Do tech entrepreneurs really need an accountant? [Infographic]

WHY TECH ENTREPRENEURS NEED ACCOUNTING & BUSINESS ADVICE ERROR #1 DOING IT ALL YOURSELF ISSUE: Trying to do the accounts and tax yourself while building your business. Too many tasks, insufficient time and too much stress. SOLUTION: Utilise a professional advisor who can handle these time consuming and complex matters on your behalf. ERROR #2 AN ACCOUNTING MESS ISSUE: Miscalculating and misallocating items in your financial statements. This leads to inaccurate accounts and financial chaos. TIME IS MONEY SOLUTION: An accountant will ensure your back office works smoothly so that all accounting and tax tasks are performed meticulously and on time. ERROR #3 USING INADEQUATE TOOLS ISSUE: Your reporting software is deficient, complicated and unfit for purpose. SOLUTION: Your advisor will recommend cloud accounting software specific to your sector and financial reporting requirements. ERROR #4 MISMANAGEMENT OF BUSINESS GROWTH ISSUE: A lack of knowledge on how to expand your business, growth feels unamanagable and out of control. SOLUTION: Your business advisor will ensure you don't grow too quickly. Planning and funding will be put in pace to allow you to expand in a sustainable manner. ERROR #5 MISSING THE OPPORTUNITIES ISSUE: Regulatory change presents opportunities; doing it yourself means you miss out on updates and potential finańcial incentives. ? SOLUTION: Receive briefings and advice that ensures you make use of all reliefs and options available. ERROR #6 WORKING WITH THE WRONG ADVISOR ISSUE: Hiring incompetent accountants that cost you time and money because you focused purely on price. siep SOLUTION: Invest in an advisor who specifically addresses your business needs and helps you realise your growth aspirations. You get what you pay for. www.wellersaccountants.co.uk in f 8 wellers business ongen