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Is it time for you to hire an accountant?

Setting up and running your own business is exciting, whether you do it in a big city like Liverpool or a small village like Heswall. You learn a lot, and really stretch yourself, but it can also be quite stressful.

You constantly have to make decisions – often, about things you have very little understanding or experience of. Take for example, the question of when it is time to contact a Liverpool accountant and let them take over caring for your financial related tasks. At what point does it no longer make sense for you to do your own accountancy tasks?

Make hiring an accountant one of your priorities

The answer is going to surprise some of you, but it will make sense to those of you who have already hired an accountant. The truth is that you should hire an accountant, or set up a dedicated accountancy team, as soon as you can afford to do so. Read on, and you will see why we say this.

Hiring a Liverpool-based accountant will free up your time

Whether you are involved in the service sector like 60% of the city´s firms, or are working in Liverpool’s growing tourism industry, you need to focus on marketing your business. Every minute you spend on tasks like generating or chasing the payment of invoices is time you could be using to impress your existing customers and find new ones. You really do not want to be wasting hours every week on tasks like payroll, expenses or sending out invoices.

Fulfil your potential

Right now, the city of Liverpool is full of potential. Recent studies carried out by the Enterprise Research Centre (ERC) demonstrate this fact really well. For example, the organization has found that Liverpool is home to a high percentage of fast-growing firms. The number of companies that fall into this category has recently risen by 52%.

There is no reason why your business should not fall into that category too, but it will require focus for you to do so. You need to increase your turnover and innovate so that you work more efficiently and can turn a bigger profit.

A good accountant will free up your time, but more importantly they will help you to understand your business better. For example, by providing you with proper profit and loss reports that show you which of your products and services are currently making you the most money, you can limit wasted time and resources on products that are actually not profitable.

Spotting emerging markets early is essential in a large city like Liverpool. Getting in at the ground floor brings big benefits, and a good accountant will help you to do exactly that.

View your accountant as an asset

A good accountant is an asset for any business. They can also help you raise money when you need it, so that you can grow faster than your competitors.

Hiring an accountant is an investment, but it is definitely one that pays off fast. Therefore, the sooner you hire one, the sooner you can start to benefit.

Posted by Mark
July 25, 2017
Accountants

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