0800 140 4644
Being your own boss is an incredible experience, but it’s also really frightening, with money and cashflow at the very centre of your mind. No matter what else is going on, you will be asking yourself ‘am I going to get enough money in to pay myself?’.
The idea that in starting a business you will end up scrabbling for food in the supermarket, looking around for the soon-to-be-out-of-date bread and value brand pasta, comes to everyone at some point in their jump from salaried employee to entrepreneur. It’s no wonder that everything you spend your money on becomes a complicated decision – after all, pour too much in and you end up folding fast, but don’t pour enough in and you might be stagnating your own growth and potential.
Paying for services is particularly hard, especially if there’s half a chance you could do the work yourself. Do you get a web designer to create your website or take a poke at WordPress or Wix yourself? Do you really want to pay a writer to help with marketing? Can’t you design your own logo?
And there, right front and centre, is the accountant. Can’t you just fill in your own accounts and tax returns and save the money?
The question is simple: is it worth investing in an accountant for a small one-person start up?
The answer is: yes!
Reason #1 – Saving money
In a weird twist of logic, paying an accountant to do your tax is making money. It is our job to look at your tax and do everything we can to make sure you’re not paying too much. Her Majesty’s Revenue and Customs are actually quite fair people, and don’t think you should be paying so much tax that you find it difficult to run your business.The key is to claim as much in expenses as you can, so you are not paying more tax than you need to. This is not tax avoidance or evasion, it is just using the allowances and expenses which are available to you. Not only is there tax legislation, there is also tax cases which occur every day and impact on what you can claim and how you can claim. This is knowledge and skill that your accountant has.
We’ll be honest, we’re probably not that good at your job. We’re poor plumbers, incompetent designers and awful IT consultants, but we’re great when it comes to understanding the finer nuances of accounting and tax regulations.
For the small fee you pay your accountant, you are likely to save many time more in just paying the correct tax.
What’s more, you don’t even have to settle your account with us until we’ve saved you the money!
Reason #2 – One less thing to worry about
Most new entrepreneurs will list tax and finance as one of their top worries. There’s the feeling (no matter how illogical) that the tax man is sitting there ready to pounce. In conversations with our clients, we hear so much fear of HMRC, but don’t worry – we are here to lift that burden entirely.
Working with an accountant means someone else is dealing with the stuff that you may not understand, making sure every box is correctly ticked and all relevant deadlines met.
Tax man still, but bogeyman no longer!
Reason #3 – A feeling of legitimacy
Feeling like you are playing at running a business can overtake even the most confident company director. Like the Wizard of Oz, once you see behind the curtain it’s easy to feel that you’re just making it up as you go along, and that you’re not really doing it properly. It’s amazing how working with an accountant can remove that uncertainty and turn it into a real feeling of legitimacy.
Our clients often tell us that this reason alone really puts them on track to make their business a success.
Reason #4 – See your business grow
When your accounts are properly organised, you can really see how your business is doing in the key area that means the most – financially.
Remember asking yourself if you’d be able to afford to eat, and if you could afford to invest? With detailed accounts that are easy to read you can see exactly how the business is doing and what you should focus on in the coming months and years.
The beauty of accounting software can help bring your business to life, so any time, anywhere in the world you can see just how it is performing. This will save you time, help you make better decisions and who know, maybe you will enjoy it all more too!
Reason #5 – Make a new friend
We might only see you once or twice a year, or we might meet up regularly to go through figures, but we like to think that we’re a friendly face. Come to our office for a coffee and a chat or let us come to you to discuss your needs in your environment – we’ll get you sorted in no time.
Reason #6 – it’s not just us it’s who we know too
We also work closely with strategic partners such as Financial Advisers, HR Consultants, Marketing & PR specialists, Mortgage Brokers, Solicitors and Virtual PAs, to name but a few, to ensure we have great people working in the wings to support you, if and when you need it. There will even be people ready to assist you that, right now, you don’t know you need, but they’re there, waiting to help you.
Contact Us today
We want to develop a long-term relationship with you, we want to be there with you along your business journey, from inception, through growth to maturity.
We offer a free initial consultation when we get the opportunity to better understand you, your business and how we can best work with you to help you achieve your dreams. To find our more, contact Black and White Chartered Certified Accountants today, or call us on 0800 140 4644, so we can discuss this further.
