Why Neil Hired a Personal Chartered Accountant for his Business over Online service platforms?
Neil Smith, a zealous start-up owner always dreamt of starting a design company in London. Considering the number of businesses that failed in the last few years, he was sceptical about implementing his multi-million idea.
After several months of thinking and discussing with friends, one day Neil realised that Bill Gates, Steve Jobs, J.P. Morgan, Mark Zuckerberg, they all have one thing in common-the crazy seed of entrepreneurship. Entrepreneurship or the art of doing business is both the easiest as well as the toughest road to success. It is true that you can take your own decisions, but they'll drastically affect your financial status in the future.
Success in the business world is unlikely until one seeks help from mentors and dedicated professionals, which is why Neil did some research and decided to go with personalised chartered accounting services. He understood that an accountant's scope of work isn't limited to tax preparation, but he could use the vision and expertise in the industry to grow his business and beat unexpected economic challenges.
It was unusual because businessmen are more likely to rely on the lawyers and accountants hailing from big companies and accounting service platforms. Then why did Neil prefer a personal CA to accounting companies? It's because there are many benefits to hiring a personalised CA.
Hiring a personal accountant meant that he or she would single-handedly manage his company account and thoroughly analyse it to come up with the best solutions for his company. They are easily approachable-just a phone call or mail away.
Yes, several online platforms offer accounting services, but they provide general accounting services and handle multiple clients at a time. Neil wanted to hire someone who could not only manage his accounts but also give him business insights and understand the requirements of his company. So a personal CA seemed like a good choice.
Neil's personalised CA played a salient role in taking his business to new heights. He helped him in:
- Maintaining and updating accounts
- Financial planning and reporting
- Payroll processing
- Budgeting and forecasting
- Account auditing
- Planning investments.
It was one of Neil's smartest decisions to prefer a personalised CA service to virtual companies or new-generation apps, as his accountant:
- Worked closely with the inside and the outside confines of entrepreneurship,
- Was well-versed with the changing business trends in a dynamic economy.
- Had theoretical knowledge of numbers and knew how to apply it in the business world.
- Effectively dealt with the cumbersome aspects of business, like taxes, compliances, and other regulatory hurdles
- Was physically approachable
- Analysed the current scenario as well as the future scope of a business venture/ collaboration before taking any major decisions.
By hiring a personal CA, Neil could avoid common mistakes that occur in the case of online accounting service, like:
- Frequently losing touch with them
- Potential frauds
- Risk of losing data
- Technical issues
- Incorrect information
- Wasting time in dealing with a company's customer service representatives
- Dealing with accounting software you have no clue about.
Today, Neil owns a flourishing business and firmly believes that all companies, whether startups or big shots must work with a personal accountant.
How is this entrepreneur-CA relationship fruitful for businessmen?
- Entrepreneurs can find a work-life balance.
- When CAs take on the heavy lifting of different commercial sectors, entrepreneurs find more time to focus on core business ideas.
- A well-managed account leaves a lasting impression on your clients and vendors, which is good for your professional reputation.
- A seasoned accountant analyses growth and profitability opportunities and compiles all data to build a successful roadmap.
The expertise, insight, and guidance offered by a personal accountant act as catalysts for a thriving business, which is why you need their assistance, like Neil.