When you’re passionate about something, you’ll do anything you can to ensure it remains a viable and worthwhile prospect. This same logic applies to small business startups, who need to look beyond the exciting and more enjoyable elements of their business plans, and delve a little deeper into the foundations of their businesses, and make them as structurally sound as possible.
One of the most overlooked foundations of any small business is the need to hire an accountant. Of course, many small business owners and entrepreneurs believe that accountants don’t need to be on the scene until their business is in a stronger financial position, and while this statement has some truth to it, it’s not entirely accurate – you can find it helpful advice on hiring an accountant, here.
In this post, we’ll explore why an accountant should be your first business hire as a growing small business. Read on to find out more.
You’ll Have More Time to Focus Elsewhere
Even if you have a passion for balancing books and handling finances, ultimately, you’re not an accountant and as a business owner focused on growth and success, hiring an accountant in the early stages means having more time to focus on other areas of your enterprise. The less time you spend organizing and chasing your invoices, making sense of your tax obligations, and categorizing expenses, the more time you have to spend elsewhere and drive your success forward, safe in the knowledge that your finances are in safe hands.
Getting Tax Right Is a Real Headache
Tax laws and obligations are incredibly tricky and complicated. Trying to decipher jargon and ensure you’re entering the right numbers into your returns – as well as meeting those looming deadlines, is enough to keep any entrepreneur up at night. Getting these forms wrong or making a mistake can lead you to all kinds of problems, as well as fines and errors with your tax. To prevent this from happening from the outset, it makes sense to hire an accountant as soon as possible.
You’ll Be In A Better Financial Position
When you manage your own accounts, you’re probably filling in the numbers you know and crossing your fingers. However, when it comes to accountancy, there’s a lot more to it than just punching in figures. Working with an accountant in the early stages means giving your enterprise a financial health kick from the get-go. They can highlight where you’re losing money and help you strategize for financial growth, forecast your finances accurately and help you make well-timed business decisions such as hiring employees or launching a new product. This kind of financial insight can propel you forward and keep you one step ahead of your competitors.
Hiring an accountant and utilising their skills and knowledge can mean simply checking in with them once a month or even once a year to give your business a financial health check. Investing in the services of an accountant in the early stages of your enterprise development means a stronger foundation for your business in the years to come.