"71% of companies surveyed utilize the services of an outside accountant. Corporate tax, personal tax, and accounting are the most common services for which businesses use their outside accountant. The majority of companies that engage with an accountant do so very early in the life of their business, with 53% reporting they did so right at start-up and 13% more within six months of start-up."
Source: Sage.com survey
Using a Specialized Accountant for Your Small Business Startup
When getting ready to launch your startup business, it is crucial to make sure you pick the right accountant during your setup period. A specialist small business accountant can help guide and drive your business to profitability. They can offer advice on a range of aspects when setting up a business, such as your best working arrangement (whether as a company or individual) and keep an eye on your finances when expenditure is high during this startup period, for example. Here are three reasons to seek out a specialized startup accountancy firm:
- A Specialized Accountant Has More than Accounting Skills--A specialized accountant is of course qualified to manage your finances, but they take on more of a role as a trusted small business adviser. They have the in-depth knowledge, understanding and experience of managing small businesses beyond just accounting. Their views are also objective, giving you honest input on the ongoing growth and evolution of your business, without the attachment of you, as the business owner of the startup.
- Your Time is Freed Up for Running Your New Business--If you hire a specialized accountant to handle your finances for your startup, that frees up so much of your time to do what really needs to be done-building your customer base. You may think that your startup is not big enough to warrant an accountant, and that you will not spend much time sorting out accounting issues. But unless you’re an expert in tax and finance (in other words, an accountant yourself), this simply is not the case. The financial aspects of running a business change on a regular basis – from keeping your books up to date, approaching funding sources or market analysis – an accountant provides your business with a great deal of essential support, time savings, and help to ease the load of setting up a company.
- A Specialized Accountant Understands What it Takes to Handle a Startup--Small companies and startups are very different from large, corporate organizations in terms of the assistance they require and the legislative rules. As such, a small business accountant will possess a wealth of experience to offer you the best-informed advice in resolving issues for your specific situation. Every business is different, so the financial advice you receive should be tailored to your personal circumstances. For example, you may work alone or need to employ staff or your business may be eligible for certain industry-dependent grants and tax breaks
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