Being biased, we would always say yes. But there is a catch – you need a good accountant. Not just someone who will sign off your accounts/submit your self-assessment, every 12 months, without ever meeting you.
A good accountant is in our eyes, someone who has a wide variety of clients, so that they have experience in your field of business. Don’t be a guinea pig for anyone – you’ve worked hard to get to where you are, your business is not an experiment to be toyed with.
A good accountant should also be someone who is willing to communicate with you on a regular basis, so you know the health of your business going forward, not looking back. There are benefits of reviewing the past 12-24 months, however, reviewing in real time means you can make any adjustments that can assist your profit/expenditure now. This really could be the make or break of your business.
Having a proactive accountant from the off, means that you should hopefully remove the likelihood of problems because they can offer sound advice on how to implement robust procedures that will ensure your business grows successfully.
It’s best to get an accountant in right at the beginning – so it’s important to remember when you’re looking for finance for your start-up; to budget in accountancy fees in your proposal. However, don’t fret if you’ve overlooked the assistance of an accountant and certainly don’t be put off asking for help for the future!
We know that fees are an important factor in using an accountant and that’s why we allow our clients to pay these over a 12 month period. We find that this works well for people because they can budget better, but it also benefits our cash flow and reserves – so it’s positive for both parties!
I feel that the best way to highlight the importance of hiring a good, reliable accountant is: if given the money to self build your dream home, would you do so without employing the services of the best professionals? E.g. architect, surveyor, builders, electricians, plumbers – the list goes on. Yes, you may be able to decorate the house to make it a home, but the foundations need to be laid by someone in the know!
Ultimately you are the expert of your own venture, but it is absolutely beneficial to call on the services of professionals for the areas you don’t have experience/expertise in.
Have a great weekend if you’ve read this far!