Do I need an accountant?
At some stage, a business owner will inevitably have asked themselves the question, “do I need an accountant”? They will all have also found themselves unsurprisingly faced with the answer, “yes, I do”. No matter what stage your business is at, an accountant can offer help, support and guidance.
From the outset
At the initial start-up phase of a business an accountant can offer support for:
- Helping to finalise business plans – giving advice and feedback on business direction, goals and funding.
- Business structure – providing recommendations on how to structure the business to become a sole trader, private limited company, public limited company or limited liability partnership.
- Licenses – advising what business licenses you need to set-up and what your legal obligations are in relation to monthly, quarterly and annual accounts.
- Accounting software – advice and recommendation on the best type of software to use along with feedback on what modules would be most beneficial.
Tax and compliance
Throughout the life span of a business there will be a requirement to seek specialist tax and compliance guidance such as:
- VAT – giving guidance on when to start charging VAT or if already on the scheme whether to continue.
- Payroll – helping to keep on top of all payroll commitments and ensuring wages / compliance matters are correctly adhered to.
- Reporting – providing support in relation to tax liabilities, regular reporting processes, creditors, and debtors.
Small business support
All small businesses will benefit from meeting regularly with an accountant. They can assist with:
- Being smart – having some expert advice on hand to help make smart decisions, especially during key growth stages helps to avoid costly mistakes.
- Liabilities – as a business grows so does its liabilities, making sure you recognise what these changes will be and how to account for them requires specialist help.
- The bigger picture – business owners can often become consumed in day-to-day activities and unable to recognise blind spots within the business, an accountant can help with seeing the bigger picture to assist with ongoing growth.
If you are looking for some specialist accountancy support both for you and your business, then please feel free to call us on 01173 700 079 or e-mail firstname.lastname@example.org.