Small business accountants

As a business owner, you might have limited experience in writing a business plan and don’t know what is expected. Support is really important at this crucial stage. An accountant will be able to add financial projections and other reports to the plan. This will help create a plan that’s realistic, professional and more likely to succeed.

The stress of not knowing how much tax is owed or which supplier hasn’t been paid pushes many entrepreneurs back into employment. By analysing cash flow, inventory, collection and payment, accountants create plans which identify areas for reduced spending. Their valuable advice and insight, which is specifically tailored to your business, could minimise tax liabilities and save you money in the long run.

Accountants bring a third-party perspective to spending practices and offer an informed second opinion on expenditures that could be overly taxing to your business’s bottom line. By accelerating receivables and reconciling balances, you also get to tap into funds not previously accessible. Accountants can prepare a set of projections that look at how the business has been performing and help you make informed strategic decisions. These can include budget forecasts, profit and loss statements, actual versus budgeted performance and more

You regularly make big decisions about product lines, pricing, inventory, services and much more as a small business owner. But without accurate, updated financial records, the financial impact of any of these decisions is just a guess. On that note, if you get to the point of bringing in investors or need a loan, accurate and up to date books are a must for that too – in this light, a dedicated accountant is an indispensable asset.

Most banks will ask for an accountant’s certificate for lending and this requires a history with the accountant. The banks trust the certification of the loan application by the accountant who will have reviewed the information to make sure it is true and accurate even if the information has not been filed with the tax department yet

Speaking to an accountant about tax planning will prevent you from overspending or overpaying. Tax-efficient salary and dividend plans can also increase overall cost-effectiveness and help reduce stress levels.

Every business needs a financial director, however, as a small business, their high costs can lead to them being largely out of reach. An accountant can offer part-time or flexible financial directorship and guidance to your company.

Ensuring your employees are paid on time is vitally important but can be highly time-consuming and complex. Accountants can help with preparing payroll based on your payroll cycle. They can also assist with the auto-enrolment pension contributions that are a compulsory requirement if you are an employer.

When buying, or investing in a business, it is tempting to get caught up in the excitement and adrenaline of doing the deal. Often referred to as "deal fever ", this feeling of elation can lead to mistakes, especially if you haven’t done your homework. Carrying out the background work on the company and learning as much as you can about it is called “due diligence”. It is an essential part of completing a successful transaction. Shareholder agreements are essential when there are multiple shareholders but these are often overlooked when spirits are high. A good shareholders’ agreement could save you time and money further down the line especially when it comes to resolving disputes.

When you have your own business, you have certain statutory filing obligations. An accountant can perform the role of the company secretary to ensure you are up to date with all your statutory filing obligations.