A new start-up entrepreneur will need specialised help when they have to pay taxes or fulfill other obligations, as well as help interpreting financial data and trends. Hiring an accountant to take care of that part of your venture is a good option.
You have to be careful who you choose and have an idea of the cost of this type of service. The functions that an accountant has to fulfill in SMEs are multiple. Because of this it is very important to be attentive at the time of hiring an accountant for your small business.
What is an Accountant?
They are professionals dedicated to ordering, managing and interpreting the accounts of an organisation or person, in order to produce financial reports. They maintain the accounting system which records all the monetary movements related to the company.
It is important to have an accountant because they calculate the exact amount of your taxes, in such a way that you avoid tax overruns (excess payments, delays in returns, or deductions of expenditure not made). Accounting professionals can also be involved with management control, planning of tax activities, or labour issues.
- Your company, from when it starts operations, must have the support of an accountant, either as a company staff or as an outsourced service (external service) to ensure that you have your financial information in order.
- It is very important that your company has a good accountant so that you can have your financial information up to date, properly valued and in accordance with accounting standards. This is very important since the information is a vital element for making managerial decisions and so that you are up to date with your taxes and do not have to pay fines and other surcharges for incomplete statements, errors or omissions.
- The costs of professionals in accounting are varied and depend on elements such as: the size of the company, the volume of sales, and the complexity of financial operations, among others.
What will it Cost to Hire an Accountant?
In the case of tax and financial consultancy, accountants central London offers, for example, can charge hundreds of pounds per hour for their services. But bear in mind that expert tax planning and investment advice could actually save you hundreds or even thousands of pounds. Valuable advice is well worth the cost.
However, don’t expect to pay the same fees simply to maintain sales ledgers and other routine financial transactions, as this can normally be done by a less qualified accountant or even junior staff.
Hiring a good accountant should be seen as a wise investment in the future stability and growth of your company, as well as acquiring a trusted and expert ally in all things financial regarding your business.