Balancing books, recording transactions, and filing tax returns are all essential to operating a successful business, but many SME business owners and sole traders don’t have the expertise or time to do it alone.
Since a business is only as strong as its weakest link, working with a small business accountancy specialist like David Howard can help you to grow your business and guide you towards a financially healthier future.
But what exactly should you expect from an accounting partner such as David Howard?
The Role Of A Small Business Accountant
An accountant’s main objective is to help you fulfil your legal and financial duties; in a small business context, that can mean both mundane tasks and broader concepts. For example, small jobs like invoicing, payroll and general bookkeeping can all be done by a certified professional on a weekly or monthly basis. An accountant can also advise you on how to improve your overall financial management and recommend new systems that can help streamline things, saving you time and money! Whether that’s by implementing better accounting software or recognising problems before they can harm your business.
Of course, a main part of an accountant’s role is to help you with your compliance tasks in completion of business and personal accounts and tax returns, as well as VAT returns and other taxes where relevant. Alongside the annual compliance tasks, small jobs like invoicing, payroll and general bookkeeping can all be done by a certified professional on a weekly or monthly basis, and using modern technology is often less costly then employing your own staff to manage these functions, giving better results, with no recruitment or holiday cover issues, and overall saving you time and money.
A proactive accountancy firm like David Howard will also look beyond those basic duties to help you minimise your tax liabilities and set up systems and reporting for business that are both efficient and give meaningful information to help direct your activities in the most profitable way. In addition, a good accountant will act as a trusted business advisor and add experienced professional views to help you make the best decisions and giving you peace of mind that you are not leaving your business open to unnecessary risks and recognising problems before they can harm your business.
In-House Or Outsourced Accounting – Which Offers The Best Value?
If your small business manages its finances in-house in an effort to cut costs, you should also know that working with an accountancy firm is incomparably cheaper than employing one in-house. Cloud accounting services covering basic reporting and bookkeeping tasks can often be completed for an affordable monthly cost. And if all you want is a few hours of service, it’s usually possible to meet with a professional face to face (or through video) for specific needs or a general consultation without it being too expensive.
Are You Getting Value For Money From Your Accountancy Service?
If your small business already works with an accountant, it may also be time to reconsider your needs. As your business grows, you may require a different set of skills or more comprehensive knowledge of business finances to provide guidance. In this case, some accountants can advise you on the most cost-effective and tax-efficient ways of hiring new employees, acquiring new commercial space and handling growth transitions so you can focus on big picture responsibilities. Many accountants also work retroactively, which in the long term can cost you money. By being proactive and ahead of the curve with your accountancy, you can better prepare for tax bills and work with your accountant to reduce them over time, rather than acting only when the deadline is looming. When you engage with an accountant, make sure they understand where you are now, but also ensure they have the willingness and capabilities to scale their service to meet your needs as your business grows.
What Next?
If you’re interested in finding out more about small business accounting and the benefits of outsourcing to a company such as David Howard, please get in touch today for an informal chat, or send us a message to request a free quote.
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