Starting a small business is an exciting yet daunting prospect and is one of the most important decisions you will have to make. While many people might consider themselves to be entrepreneurs managing finances can be tricky. Below are five reasons you need an accountant for your small business.
1. Reduce your workload
Once your new business gets going all your attention will be focussed on the day-to-day running of your organisation. As well as sales and marketing you will need to make sure that all your finances are in order, which is where an accountant can be a huge asset. As your business grows the finances will become more complex and an accountant can look after things such as tax compliance and bookkeeping.
2. Business advice
Another benefit of working with an accountant is that they possess all the right knowledge, skills, and expertise to provide excellent business advice. Their industry knowledge comes from working with clients from a diverse range of industries, meaning they have first-hand experience of the challenges that you might face when it comes to the business finances.
3. Follow legislation
In a world where technology can change in an instant, accountants have their finger on the pulse by keeping up to date with the latest changes in rules, regulations, and financial legislation. Accountants have access to detailed analytics and forecasting as well as internal software to be able to foresee any major issues that your business might face.
4. Process payroll
Payroll is an important part of small business finances and there are rules and regulations to follow. Inaccurate payroll can result in fines, so it is important to be compliant. To do payroll properly working with a good accountant or payroll specialist is crucial to making sure all the rules are followed and your staff and suppliers are paid on time.
5. Business performance
For your small business to be successful you need to meet certain financial expectations. Not measuring performance can often be overlooked but an accountant or even business consultant can ensure that your finance and revenue targets are clear and that your business is performing against these targets.
Speak to the experts
At The Stan Lee, our team of highly trained accountants, bookkeepers and business consultants can help you with all aspects of your small business finances. If you would like to know more about how we can help you why not get in touch with the friendly team here?