Small businesses tend to run on very tight budgets, and every pound counts. As such, even relatively modest fees for accounting services can feel like a fee too far.

However, unless you’re a professional accountant yourself or have extensive experience in this area, it’s likely that paying for a small business accountant will prove a sound investment.

It may even return a profit – especially if your accountant finds deductibles you aren’t claiming and manages to limit your tax liability.

What can a small business accountant do for new businesses?

Starting a new business can be daunting. You have an idea, product or service and you’re sure there’s demand out there. You want to put your idea in front of potential clients, fulfil orders and find ways to improve your business.

For the most part, you don’t want to be left dealing with accruals for your year-end accounting records or updating your monthly books. Every hour you spend on your accounts is an hour you could have spent running your business.

An accountant can help you determine the most beneficial structure for your new business. They can identify the best business bank accounts, help you locate investment and even assist in drawing up a financial analysis for your business plan.

They can identify the best accounting software, set it up for you and even manage your invoices, depending on the level of service you require.

What can a small business accountant do for established businesses?

Once your business is up and running, a small business accountant can advise on issues such as payroll and payment processes, or they can take a more hands-on approach.

They can compile and submit tax returns and year-end accounts. They’ll ensure you’re compliant and avoid any penalties, charges or fees you might accrue for inaccurate or late filing.

What can a small business accountant do for growth businesses?

Assuming your business is a success, it will reach a growth stage. This may mean taking on additional employees, outsourcing work or looking for new business partners and suppliers.

Your accountancy service can identify potential areas for growth and help ensure your business is set up in a way that will enable you to fully realise the benefits of that growth.

Your accountant can provide financial predictions and forecasting and, if you need additional capital to fund your business’ growth, can identify potential opportunities and help you submit applications.

With you every step of the way

Every business has different accounting requirements. Whether you’re a sole trader or setting up a limited company, you can benefit greatly from the expertise of a professional small business accountant.

Choosing the right accountant means you’ll be able to increase or decrease the amount of work you give them and the level of service you use.

For example, you might be willing to put more time into your accounts yourself when your business is new, but need extra help as you start to grow. The right accountant will be flexible to your needs. Get in touch with us today to find out how we can help you.