Finance

Should You Hire an Accountant for Your Business? We Answer

If you have a small business, you’re probably wondering if you need North Wales accountants to help you with taxes and other financial matters. As with many things in life, the answer isn’t simple—it depends on your business and where it falls on the scale of big business to micro-business. But since most people are unfamiliar with what classifies as a micro-business, let’s start there before exploring why an accountant might be right for your particular needs.

What is an accountant?

Accountants are professionals who make sure a company complies with accounting standards and its financial statements can be audited by a third party. In this guide, we cover what accountants do and how to tell if you need one. 

Accountants typically work on complex transactions and in special cases, they may also help with tax returns. If your business is more straightforward (like most startups), you might be able to keep your books up-to-date yourself. That said, if you have any uncertainty or don’t feel confident about the process, hiring an accountant will make things easier down the line – especially when it comes time to file taxes.

So, what can an accountant do for your business?

Having an accountant can free up your time so you can focus on your business. They will be able to prepare and file your taxes as well as oversee financial matters to make sure that everything is running smoothly. An accountant can also give you some advice about how much money you should be saving and how much risk you should take with finances.

Is the accountant right for you and your needs?

You’ll be working closely together, so a personal connection is important. The accountant should know your industry and be familiar with accounting standards. It’s also important that the person you hire communicates well and can explain complicated things in a way that’s easy to understand. An accountant should be honest, responsible, detailed, accurate, trustworthy, knowledgeable, creative and innovative.

What is your business type and size

Is the size of your accounting firm right for your needs? After all, it’s a bit difficult to find someone who can handle everything from bookkeeping and payroll to doing the books for the entire company. Will your accountant be able to help you with filing your taxes, implementing a new computerized accounting system, or providing advice about how best to manage seasonal cash flow issues? Accounting services can vary considerably in complexity. So if you’re considering hiring one and not sure what’s right for you, this may help.

Your location and your Accountant’s location

Most work can be done remotely, and in some cases, you might only need an accountant to provide specific expertise.   In these instances, hiring a full-time, on-site accountant may not be necessary. however,  if your business is physically located in the same area as your accountant’s office, you will have many more opportunities to collaborate face-to-face. 

Things To Consider When Looking For An Accountant

There are many factors to consider when looking for an accountant that can make the process daunting and time-consuming. However, with a little bit of research, you should be able to find the perfect accountant for your business. 

 

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