When You Should Hire an Accountant

There are many reasons to hire an accountant at different stages when your company is growing. An accountant can make life easier for you at each step and help you in business planning, company formation, and loan application to tax investigation. This doesn't mean you always need a full time accountant. Sometimes just a couple of hours of their time will be enough.

Like other small business owners who are looking to save money, you may think you can’t afford an accountant but the question is how long it take you to do the various tasks (such as taxes) so ask yourself, is that a good use of your time?

For example, let’s say it takes you 10 hours to do your taxes, and your time is worth £100 an hour. That’s a cost of £1000 to do your taxes yourself. And there’s always the risk you’ve made errors – especially if you’re multi-tasking like most business owners.

So, if you hire an accountant to take care of time-consuming tasks like taxes, it’s quite likely they will cost less per hour than you would pay yourself. You’ll not only have extra time to free you up to generate revenue, but you’ll have peace of mind that an expert is taking care of the details.

So what other moments during the life of a typical small business, might you want to hire an accountant to help you? With the help of Nomisma Accounting Software Powerful reporting accountants can access to numerous system generated reports. Covering everything from profit and loss by department or job, to aged debtors reports and Nominal ledger reports. So why late to choose Nomisma Accounting Software for Accountants.

As we know, accountants can help us during every stage of our company’s development. It doesn’t mean we have to hire one but the right accountant will make life easier for us and we can concentrate on what we love doing.

Our specialty is to run a business and we can leave the financial details to an accountant. If we are and our accountant use cloud based accounting software and we will be able to track of what our accountant does and always be able to see our company's financial situation at a glance. So cloud accounting is very beneficial for us. The benefits of accounting software are so strong that you can’t afford to wait any longer. Making Tax Digital is mandated for April 2019, meaning the switch to digital is set in stone. You will be required by law to submit VAT returns digitally, for clients above the VAT threshold.

Companies don’t always grow at rapid rate. A new client or a big project means to you that your business will grow more quickly than expected.

An accountant will help you to handle growth transitions such as hiring procedures or taking on more office space. Accountants will look after the detail (Payroll, Employee Tax Management, Property Tax, Utility Payments and so on), leaving you free to look at your business growth.
An accountant can use accounting software to analyse your cash flow, expenses, stock management, pricing and tax filings. They can also provide insight into “How to grow business through financial analysis" and also determine new product or service offering to your range.

Small Business Accounting can quickly become more complex if you do it on your own and you can lose control over who owes your money and how much. An accountant can help you to get back on track.

You may also want to measure your business key metrics such as ration salaries of employees and other employee payments to total revenue. An accountant can help you by managing payroll and producing graphs so that you can check how the ratios can changes over time.

Accountant should use payroll software or cloud accounting software so that he/she can able to share your business accounts with you quickly and easily. They can produce financial charts to understand company’s current financial situation.

When you are writing your business plan you can involve accountant because they will be able to use accounting software to add financial projections and other reports in your business plan. This will help you to create professional business plan and more likely to be succeeded.

Having a professional at early stage means you will get the benefits of their financial knowledge and better advice from the start. That could save your time and money as compared with later hiring.