When is the right time to hire an accountant? Is it necessary for our business at this stage? There are various ways in which accountancy advice can benefit your small business, whether it’s financial planning advice, applying for credit and funding, tax queries or hiring your first employee. Accountants can make things easier for you and clear up any uncertainties.
Small business owners often think that accountancy advice is out with their budget. However, if you consider the time spent doing tax returns, payroll or bookkeeping yourself, you could save money by outsourcing your accounting. QuickBooks found that, before filing to HMRC, SME owners spend an average of 86 minutes checking each VAT return manually. Time saved by outsourcing accountancy advice, allows owner to free up their time to actually run the business.
Business owner are often overworked. With a new business that you have built yourself, it can be really hard to hand over the reins if you have been taking care of everything independently. If your small business is to grow, it is important to start delegating tasks.
Choosing to outsource your accountancy avoids fines for missing deadlines and ensures you’re not under or overpaying taxes.
Stay Up To Date
We have been regularly updating the blog to reflect any COVID-19 news that is relevant in terms of accounting and finances. Changes to financial regulations and legislation can be hard to keep up with. Think COVID-19, the budget, IR35 contractors – it can be overwhelming for a small business owner. An accountant ensures you are complying with regulations and deadlines are being met.
Here at The Kelvin Partnership, we offer a range of services to suit every organisation. We work closely with our clients to assist with a range of accountancy services and advice. Our accountants can help with your tax returns, bookkeeping, personal tax, VAT returns and more. Please click the link if you would like to book a free consultation with us and consider our accountancy advice for small businesses.