DEBUNKING 5 COMMON MYTHS ABOUT ACCOUNTANTS
You'd be forgiven if you ever thought accountants are all the same OR only exist during tax season or they're obsessed with number crunching.
Accountants are heavily stereotyped and deeply misunderstood! It’s likely that if you’ve ever thought about working with an accountant for your small business, you might be guilty of having these misconceptions too. Don’t worry, we forgive you! We’re busting 5 common misconceptions about working with an accountant.
Accountants aren’t worth it for a small business
Accountancy is a service you have to pay for and we totally understand that finances can feel tight especially in the early stages of starting a business. But if you’ve formed a limited company, even micro businesses can get quickly overwhelmed with staying on top of deadlines and navigating tax. It can get easy to get lost in complex jargon, be unclear about what expenses you can put through your company, get into a muddle with paying yourself and keeping on the right side of the law and HMRC.
Weigh up the cost of accountancy services by considering the value of:
The money you’ll save with expert advice and avoiding costly mistakes. We don’t like scaremongering but penalties and fines can quickly add up to more than you would have paid for an accountant. Also, you may be missing out on tax savings which can’t be claimed once that ship has sailed.
The freedom of lightening your mental load as a busy business owner and the emotional support of having someone in your corner.
The impact of reaching your business goals faster or increasing your bottom line in less time. Time is a precious and finite resource. What else could you be doing in your business with the hours saved by hiring an accountant?
2. Accountants are just for tax season
Tax and accounts filing and keeping the tax man (or woman) happy are absolutely a key part of an accountants service but it’s not all we can do.
Accountants can support your business all year round. Whether it’s advising on tax-efficiency, managing your cash flow, making confident decisions or creating financial plans to help you reach your goals.
At Beaver & Bee Chartered Accountants, we love collaborative done-with-you services to help you own and understand your numbers whatever the size of your business. We offer power hours, cash flow forecasting, complimentary client reviews and management reporting. Check out our services here.
3. Accountants are all the same
Accountants don’t just come in two flavours - boring or boring. Accountancy can also be misconceived as a cookie cutter service that will be the same wherever you go.
There may be different specialisms, experience and qualifications but what is often overlooked by business owners when engaging an accountant is that personality, ways of working and communication styles can be wildly different.
At the centre of it all is a relationship. You should also look for an accountant who you will get on with and trust as you need to be honest and open and sometimes vulnerable when going through difficult times in your business. It’s so important to choose an accountant who will engage with you as often as you need and who “gets” you and your business. This is why we set up a female-centric boutique accounting practice, for female business owners who want to work with someone like-minded.
4. Accountants love maths and numbers are boring
We believe accountancy should be human-led - a relationship with support, understanding & empathy. We understand that every small business starts as a dream so we are passionate about a life-centered approach and will take the time to get to know you.
It may surprise you that beyond basic maths, accounting is really about turning the numbers into a story about your business and helping you to change the plot.
Numbers are only boring if you think the money you take home is boring. Even if you primarily identify as a purpose-driven business, more profits means there is opportunity to make greater impact.
5. Accountants aren’t needed anymore because of software
So you’ve signed up for an accounting software subscription - it may even begin with an X and end in an O. We love Xero over here too! And it’s basically an accountant-in-a-box right?!
Software makes everyday tasks easier and quicker and can give you useful data at your fingertips. But remember “Garbage-In-Garbage-Out” applies here.
Software is simply a tool, not the whole solution. Software will only do what you tell it, your accountant knows you and can tell you what you don’t know.
The magic happens when you and your accountant collaborate using the power of technology.
We hope we’ve dispelled some of the common myths about working with an accountant. Did you hold any of these reservations about working with an accountant? We’d love to know - pop a comment for us in the box below.
Please get in touch if what you’ve read has been refreshing and you’d like to work with a female-led accounting practice. We’re based in Greenwich, London but work with any business in the UK - using the power of technology of course!
