Why do I need an accountant?
It’s a question we hear a lot, but the answer really isn’t as simple as you might think it is. In reality, all businesses could benefit from having an accountant in their corner, and now having a good accountant is essential for the survival of many businesses across the country. But if you don’t have an accountant yet, you might wonder why. You may have been getting along fine on your own, or just be starting up and looking at your budgets, trying to decide if it’s worth hiring one. The answer is almost certainly yes, and here are just a few of the reasons why.
Your Business Isn’t Growing
Not all accountants sit behind their desks doing nothing but crunching numbers. A good accountant will also be a sound business person themselves, and will use their financial and business knowledge to help you grow your business. If your business is struggling and you aren’t hitting your targets, an accountant could help set you on the right track. An accountant who specialises in business support and growth have a wealth of knowledge and experience in other areas of business, and will be more than happy to offer you some support and advice in fuelling growth for your business.
You Aren’t Confident With Your Finances
We all have our strengths in life, and for some finances simply aren’t one of them. There’s nothing wrong with that at all, but this is one of the key warning signs that you need an accountant – because you aren’t one! The financial management of a business can be incredibly complex, and it carries serious consequences if it’s done wrong. From missing payments to breaking the law, failing to meet the proper standards and deadlines of accounting, or compliance with regulations, can leave your business in a tricky spot. It doesn’t matter if you are a nationwide chain or a small business running out of your own home, mistakes and other innocent indiscrepancies can lead to devastation.
You’re Growing Too Fast
This is one of the better problems to have – after all who doesn’t love business growth? It’s what you want of your business after all. But growing too rapidly has its pitfalls too, and you need to be on the lookout for them. While you’re riding high on the buzz of growth, you’ll also see a mounting list of tasks and responsibilities. These will include new financial burdens and processes – processes you might not be all that familiar with yet. And not knowing how to manage these new financial tasks properly can be the difference between achieving your dreams and back peddling. So bear in mind that when your business experiences rapid growth, you need to be able to adapt and incorporate the changes that come with it.
You Just Don’t Have Time
Sadly, we all fall into this category from time to time. The life of a business owner is always busy, and sometimes the admin of actually running the business can slip our minds, taking a back seat to tasks like winning new customers and delivering work. But while doing your accounts might not generate you any revenue, it is an essential task if you want your business to stay afloat. If you’re struggling to find precious time to sit down and prepare your accounts, submit the paperwork you need to submit or just reconcile the books for the month, then you need some support. After all, your accounting tasks need doing, and if you don’t have time to do them then they can’t be left behind. Accountants have many strings to their bow, and one is helping with the practical side of your business, making sure all of your accounts are up to scratch.
Think it’s time you brought on an accountant to help support your small business? Cove Accountancy Services has been working with brands and companies just like yours for many years! Contact us today to chat about your needs, or arrange your free, no-obligation business consultation.