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If you’re just starting out or already run a small business, you may believe you don’t need an accountant and want to do everything yourself instead – however, there are many reasons to hire someone to help you.

In this article, we’ll look at the various reasons why you should have an accountant from the get-go and what we can do for you.

Accountants Help You Get Off the Ground

When you start trading, you may feel daunted by the sheer amount of admin that needs doing. However, an accountant can help you to meet all your tax obligations and ensure you don’t miss any deadlines.

The UK tax system is complicated, and you may not be aware of all your responsibilities, of which expenses you can claim, of the penalties for not submitting documentation on time – having a dedicated accountant who can help with all this and also provide advice when it comes to business planning, ensures you create a strong foundation from the get-go.

Your Accountant will Help You Maximise Your Profits

Another thing accountants can help with is to ensure you’re maximising your tax efficiency, meaning you’re taking home the maximum amount. As mentioned, UK taxes are a complicated matter, so most business owners won’t be aware of the ins and outs of tax law, so they might end up paying more taxes than they need.

As contractor accountants, we can help you understand where to save money and how to cut costs, for example, as well as helping you see changes you can make to your business in order to maximise your profits. Speak to us today for more information.

You Get Error-Free Submissions

Our accountants have many years of experience, so they’re used to helping sole traders, limited company owners and locums submit their paperwork to HMRC on time and with all the correct information. They’re always up to date with the latest news and legislation.

As a business owner, your strengths lie in the work you do so, by hiring an accountant, you can continue to focus on running your daily operations while we handle everything else – our vast accountancy experience can put your mind at ease that your returns will be error-free; you won’t have to worry about late filing penalties or fees.

Running a business is already a full-time job, so the last thing you need is to spend hours trying to figure out all the admin too. Gorilla Accounting is here for you!

small business owner

Accountants Can Help You Set Up a Business

If you need help setting up your business, a dedicated accountant can keep you compliant and provide expert advice on every aspect of your new venture, from the best operating structure for your business to the financial analysis of your plan.

You can also get help forming a limited company; for just £50+VAT, Gorilla Accounting will register your company with Companies House, provide a certificate of incorporation, handle share certificates, do your business account application, handle your VAT registration, and more.

Everything is taken care for a small fee, freeing you to focus on what you do best!

On an ongoing basis, accountants can do a lot for you, such as preparing and submitting your returns and answering your most pressing questions so that you can always make informed decisions on your business.

You Can Get Other Services Too

All of us at Gorilla Accounting understand that new ventures require a lot of groundwork, from a business bank account to contractors’ insurance, but we’re dedicated to providing you with the best service, which is why we’ve partnered with the best of the best.

Our partners can offer you great deals on insurance, including life policies, as well as help with your financial planning, your contractor mortgage and even IR35. This means we’re a one-stop-shop for all your business needs.

Vetting providers can take up a lot of your time, but we’ve already done the legwork and you can simply take advantage of all our offerings.

Accountants Can Handle All Tax Situations

Because accountants are experts at all-things finance and tax, they can manage every tax situation possible, even if your business has unique or new aspects – a great example of this is cryptocurrency. Many individuals and companies now deal in crypto, which is a fairly new field, so tax legislation is still catching up to it.

By having an accountant, you can relax knowing that your accounts are in order no matter what and that your returns and your Capital Gains Tax submissions are correct. We’re cryptocurrency accountants, so let us know if you need help with this sector, which is not only fast-moving but also constantly changing.

Debts are More Easily Managed

This can mean debts you’ve taken on to start your business, including loans. You don’t have to struggle alone, as accountants can easily help you manage these debts and figure out a plan for repayment that will still let you grow your venture.

In addition, you won’t get generic financial advice – when you have a dedicated accountant, they will give you specialised advice and support tailored to your business.

It’s Easier to Plan for Growth

Another thing to consider is that accountants are not just there to ensure the numbers are good. They can also contribute to your business plan by helping you to set goals and create a plan of action to help you maximise your profits.

Accountants Can Help You Budget

When you’ve just launched your business and are still learning the ropes, an accountant can give you advice on how to budget, which will make the process a lot easier too. Accountants will focus on the numbers and help you understand the cost of everything, so that you know what you can invest in, if you need to cut costs, if you have to raise rates, and more.

small business owners

Manage Your Cash Flow

This is a crucial step for all businesses, whether they’re start-ups, small ventures or well-established companies. Hiring an accountant will be a weight off your shoulders when it comes to managing your cash flow, since they will help make sure your business doesn’t run out of money – they’ll also stay on top of all potential risks, so you’re not caught by surprise if anything happens.

Cut Your Workload Down

Being your own boss should be all about making your own schedule and taking holidays when you want to, so that you can spend time with your loved ones. So, instead of worrying about crunching numbers in your free time, let your accountant deal with everything instead.

An accountant can reduce your workload and help you avoid stress. You get more time to do other things you love, including your hobbies!

Accountants are Useful When Buying or Selling

This is another thing many people may not consider at first. If you’re planning on selling your business down the line or even expanding by buying another business, you can benefit from having an accountant on hand to deal with all the minutiae.

They Provide Accounting Software

Tools like FreeAgent accounting software have always been useful to keep your accounts organised but, with Making Tax Digital, they’re now practically mandatory. FreeAgent provides real-time information you can access from any device (your phone, table or computer) and from anywhere in the world, even if you’re on the go.

You also have everything in just one place, meaning you don’t have to struggle to find a specific receipt or invoice. With this feature, doing your taxes is easier than ever, be it your self-assessment tax return or your corporation tax, for example.

FreeAgent is also secure and allows you to upload receipts and manage your expenses, categorise your transactions, and even create and send invoices.

You also have the ability to chase payments automatically. Most business owners know that payments are not always made on time, so this feature is helpful to politely nudge clients to pay what they owe as soon as possible.

What Do You Need to Supply Your Accountant with?

Accountants can do a lot for you but it’s also crucial that you provide them with the necessary information they need to help you; otherwise, it would be next to impossible to handle everything on time and without mistakes.

So, make sure that your accountant is aware of all transactions, invoices and expenses, as well as any communication you have with HMRC or Companies House, etc.

After all, while accountants are there to sort out your finances, you’re still responsible for your business’ accounts, so ensure your accountant is aware of everything so that you don’t have to pay penalties or late fees, for example.

business woman

Switch accountants today and start benefitting from everything Gorilla Accounting has to offer! This includes preparing and submitting payroll, handling your self-assessment, reviewing your bookkeeping data quarterly, assisting with HMRC records checks, helping with standard employment status references, helping with IR35, and much more.

As sole trader accountants and limited company accountants, we can help get your business up to speed when it comes to accounting, so don’t hesitate to get in touch with us for more information!