The closest word we found was chrometophobia, which is actually an extreme fear of money – spending it, handling it and thinking about it !
This seems like a very different fear, but could it be because we are traditionally regarded as very boring and serious – maybe we are getting closer to the truth?
Some new clients will say that they used to feel like they were going to see the head at school – so maybe it’s because they think they might be told things they don’t want to hear or that they might be told off for doing something wrong?
We’ve addressed a few common reasons why people might be afraid to approach accountants
They think their questions are too stupid
When you are starting out, no question is too basic and definitely not stupid if the answer to it is going to help you understand more about what’s going on in your small business.
This is where establishing a relationship with an accountant from the beginning is a good thing, because it’s very likely that the questions you have are the same questions other new small businesses have and they will be able to answer your questions quite easily.
Once you get the answers to those basic questions, you’ll start to feel less stressed and more in control of your business finances.
They think their business is too small for an accountant
It’s not about how small you are, it’s about the mindset of how you want to run your business.
If you want to grow, then you will benefit from finding an accountant who you can work with in the early days. By doing this, you will have someone who will look after you as part of your support network from the outset
As your small business grows, your time will become more stretched, and you’ll find less time to do the important things that need to still happen, and keeping control of your business finances may seem less of a priority as you put all your energy into focusing on your small business growth.
Sometimes imposter syndrome gets in the way of making the right decisions about who you need to speak to, so maybe take 5 minutes to read our blog on ‘do I really need an accountant’ to help you decide when is the right time for you to work with an accountant.
They think their business can’t afford an accountant
It depends on what value you put on peace of mind, reassurance and someone who you can speak to and ask the basic/stupid question (see above).
It also depends on what your priorities are for growing your business and your available cashflow.
If your cashflow is minimal, then talking to an accountant in the early days, could be invaluable as most will be happy to spend some time at the beginning helping you get organised and give tips on keeping a control of your business finances
This will help you save time and money in the long term, because you won’t have to pay them to unpick a messy box of receipts and chase for missing information.
If you don’t want to do any record keeping yourself, then you could consider finding a bookkeeper as they will be more cost effective. Your accountant can then just focus of supporting you as your business grows, keeping you on the right side of the tax man and advising you on next steps.
Most accountants will offer a fixed fee quote for each year so you can budget and plan. If you’re not asking for interim reviews as you go, then it might well be will be a full year before you have to pay them to look at your accounts and tax return so you have time to generate some cash in your business.
If you’d rather budget monthly, many accountants will offer a monthly payment plan to spread the cashflow.
They think they’re too busy to find an accountant
If you know you need an accountant, but you’ve already too busy to make time to speak to an accountant, then you need to prioritise that to save you time, and most likely money, in the long run. The longer you put it off, the bigger an issue it will become, and it will take up more of your brain time until you get it sorted.
Ask around for recommendations to save time trawling the internet then just put your grownup pants on and then make that call! So many new clients tell us that once they’ve made that first call to us, they feel ten times better already knowing someone is going to be helping them going forwards.
PS We’re trying very hard to dispel the myth of being boring and certainly not here to tell you off – we’re just quite comfortable with numbers and our aim to use that skill to help you and your small professional business succeed.
If anything you have read here has raised more questions, feel free to get in touch here to see how we can help you.