Do you know when you should hire an accountant?
Research done by Xero on the small business community showed that many small businesses are unsure about when to hire an accountant and about the value they can bring to their business.
So if you’re a small business owner, the chances are that you didn’t start your own business deal with all the financials. This is where it makes sense to get a professional accountant to take care of the numbers so you can focus on what you do best – running the business.
To grow a small business you will need well-managed finances
All business owners are always looking to save money, so an accountant can often be considered an unnecessary expense. But specific accountancy tasks (such as preparing and submitting tax returns) can be very time consuming and even then the tax return could be riddled with errors. The best accountants and bookkeepers will be looking for ways that your business can make money.
How can you add value to your business?
With the help of a seasoned accountancy professional, businesses can create more opportunities for themselves. Some of these include:
- increasing revenue
- reducing expenses
- planning the cashflow
- growing the business
- business planning
- identification of new market opportunities.
If your business uses a financial professional they are also less likely to have compliance issues or errors in their data – which could cause major problems down the track.
With the use of a cloud software, an accountant doesn’t need be a full-time employee as there is so much flexibility to work remotely using the same data.
Why not make running your company easier?
An accountant can assist with the legal structure of your company, applying for a business loan or overdraft, or helping with the finances, all to make running a business easier for you. A common problem is engaging with accountant too late and when a business has a problem. Accountants can identify the root cause of business problems and help business owners correct the cause. It’s always advisable to have your financial professional on board as part of the team before you need them, rather than afterwards.
If you would like to find out how JacRox Xero Solutions could assist with your financial requirement call the specialist team on 0800 020 9542.