LABS 90 High Holborn
90 High Holborn, London, WC1V 6LJ
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21st January 2020 | 4 min read
Whether you are part of a company, you are self-employed or you run your own business, managing and keeping track of your figures, taxes and other finances can be tricky; especially if you have limited experience dealing with this sort of thing previously. When this is the case, it may be a wise decision to hire an accountant to help you – but how does this work? In this article, we aim to provide guidance on when to get an accountant, what this involves, and how your business can benefit as a result.
First things first, let’s examine the role of an accountant. An accountant records and offers advice on the transactions and financial statements of a business. This can include anything related to finance; including invoicing, revenue, legal advice, salaries and payroll, expenses, tax planning and much more. It’s fairly certain that whichever area you need help with, there will be an accountant able to help.
You don’t necessarily have to hire an accountant to help with your finances, but sometimes the amount of time it takes to do this yourself can become excessive. If you find that you are spending significant periods of time on your finances, an account can really help lighten the load. Further, not everyone finds numbers easy; whether you’re self-employed or work as part of a company. It can therefore reduce workload and lessen stress when someone who is confident and experienced managing finances takes on that aspect of the role.
If you work at a company where your job involves putting together business plans and you need advice on the financial side of things, an accountant’s expertise will be invaluable when it comes to budgeting and financial projections. Accountants can also be drafted in to help businesses handle company growth – including hiring new employees or managing office space. The more employees a company has, the more admin there is, and an accountant can provide vital assistance in this respect. Accountants can also look after salaries, keeping a clear record of the money coming into and leaving the business.
If you’ve hired an accountant, you may find that this improves productivity and tasks are completed more efficiently. However, if you feel that your company is lacking in this aspect, there are plenty of productivity tips for work on hand to help you out. You can take a look at some top tips for productivity here.
Accountants are particularly useful for self-employed people, including those who have set up their own business. Accountancy services can include advice on setting up your business, legal advice, financial management and tax advice, such as how to complete tax returns and self-assessments, all of which may be completely new experiences for first-time business owners.
When you run your own business, time is often precious and in scarce supply – so if tax returns and account management are swallowing up too much valuable time, it may well be worth hiring some help. In fact, it’s a great idea to get an accountant involved from the start, as they can give you a strong base of knowledge on what to expect as your business starts its journey and warn you of common mistakes you’ll need to avoid.
How to hire an accountant
When you’ve made the decision to hire an accountant, you’ll want to choose the right person for the job. Key things to look out for include making sure they are from a reputable company which is regulated by a professional body, and that they have relevant experience, including having previously worked with companies of a similar size, in the same sector.
Next, consider the level of support you require. Accountants can provide one-off advice sessions on an ad-hoc basis, or you can request a regular service for a monthly or yearly fee, depending on what you are seeking help with. You can now find accountancy services online, making it easier than ever to look for assistance with your finances.
Finally, take the costs into consideration and hold them up against your budget. It is worth getting several different quotes and comparing them to identify your best option.
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