Do You Need an Accountant when Running Your Own Small Business?
Running your own business can be a wonderful thing. You are hopefully doing something that you are passionate about and interested in – something that makes you excited to start the working day each morning. Lots of people decide to start their own businesses looking for a good life/work balance usually and looking to enjoy their work more. Being your own boss does come with some perks like better working hours – but usually only after the initial working around the clock to get your business going period. Most businesses don’t become a success overnight but require months or years of building first.
Another big thing about running your own business is of course that you are in charge of the company’s finances. How much work this entails depends on the kind of business you have, whether you are just working for yourself without any staff or are responsible for other people’s paychecks too, etc.
As a minimum, you need to track all your income and any expenses in a spreadsheet or by using accounting software and do your yearly tax return.
- Do you need an accountant for your small business?
If you’re just getting started, you might be wondering if you need an accountant when running your own small business. It’s not essential at the start but as your business grows a Florida CPA firm or one more relevant to your location can be a great asset to help you with your finances and ensure you are doing everything right. It doesn’t cost that much to hire an accountant and you might even make the investment back as accountants can often help you save money too.
Whether you choose to hire an accountant or not, you should read up on information about tax responsibilities and accounting laws and regulations in the UK – it’s knowledge that every business owner should have. Accountancy information is readily available online – just make sure you choose a reputable and trust-worthy source. Accountants themselves need to keep up to date too. The ICPA is a membership organisation dedicated to accountants in practice with a focus to provide their members with all the support and tools needed to make their practice as successful as possible.
- How to find an accountant for your small business
To find a suitable accountant for you, there are a few things to consider. First, do you need an accountant in the same location as you or are you happy to work together online and via the phone? Look for a certified or chartered accountant and check what qualifications and experience they have. Having experience in the type of business that you’re running is so beneficial so try to find an accountant with relevant expertise. If you know other people who run their own businesses, ask them for recommendations if they have their own accountants too. A personal recommendation is worth so much!
You don’t necessarily need an accountant when your business is small and new, but there’s no doubt that they can help you look after your finances and are very likely save you both time and money. Make sure that you find an accountant with the relevant expertise and ask around for recommendations too.