No one who starts their own business took on the responsibility because they didn’t want to be hands-on. Most people who go into business for themselves are the kind of person who likes to be in charge every step of the way, from the very first concept ideas to the final sign-off. However, there are some areas where you need to bring another pair of eyes on board, an expert whose job it is to make sure that nothing is left to chance.
So, while you may be wondering why you need an actuarial service, financial advisor or accountant when you’ve shown that you’re capable of striking out on your own and starting your own business, here are a few reasons why you are going to need that extra pair of hands.
They Will Save You Time
If there’s one thing that everyone who runs their own business is short of, it’s time. After all, when you’re in charge of everything, you need to be keeping on top of every ongoing task as well as looking ahead to the future. Accounting for your finances is time-consuming and detail-oriented work, and the time you spend doing your books is time that you could be spending chasing down new leads for prospective clients, or actually doing the work that you enjoy. After all, isn’t that why you started your own business in the first place? With a good accountant at your side, you can focus on keeping your business moving forward while they handle the numbers.
They Will Save You Money
If you started your own business, then it seems fair to assume that you are confident enough with your finances to at least stay on top of things. You may know how to file your tax return, for example, and you know how much work you need to bring in to make sure that you, and any employees that you may have, are getting paid.
However, an accountant or financial advisor can help you save money while you’re doing so. It’s their job to be up to date with the latest laws, rules and regulations, and to know how to take advantages of any benefits or incentives. They can help you to plan ahead to make sure that you will be taking advantage of any end of year deductions, they can advise you on any specific benefits in your area, and, perhaps most importantly, they can be on call to advise on situations as and when they arise.
They Can Help You Plan For The Future
When you’re running your own business, especially in times as turbulent as these, it can be hard to lift your head up and think about what’s on the far horizon. You may be planning ahead for a year or two in the future, but what about further down the line?
A good accountancy or actuarial firm won’t just help you with your taxes and make sure that you avoid a pesky audit (is there ever a good time for one of those?), they will also have one eye on making sure that enough money is being squared away for your eventual retirement.
Saber Pension is a great example of an actuarial company set up to help small business owners save for their pension and save money while they are doing so. With a self-employed defined benefit plan, you can see just how much you could be saving for the future, so visit their website to learn more about a defined benefit plan that works for you.
Your Financial Situation May Change
As a small business owner, we are sure that we don’t need to tell you about just how unpredictable the last twelve months have been. We have all faced a world of challenges that none of us could have planned for when we started our own businesses (unless you were extremely prescient and somehow had “in case of global pandemic” in your business plan), and there are plenty of hardships still to come.
The role of a financial advisor or accountant is to help you navigate through difficult times, as well as periods of prosperity. They will be on hand to discuss any tough choices that you may have to make and to recommend ways to keep things moving forward. Whether it’s discussing ways to raise additional funds, putting together projections for the year ahead, or talking about where you can cut corners in your spending, they are a truly invaluable resource when things get difficult.
They Can Offer A Second Opinion
Finally, one of the best reasons to hire an expert is one of the simplest: they can give you a second opinion when you need it most. As a small business owner, you have so much responsibility and there can be situations where you really need a second voice to bounce ideas off and talk things through with. From a business standpoint, there’s really no one better or more qualified.