4 Reasons Why Startups Must Hire an Accountant
Are you planning to bring your business to the next level? The journey from being a startup into being a trustworthy business with a reputation may not be easy. You will need a reliable team as passionate and driven as you are.
Finding a trusted accounting firm to help you in this journey is crucial for your business success. Contrary to popular belief, accountancy services go beyond submitting accounts and tax returns.
A reliable accounting firm can give you value-added services that help you comply with updated regulations, save money, manage company growth, reduce risks, and create a growth plan for the future.
While you may think you can do these tasks and make the decisions yourself, a reliable accountant will ensure that your choices are based on facts, statistics, and the financial records of your business.
Still unconvinced? This article will list down the reasons you should hire accountants to help you grow your startup.
Improving Your Cash Flow
Are you in control of your cash flow? Taking control of your cash flow ensures that your business keeps running.
Without regular cash flow, you may not be able to make transactions needed to run or grow your business. Even a highly reputable company can collapse without enough cash.
A good accountant ensures reasonable credit control and places cash management policies so you have the funds you need to run the business and are informed of your debit and credit. They make sure you have enough money to pay for operational costs and reserves for any long-term financial goals.
Reducing Your Workload
Running a business is not a light task. You may need to spend all your day checking on day-to-day operations instead of bookkeeping, compliance with tax regulations, and filing your taxes.
Financial tasks and tax obligations are time-consuming and should be handed off to an accountant who can expertly handle them. Having a reliable accountant will help lessen your workload to focus on running your business and improving your operations.
Efficient Payroll Processing
Any business with employees needs to process its payroll efficiently. You need to follow payroll regulations to avoid paying fines, having unhappy employees, and paying expensive backdated tax bills.
A reliable accounting firm would have accountants and payroll specialists who are experienced experts in payroll compliance. They can take care of your payroll records for employees and their submission to HMRC.
For your business to grow, you will need adequate funding, a reliable team, controlled cash flow, good customer relations, and other business needs. This potential growth comes with its own set of challenges and maybe a lot to maintain by yourself.
You will need an accountant who can help manage your operations, suggest process improvements, and take over your business’s financial and tax obligations. They can help you seek out funds, incentivise your employee’s pay package, and make informed decisions when faced with unexpected growth.
A reliable accountant is not only a valuable asset to your business. Hiring one is crucial to creating sustainable growth for your startup. Other than submitting your accounts and tax returns, they can help you stay in control of your cash flow, improve operational processes, and take care of any financial obligations.
Are you looking for accountants in Hillingdon? At 1 to 1 Accountants, we offer knowledgeable accountants who can help your business thrive and grow fast. Give us a call to learn more!