Do small businesses need an accountant?

Here at the Chichester Accountants we work with many small businesses. However, we also find that many small and micro business owners simply aren’t aware of the benefits of using a professional accountant. In this blog we’ll share everything you need to know so that you can make an informed decision about whether it’s time to get an accountant onboard.

Are your accounts keeping you awake at night?
Do you have endless sleepless nights worried about tax returns, finances and whether you’ve made a mistake? You’re not alone, in fact research has found that 49% of micro businesses worry that they have made a mistake with their tax returns. The bright side? These concerns can be alleviated with the help of an accountant. By having an expert to help you avoid any mistakes, meet deadlines and stay on top of things you can rest assured that everything is in hand.

Are there not enough hours in a day?
Running a business takes a lot of work. It’s challenging enough trying to handle the day-to-day let alone get your accounts done too. The old saying ‘time is money’ is incredibly relevant here. Think about it this way, it might take you twice as long to do something as a qualified accountant. Add to that the interruptions, distractions and multitasking and something that could be done in two hours takes a day and a half. So, would you rather pay a professional for two hours of work, or lose a day and a half that could have been spent developing your business?

How much do you really know about taxes?
Taxes can be complex, and the last thing you want to do is get on the wrong side of HMRC. We’re not trying to scare you, we just know that 64% of small business owners find that tax is too complicated, and that they lack the skills and expertise required. Not only can small tax mistakes create issues with HMRC, you might also be missing out on potential tax savings (which would be easily picked up on if you were using an accountant). For example, we’ve previously managed to achieve a £8,000 tax rebate for one of our clients.

Do you want to deal with HMRC?
As mentioned above having an accountant who understands the ins and outs of taxes will prevent you from falling foul of HMRC. However, if you’ve done your own accounts up until this point and had a few hiccups you might find that HMRC penalise you for innocent mistakes. An accountant can help you identify the best way to deal with this and communicate with HMRC on your behalf, saving you a lot of time and aggravation.

Need an accountant? If you’ve come to the conclusion that it’s time to get an accountant, or would like to discuss more about what we can do for you please get in touch on 01243 532490 or email info@thechichesteraccountants.com.  

This blog was written by Monica Jervis, small business owner, founder of the Chichester Accountants and qualified accountant. If you’ve got any questions don’t hesitate to get in contact on Twitter, Facebook or Google+.

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