70 per cent of small businesses don’t have an accountant – here’s why you should

Each year 82 per cent of small businesses fail due to poor cash flow management, but this need not be the case. Outsourcing your accounts to an expert accountant with access to the latest accounting software makes it easier than ever to manage, view, and analyse the financial wealth of your business.

One of the main reasons small businesses don’t use an accountant is that they don’t understand the important role of an accountant or how helpful they can be. When you use an accountant, you save money, reduce stress, get expert advice, and have more time to focus on the aspects of the business that spark your interest.

Currently, 70 per cent of small businesses don’t have an accountant so are not able to access the plethora of benefits that come with outsourcing their bookkeeping and accounts. If you are a small business that currently does not have an accountant, here are three reasons why you should hire a small business accountant today.

Expert and unlimited advice

A common accountancy misconception is that accountants exclusively deal with taxes, but this is outdated and an inaccurate way of thinking. Accountants can offer your small business much more than on-time and accurate tax submissions. They also provide informed financial advice, unlimited support, business strategy, and a range of other accounting services.

60 per cent of small business owners feel they aren’t knowledgeable when it comes to finances and accounting. Don’t let a lack of knowledge and expertise hold your business back. When you reach out to an accountant you can benefit from a wealth of industry knowledge and experience.

The latest software

25 per cent of small businesses still track their finances and accounts using pen and paper rather than specialised accounting software. Although manual methods and spreadsheets may once have worked well, access to the latest accounting software will ease the complicated task of accounting for small businesses and provide clear, up-to-date, and accurate financial insights.

In addition, keeping track of bookkeeping, payroll, and accounts using accounting software such as Xero will help keep things concise and simple when tax returns are due.

At React Accountancy, you get Xero accounting software automatically included in your package because we believe access to the latest software really makes a difference.

Growth opportunities

Business growth is a common goal among many small business owners, but as good as the word may sound, it can present its own set of unique challenges. Sudden growth you haven’t accounted for can lead to cash flow, tax, and staffing issues that you don’t know how to navigate. With an accountant by your side from the very beginning, you can identify sustainable growth opportunities and create an established business plan to make growth what it should be, exciting.

What’s more, once your business takes off, your accountant can deal with compliance, tax, and bookkeeping tasks so you have more time to run daily business operations.

If you are a small business owner who would like more information about accounting services and support provided by React Accounting, get in touch with the team today.

We provide our services across Manchester, Stockport, London, Birmingham, Cardiff, Bristol, Glasgow, Leeds, Nottingham, Leicester, Edinburgh, Sheffield, Bradford, Coventry, Liverpool and Belfast.

Related articles

https://reactaccountancy.co.uk/xero-online-accounting-services-a-guide/

https://reactaccountancy.co.uk/choosing-the-right-accountant-for-your-small-business/

https://reactaccountancy.co.uk/the-small-business-guide-to-managing-cash-flow/