Starting a business and managing your finances at the same time can be overwhelming!
If you don’t get help early on, your business might fail. The early days of running an organisation are often very challenging, and this is made worse by the need to keep on top of your finances.
The financials can become complex very quickly. Working with an accountant could well be the solution you need. Typically, start-ups don’t think twice about recording their transactions. That may be due to the fact that they’re either trying to cut down on expenses or they can’t afford a business advisor. They later find themselves scrambling to put together a set of yearly accounts from old receipts and records, either to find funding or to submit data to HMRC and avoid hefty fines.
We often get asked by entrepreneurs if they need business accounting services. In this post, we’ll explore the answer to that question in more detail. Read on to find out what criteria you should use to select the right firm to help you with your plans to grow:
Why Should You Outsource Accounting Services?
One of the most common questions we get from entrepreneurs is why should they outsource accounting services? The answer is simple:
You don’t know what you don’t know.
In a start-up, the founders and management have a specific expertise in their field, but not in the business side of their venture.
If you don’t have time to focus on the financials, you have to either hire someone to help you, or you’re going back to these statements in a year and feeling overwhelmed.
A qualified accountant can help you avoid this scenario, and bring your business on track, across all areas. Accounting firm can:
- Help you perform your financial functions, even if it’s just doing the basic reporting and bookkeeping for you
- Provide guidance on how your business is performing, now and in the future
- Help you develop a real sense of what your company’s financial results are
What Criteria Should You Consider When Choosing an Accounting Firm?
If you decide that it is worth outsourcing accounting services, there are several factors to consider before choosing a firm.
First, the Firm Has to Understand your Business
You want the person handling your business to have a good understanding of your field. You also want them to be able to understand your internal challenges, whether they’re legal or tax issues, or supply chain concerns.
You Want Your Accountant to Always Be There for You
A good accountant needs to be responsive and available when you need them. They need to make you feel important to your business, and they need to make you feel like they care about your business.
They Should Have the Experience and the Resources to Help You
The accountant you choose should have a broad range of knowledge, so that they can guide you to the best solution. Since there are a lot of different issues that can, and will, come up, you should look for someone who has the time, the inclination and the knowledge to help you with everything.
There Should Be an Absolute Commitment to Helping you Succeed
An accountant should bring a lot of enthusiasm to your business, and be eager to improve your financial results. You should be confident that your individual needs will be taken into account, and that any ideas you have will be incorporated into your financial plan.
Conclusion
Planning for your business is vital for its success. The same applies to your finances. Accounting services can help you with your financial planning and strategy. The key is finding the right accountant to help you take care of your startup’s accounting needs.
Accountants247 Urmston offers reliable accounting and bookkeeping services for startups and established businesses alike. Get in touch with us today to learn how our dedicated accountant can help you!
