Hiring an accountant could help boost your business. They understand how to deal with your accounts to ensure that you submit correct documents to the government. You could hire someone to work with your company on a full-time basis, or you could partner with an accountant you hire per project. Before hiring, these are some myths about accountants you need to know.
Myth # 1- Accountants are excellent at maths
Although elementary maths is necessary for dealing with accounts, you do not expect these accountants to be walking calculators. Apart from mathematical skills, they also need to excel in analytical skills, professional writing and effective communication. They also need to have attention to detail and the ability to spot mistakes.
Myth # 2- Accountants sit all day at a desk
Accountants can multitask. Although they work mostly on accounts, they also need to deal with other tasks. They usually work in a fast-paced world where time is of the essence. They also attend training to help them improve their ability to work well.
Myth # 3- All accountants specialise in doing taxes
You cannot expect all accountants to have specialised knowledge of taxes. Therefore, you need to be specific in finding the right person to hire. Other accountants specialise in financial accounting, cost accounting, auditing or budgeting. If you are hiring an accounting firm, you need to let them know what the priority is. You will then have an accountant who could work well on the required tasks.
Myth # 4- Accountants cannot do anything beyond taxes
Some people believe that accountants can do taxes well, and it is the only task they could do. The truth is that accountants could also provide business advice. They understand the numbers well. They will tell you how your business is doing and what else you need to do to improve your profit. They will advise you on which expenses you need to reduce. While you have the best accountant working on your accounts, you could take things up a notch by also seeking advice on budgeting.
Myth # 5- You need to hire full-time accountants
If you are starting a small business, it is impractical if you keep hiring employees to work with you as full-time staff. You could outsource some of the tasks, including accounting. You can find accountants Central London offers who will work on your accounts on a per-project basis. Once it is over, you can decide whether you will continue the partnership in the future. Evaluate your first partnership to see if it is worth pursuing.
Now that you understand the myths of hiring an accountant and the truth behind them, it is time to start searching for one. You also need to create a contract to ensure that any information shared with the accountant will remain confidential. You will be sharing some of your biggest business secrets. You do not want anyone else to know about them.