regular basis.
And best of all they will probably know better than you what their best role is. Using their knowledge and expertise of business in general, and of your specific business, your accountant will also be able to give guidelines and tips on where and how to distribute accounting and financial duties.
It means that you can focus on what you do best in your business. It means that you don’t need to hire a separate accounting department, will know that your finances are in good hands, up to date with any new laws and regulations, and have help making the right decisions for your business. You will have all of the relevant information reported to you regularly so that you know exactly what’s going on financially within your company.
Whether are hiring an accountant on a one-off or permanent basis, it is, of course down to you. For those with less time or less business experience, hiring a permanent accountant might be a better option. Likewise, if you are confident about the day to day running of your business, perhaps you would be better off just hiring when you need one – although of course they wouldn’t have the inside knowledge of your company.
For more information about what a contractor accountant can do for you and your business, get in touch with us today.