Research has found that 25 per cent of small business owners feel overwhelmed with the running of their own business at times, according to a survey by Hiscox Insurance. Many owners also end up spending much of their working days performing tasks such as ordering stationery, manning reception, cleaning offices and dealing with invoices. For those who are burning the candle at both ends, there is a solution.
Laurence Collins, Managing Director of Magic Accounts, a team of online accountants for small businesses, says, “Business owners have enough on their minds nowadays without having to worry about sending off tax returns and monitoring the monthly accounts. Drafting in part-time accountants can help to take a significant load off their mind and free up their time to get on with the day-to-day tasks that keep the business ticking over.”
Having a part-time accountant on board removes the often heavy responsibility of monitoring business finances from the owner or manager and places it in qualified, capable hands. These professional accountants take charge of everything from preparing VAT returns to calculating how much tax and National Insurance the business owes to HMRC. Business owners needn’t spend half the morning talking to HMRC about a specific enquiry; their accountants will handle it all for them, leaving the owner free to run the actual business themselves. When it comes to end-of-year accounts, those charged with running a business needn’t spend all hours at the office collating invoices and talking numbers; as long as they keep on top of their invoices and receipts, sending them all to their accountants through a simple cloud-based service, their end-of-year accounts and returns will be fully taken care of.
Many business owners are reluctant to hire full-time staff right off the bat, purely because of the financial commitment it entails. Online accountants do not work specifically for the company, and are not on the payroll; they are much more cost-effective than hiring a dedicated company accountant, and even more economical than investing in expensive accountant software that takes months to learn to use.
As well as freeing up time for business owners to focus on other tasks, having an accountant can be an essential element in managing a business and planning for growth. They can offer expert, impartial advice whenever it is needed on a variety of topics, and they already have an in-depth knowledge of the business’ accounts, so they are best placed to assist with matters of cash flow, profit forecasts, raising finance and translating business ideas into viable plans.
