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Why do you need an accountant as a small business owner?

Accountants For Small Businesses

Are you considering hiring an accountant for your small business? You may be wondering if you really need to hire an accountant for your small business. After all, can’t you just do the accounting yourself?

The answer to this question depends on a few factors. First, how big is your business? If you have a very small business with just a few employees, then it might make sense for you to do the accounting yourself. However, if your business is growing and you have more employees, customers, and vendors, then it might be time to hire an accountant.

Moreover, if your business is making a lot of money or high revenues, then it’s definitely time to hire an accountant so that you can make sure that everything is being reported correctly and that you’re paying the right amount of taxes.

If you find that doing the accounting takes up too much of your time and prevents you from focusing on other aspects of running your business, then it’s probably time to hire someone else to do it. Not convinced? Here are 12 reasons why it’s essential to hire an accountant as a small business owner.

Why do you need an accountant as a small business owner

Business structure Selection

Accountants can help small business owners choose the most appropriate business structure for their company. A business structure can affect a small business owner’s tax liability, ownership rights, and ability to access funding. Accountants can help choose a business structure based on a company’s legal requirements, financial needs, and marketing goals.

Budgeting, forecasting and cash flow management

Budgeting, forecasting, and cash flow management are critical to the survival and growth of a business. Accountants can help with all of these functions without hesitation. By understanding your business’s expenses and projected income, they can create a realistic financial plan that will help your business stay afloat during difficult times.

Forecasting is another important task for accountants. This involves estimating future events and projecting their effects on your company’s finances. Armed with accurate information, they can help you make the necessary adjustments to your budget and forecast in order to ensure fiscal stability.

Payroll processing

Accountants can also help small business owners with payroll processing by providing expert advice and support with all the necessary paperwork and filings. They can also help to keep track of employee salaries and deductions, ensuring that financial records are correctly maintained.

Tax planning

There’s no doubt many business owners find filing taxes overwhelming. An accountant can help a business owner plan and prepare tax returns on their behalf. This can involve organising and reviewing financial records, providing advice on deductions and tax planning opportunities, as well as preparing and filing the appropriate paperwork. An accountant can also provide support with the complex tax laws that apply to businesses.

One of the best ways to improve your cash flow is to work with a certified accountant. Accountants can help you track your finances, make sure you are meeting your financial obligations, and identify opportunities to save money.

Taxes reduction

Most small businesses do not have a CPA on staff to help them with tax obligations, so accountants can help reduce costs and maximise profits. Accountants can review financial data and provide guidance on how the organisation’s finances can be optimised for tax purposes. This includes helping set up systems for tracking expenses, compiling reports, and preparing forms necessary for filing taxes. Additionally, accountants may be able to provide expert testimony in support of

Make better business decisions

One of the most important functions of an accountant is to help small business owners make good business decisions. They can do this by providing guidance on financial matters such as budgeting, forecasting, and risk management. Additionally, they can provide advice on legal and tax issues that may be affecting the business. Having an accountant on board can ensure that your small business continues to run smoothly and efficiently.

Save money

Accountants can also help small business owners keep track of their finances and make smart decisions about how to save money and grow their businesses. Accountants can also help owners negotiate better deals with vendors, create budgets and forecasts, and more.

Business consulting

Accountants can help small business owners in a variety of ways, including providing advice on financial matters, preparing tax returns, and helping to optimise business operations. In addition, accountants may be able to provide guidance on improving the overall management of a business. As a small business owner, you can employ an accountant as a business consultant to undertake the following roles:

  1. Organise and review financial records
  2. Prepare budgets and forecasts
  3. Analyze financial statements
  4. Research methods for saving money
  5. Accounts payable and accounts receivable
  6. Manage employee benefits and HR

For example, they can help set up and administer employee benefits programs, including social security, health insurance, and worker’s compensation. They can also help evaluate and choose the most appropriate HR technologies for a business.

Recommendations for software

The first step in getting software recommendations for your business is to have an idea of the types of programmes you’re looking for.

Once you’ve narrowed down what type of software you need, your accountant can help you find the best option for your budget and needs.

Accountants are experts in deciphering complex financial statements and can help identify which programs have the best return on investment.

Stay ahead of trends and regulations

Accountants can provide helpful insights into how tax laws and government regulations may impact your business. Additionally, accountants can help you track and forecast your company’s income and expenses, helping you make smart financial decisions.

Improve your cost-efficiency and bottom line

A good accountant can support you with ways to economise on expenses, such as by making use of coupons, negotiating contract prices, and using services instead of purchasing items outright.

In summary

If you’ve not already hired an accountant for your small business then you should consider it to help you manage your business and finances

Contact Hayvenhursts today on 02920 777 756 or email us on and one of our team will let you know about our accountancy services and how we can help you. 

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