Whether you’re the tiniest startup or a multinational corporation, you’re going to need an accountant. While technically everything they do can be done in-house, it’s both complex and time-consuming, so outsourcing is a common expenditure for almost all companies. They’re especially useful for inexperienced startups, especially those who have had no dealings with HMRC or Companies House in the past. While mostly transparent, systems can seem complex and nuanced when you’re new to them. So here are some reasons you should choose an accountant you trust, and keep them close.
They know how to make your money go further
Accountants are the wizards of the financial world. They know how they can legally enable your money to stretch further, whether it’s claiming back relevant pieces of paid tax, or making the most of the tax-free dividends for shareholders. When you and your accountant are on good terms, they know exactly what you want to get from your business, and they want to help you to achieve this. They’re able to look at your finances and better inform you how to approach them. If that’s not an attractive prospect to a business owner, I don’t know what is.
They have all your deadlines in mind
When you’re just getting started, everything can seem a bit overwhelming. Incorporating your company is one thing, but actually knowing which deadlines to stick to, and not incurring fines from either HMRC or Companies House, can be a real challenge. A good accountant will tell you when your Corporation Tax deadline is coming, when you need to declare any offshore tax liabilities to the Worldwide Disclosure Facility, file your accounts, or pay your VAT. All you have to do is make sure the information is available to your accountant, and then pay them on time. Of course, it’s wise to keep your own diary of deadlines, just in case. Late filing cannot be legally excused by a failure on the part of your accountant or another agent – you’re still liable, so it’s essential that you keep up to date with deadlines as they come in.
They’ve got years of experience on their side
Have you got a pretty serious case of imposter syndrome at the moment? The owners of new startups often feel well out of their depth, so it’s reassuring to have some expertise on side. A good accountant will be able to reassure you that you’re making sensible decisions, offer prudent advice on how to proceed, and give you a boost when you’re feeling a little bit stuck. While you’re considered the expert in your field, they’ve got the business experience to be able to buoy you up in areas you feel less confident. Never underestimate the power of good financial advice when you’re feeling a little bit stressed.
Many accountants will offer services for next to nothing, but the truth of the matter is, it’s worth spending a bit more and getting a great service. This person will be with you for years, and they’ll learn your company in and out. Having the right person on side is essential not only for your success, but for your confidence in your endeavours too.