Does my small business need an accountant?
If you are a small business owner, you may wonder whether you need an accountant. You may have questions, such as what they even do and what the benefits of hiring them are to you. You may even be wondering, is an accountant a legal requirement for a small business? Once you’ve discovered all the answers you need, for those who decide it is important to hire, learn how to find one in this blog below.
What does an accountant do?
The job of an accountant is to handle all the financial aspects of a business. This includes tasks such as payroll, expenses, taxes, and even creating business plans. Although each accountant’s services may differ slightly, they are all responsible for ensuring that a business is compliant with all laws and regulations and that it is financially healthy.
What are the benefits of hiring an accountant?
There are many benefits to hiring an accountant rather than handling your business’s finances yourself. Most notably, a qualified accountant will have the experience and knowledge needed to save your business money. For example, they can ensure you are taking advantage of all the tax deductions and getting any credits you are entitled to.
An accountant can also help to save you time as a business owner so that you can focus your efforts on running a successful business rather than spending hours on financial admin.
Furthermore, an accountant can provide you with business advice and financial guidance, which can be extremely helpful if you have just started trading.
Is an accountant a legal requirement for a small business?
Hiring an accountant is not legally required for a small business. All businesses must complete their tax returns on time and ensure they are fully compliant with the regulations set out by the government.
Where to find an accountant
If you have decided that hiring a financial specialist is a good choice for your business and a worthwhile investment, then the next step is to find the right one to suit your needs.
Although you do not have to choose an accountant in your local area as you can correspond remotely, some people prefer face-to-face meetings. If you are looking for qualified accountants in Leeds, choose one specializing in providing financial services to small businesses because you’ll get a tailored service for your needs.
A quick Google search will bring up tens of thousands of accountants, so how do you know which one to choose for your small business?
To help pick the right accounts, there are several factors that you need to consider when you are comparing different accounting services and what they have to offer.
- Where is the accountant based?
- What services do they offer?
- Can they tailor their packages?
- How much do they charge?
- What industries do they serve?
- What accreditations do they have?
You may also want to read customer reviews and online testimonials to see what previous clients have to say about their services and experience. If you have good connections with other local businesses in your area, then you can always ask them for recommendations of who they use.