Arcus can help at various stages during the growth of your business and we can handle much more than just your bookkeeping and tax returns.
So when should you consider hiring an accountant for your small business?
There are good reasons for hiring us at different stages of your company’s growth. From a business plan to company formation, loan application to tax investigation, an accountant can make life easier for you at each step.
Like all small business owners who are looking to save money, you may think you can’t afford us. But look at how long it would take you to do certain tasks (such as taxes), and ask yourself, is that a good use of your time?
However, if you get an accountant to take care of time-consuming tasks like taxes, it’s quite likely they will cost less per hour than you would pay yourself. You’ll not only have extra time to free you up to generate revenue, but you’ll have peace of mind that an expert is taking care of the details.
You need advice about your company’s legal structure?
Not all businesses have the same legal structure – there are different types that are determined by different factors. Some might be called limited companies, limited liability partnerships, others could be sole traders.
You should carefully consider each type before deciding which one best suits you. For example, you may do business as a sole trader, working on a self-employed basis and invoicing under your own name. If this is the case, you might be able to offset some of your living expenses against tax.
However, this also means you could be held personally liable for any business-related obligations. If your business fails to pay a supplier, defaults on a debt or loses a lawsuit, the creditor could legally come after your house or other possessions.
With a limited liability company structure, it’s different. As the name suggests, the liability of the business is limited to the assets owned by the business, not you personally.
We can explain the legal business structures available and help you choose the one that best suits you.
Hire us when you have to deal with HMRC
It can be daunting dealing with government paperwork when you run your own business. This is why so many small business owners hire an accountant when the first tax Return is due.
A good accountant will be able to:
- Complete and file the required legal and compliance documents for your business
- Keep your company up to date with the latest tax laws
- Prepare statutory accounts
- Keep your company’s status updated in the government’s company register
- Maintain records of directors and other administrative personnel
- Organise and record share/stock allocation, such as when the business is formed, when a business partner leaves or a new partner joins.
- Handle your payroll and ensuring that all employees’ tax codes and payments are recorded correctly.
- Preparing your tax returns correctly could save you money – perhaps more money than we charge you. And we use our knowledge of tax legislation to suggest ways you can free up cash flow, save money and raise capital for expansion.
Hire an accountant if you have a tax investigation
It’s statistically unlikely that your company will be investigated, because there are so many small businesses and relatively few tax inspectors. But if it does happen to you it can be expensive, stressful and time-consuming.
If you don’t already have an accountant at this point, it’s a good time to hire one. They can give you advice on how to work within the investigation process. They can also help ensure you don’t violate any tax laws afterwards – because the HMRC will almost certainly be watching you!
But it’s better to hire us before an investigation ever happen. Good accounting processes and software incorporates an audit trail. This makes it easier for you and the tax office to see exactly what transactions have taken place over time – and who authorised them.
When your company is growing, hire an accountant
Companies don’t always grow at a steady rate. A new client or a big project can mean you need to grow your business more quickly than expected.
We can help you handle growth transitions, such as hiring employees or taking on more office space. We will look after the detail (payroll, employee tax management, property tax, utility payments and so on), leaving you free to look at the bigger picture of the way your business is growing.
We can also use accounting software to analyse your cash flow, stock management and pricing. They can also provide insight into how to properly grow the business through financial analysis. They could even help determine when is the best time to introduce a new product or service offering to your range.
What we can do for you and your business?
Accountants can help you every step of the way
As you can see, Arcus can help you out during every stage of your company’s development. That doesn’t mean you have to hire us, but the right accountant should make life easier for you, so you can concentrate on what you love doing.
Your speciality is running your business. Leave the financial detail to us. We can use cloud-based accounting software, and you’ll be able to keep track of what we do, and always be able to see your company’s financial situation at a glance.