As a growing startup, do you really want to be wasting valuable time number crunching and data checking? An accountant can handle all your taxes, employee records and expenses for you, so you can spend more time with your customers. Tax returns and PAYE forms can be tricky to get your head around at first and could be best left to a professional. Of course, if you’re adamant you want to handle bookkeeping yourself, then an accountant can offer invaluable advice and help guide you along the way.
It’s an accountant’s job to know the business rulebook back to front. If a new law is passed that affects the way you pay tax, your accountant will know about it and can help you find ways to make the most of the changes. For example, alterations to the Late Payment Act in 2013, means businesses can claim more money from tardy clients, something you might not have picked up on yourself.
The first few months of business can make or break a new company. If you don’t rein in your spending, you can end up losing money faster than you earn it. Around eighty percent of businesses fail within their first eighteen months, which means you need to come up with a concrete business model before you start. Working with an accountant means you always have someone monitoring your accounts. As an objective individual, they will be able to tell you if your business is showing signs of collapse and steer you in a different direction. Sometimes it is easier for someone on the outside to see where potential problems could occur because they are not so emotionally attached to the business.