Clearly we are somewhat biased here, however we thought it would be useful to outline five key reasons to hire an Accountant, some of them might be obvious, but not all.

If you are a small business, freelancer or a contractor, every penny matters, you need to make sure that money is being spent wisely and adds real value to your business, hopefully we can demonstrate that money spent on a good accountant is a solid investment for the long term success of your business.

  1. Tax efficiency – a good accountant will ensure that you are running your business in the most tax efficient manner. This might be comparing the structure of your business and discussing if a sole trader or partnership is best or if a limited company structure might be more appropriate. It could be making sure any equipment you are buying is done before the end of the accounting year to accelerate tax savings. It could be making you aware of the different tax free benefits that are available to directors of limited companies (such as childcare vouchers and mobile phones). There are many different ways to save tax and an experienced accountant will be aware of these and will be on top of current hot topics and changes to legislation to ensure your business stays ahead of the game.
  2. Experience of many different businesses – most accountants will have worked with hundreds of different small businesses and will be aware of the business models that work and those that don’t and will be able to critically assess your business. The best accountants for small businesses have actually experienced working within small businesses themselves so can combine the experience of being at the “Coal Face” with the technical accounting and tax skills needed in practice.
  3. Network – a good accountant will have built up a solid network of other professionals and will be able to recommend these to you. These could be insurance brokers, financial advisers or mortgage brokers, for example.
  4. Time Saving – it will be quicker for your accountant to do your taxes and accounts than if you tried to muddle your way through them. Spend your time focussing on adding value to your business, it will be far more productive. Focus on your strengths, let others take care of your weaknesses.
  5. Help you Sleep! – Ok, so just saying the word “Accountant” will send many people to sleep but we don’t mean that! Knowing that your accounts and tax are taken care of by an experienced professional is one less thing for you to worry about which in turn should help you sleep more soundly.

When it comes to choosing an accountant please do consider these points:

  • Recommendations from friends or business contacts are a good place to start
  • You will likely be with your accountant for many years so make sure you get on with them and enjoy dealing with them
  • Make sure they are qualified and a member of one of the main accounting bodies, with a full practising license
  • Find out who will be dealing with you on a day to day basis – many accounting firms will have someone senior to bring a new client in but once they are on board will leave the day to day dealing with poorly trained junior staff (our business is the opposite to this)
  • As a general rule of thumb, as with many things in life, you get what you pay for