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Here's why you need an accountant for your new business

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Mika, Staff Writer

Thursday, 18 March 2021

Accounting

More and more people are deciding to take the leap and start their own business, and for good reason. They’re free from workplace restrictions, work on their own schedule, and best of all - don’t have a boss to answer to. 

While the entrepreneurial spirit is amazing, the reality of running a business is that you may be thrown into handling tasks that are entirely new and daunting. One of these tasks is managing your accounts. It's essential, but time-consuming and difficult to navigate when you're starting out, especially if you don't have financial experience.

We all need some guidance where our finances are concerned. This is especially the case when it comes to filing taxes, not to mention ensuring the health and longevity of your company.

The best person to consult for all things finance is an accountant. Whether you’re self-employed or run a large business, they can offer advice to get you started and draw up plans to help you grow your company. 

How can hiring an Accountant help your new business?

Accounting

There are so many benefits of an accountant for a new business, but here are just a few:

Time-saving

If you're a new business, you should be focusing your efforts on growing your business and winning new customers. Managing your accounting is just another added headache that, realistically, you just don't have time for. An accountant will take care of the essential running of your business, so you can focus on growth.

Prevent you from paying expensive tax penalties and fines

Keeping up with the tax implications that come with running a business is no walk in the park! Submitting your taxes on time is crucial for avoiding hefty penalties, but it can be easy for them to creep up on you with so many other things to worry about!

An accountant will be well aware of any upcoming deadlines so that you never miss one. They'll also help you to track your finances correctly so that submitting your taxes is a breeze.

Help you to grow your business

By analysing your financial records, an accountant will be able to determine what's working, what's not, and what actions need to be taken to grow your business - making it easier to know which step to take next.

What services does an Accountant provide for new businesses?

Accounting

An accountant can take care of a huge range of tasks for new businesses, including:

  • Auditing

  • Bookkeeping

  • Business growth

  • Business valuations

  • Cash flow forecasting

  • Payroll

  • Pensions

  • VAT returns

What else can an Accountant support your new business with?

Get an accurate picture of where your business is at 

Starting a company can be a bit of a whirlwind. Not only are you managing yourself and any employees, but your customers too. Trying to spread the word and get up and running is not only time-consuming but stressful. Add your accounting into the mix, and things can soon slide! An accountant will be able to sit down with you and analyse your new business to see how things are progressing.

An accountant will look at your business expenditure, and see what is eating up your revenue. They’ll suggest savings and ways of generating more income for your business. Plus, they’ll create a projection for the months ahead so you know what you need to bring in to meet your goals. All of which just wouldn’t be possible without an expert eye on the ball.

Completing your taxes 

Accounting

Thinking about tax is well...taxing. Though it’s something that every business owner needs to take care of every year to avoid penalties from the government. Completing your taxes is made much easier with the correct bookkeeping, which an accountant can help you with. But more than this, an accountant will make sure you are benefiting from the maximum amount of savings on your return.

Therefore, in some cases, it’s actually possible to save more with an accountant than it costs to hire them! With an accountant to help your new business, the dreaded tax return will be handled and you'll be able to sleep at night knowing no nasty tax penalties are coming your way!

Tip: Some accountants specialise in tax preparation, so they're a good bet if you're simply looking for someone to help with your taxes. You can search for tax accountants or general accountants on Bark depending on your requirements, making hiring the perfect professional just that little bit easier.

A great sounding board 

Even when those around you mean well, they aren’t always in a qualified position to offer advice about your business finances or strategy. Especially when your business is just starting out, there are going to be lots of different opinions about the direction it should be taking.

An accountant is a neutral party who will advise you on the best interests of your new business in mind. So rather than visit them once a year to do your taxes, it can be beneficial to build a relationship with your accountant, taking advantage of the many different services they can offer your business. Use the opportunity to run ideas by them, especially where expenditure in your business or generating more profit is concerned. Hiring an accountant for your new business may save you from making a costly decision you’ll later regret. 

Accounting

To sum up

If you’re new to running a business, then get things off on the right foot by hiring an accountant. Whether you’re still getting to grips with your new business or need help taking your company to the next level, an accountant will guide you through every stage.  Find an Accountant near you with Bark, and get those numbers adding up.

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