How A Small Business Accountant Can Help You

As we enter Autumn and look towards the last few months of the year and the busy Christmas pull-up, navigating your finances as a small business can sometimes feel like you’re treading water.

With so much to do to keep your small business moving forwards during a cost-of-living crisis, balancing the books and ensuring the cash flow continues is paramount to business success. However, in these circumstances, having a good small business accountant on your side will help.

From September to December, those running small businesses will usually see an uptake in demand, whether that be from Christmas shoppers, or perhaps from those needing or completing before Christmas and the end of 2023. Managing your finances to ensure you start 2024 strong might be difficult alone.

On top of this, small businesses will be eagerly awaiting the Autumn Statement from the Chancellor of the Exchequer, Jeremy Hunt, which will be delivered on Wednesday 22nd November. Looking back at the Spring Budget in March, a lot was announced that would affect small businesses. But what can we expect this time?

Small Businesses Accounting & The Autumn Budget

It’s an important date for your calendar, as the Chancellor updates MPs in the House of Commons on the finances of the country and how the Government plans to manage tax and public spending.

In the Spring Budget, inflation was set to fall to 2.9% by the end of the year. But The Financial Times reported this week that The Bank of England’s efforts to tame inflation have “hit a bump in the road”, with official figures, released on 20th September, expected to show prices rising more rapidly again in August.

“The annual rate of consumer price inflation dipped from 7.9% in June to 6.8% in July, but the rising cost of petrol and diesel is the main factor that would likely increase it to 7.1% in August, according to a BoE forecast.”

With two months to go until the Autumn Budget, and only a month left until the end of the year from there, small business owners will be keen to see if this drops again.

Another welcome addition to the Spring budget was the permanent increase of the annual investment allowance to £1m, meaning 99% of all businesses could deduct the full value of all their investment in qualifying plant and machinery from that year’s taxable profits. On top of this, the tax boost for smaller and medium businesses was announced, with business owners able to claim a credit worth £27 for every £100 they spend if they spend 40% or more of their total expenditure on Research and Development.

Rumours are already starting about what the Chancellor will announce in November, and Gorilla will be on hand to give you all the information as and when it happens on the day.

So, what changes will be in the Autumn Statement? As we’ve learned over the last couple of years, anything can happen but one positive rumour circulating is a cut to inflation, not taxes.

The Chancellor told the BBC earlier this month that the Government’s priority is to make good on its promise to halve inflation by the end of the year. With this in mind, we can help you get your finances in order ahead of the Autumn Statement and before the busy Christmas period begins.

Small Business Accounting

Small businesses are the backbone of our economy, fueling innovation, providing much needed employment opportunities and meeting a diverse range of customer needs. One aspect that is often overlooked, but really is incredibly important to long-term success, is small business accounting.

Enlisting the expertise of a small business accountant can be a game-changer in achieving financial stability and growth.

It’s not always about crunching numbers and filling out tax forms – working with an accountant helps small business owners make informed business decisions, optimise their financial resources and ultimately be successful.

Why is Using the Right Small Business Accountant so Important?

Financial Clarity & Accurate Record-Keeping

Hiring a good small business accountant means you have a clear and organised window into the financial health of your business, providing you with a real-time view of your income, expenses and profits. From there you can assess your financial standing. At Gorilla Accounting, all of our clients use FreeAgent as part of their package, meaning you can see this anytime, anywhere, as well as maintain an accurate record of your incomings and outgoings.

FreeAgent is market-leading cloud-based accounting software designed for freelancers, small businesses, and contractors. With an intuitive interface, it simplifies financial management by automating tasks like invoicing, expense tracking, and tax calculations.

FreeAgent also provides real-time insights into business finances, allowing users to monitor cash flow, generate financial reports, and estimate tax liabilities.

Its seamless integration streamlines bank reconciliation, saving time and reducing errors. Moreover, FreeAgent ensures compliance with tax regulations and making-tax-digital, making it a valuable tool for self-employed individuals and small enterprises.

Informed Decision Making

Making decisions for you and your small business can often feel like a hard task, but when you’re armed with financial data that you have discussed with your dedicated accountant, you can make educated decisions about pricing, inventory, expansion, remuneration and other critical aspects of your business.

Accountants play a crucial role in helping individuals and businesses make informed financial decisions. They bring expertise in financial analysis, tax planning, and compliance to the table.

Your accountant can assess your financial health, analyse profit and loss statements, and identify areas for cost-saving or revenue enhancement. They offer insights into tax strategies, ensuring you take advantage of deductions and credits while staying compliant with tax laws.

Accountants can also help you to create accurate financial forecasts, helping you make budgeting and investment decisions. Their guidance provides a comprehensive view of your financial landscape, so you can make sound choices that align with your long-term goals to achieve financial stability and growth.

Tax Compliance

Proper accounting ensures that you meet your tax obligations. It helps you keep track of deductible expenses, file accurate tax returns, and avoid costly penalties or audits.

However, tax laws are complex and ever-changing. An accountant can develop a tax strategy with you that minimises your tax liability while ensuring compliance with all tax regulations. They can also help you navigate deductions, credits, and exemptions.

A Gorilla Accountant is key to navigating the complexities of taxation. All of our accountants have a deep knowledge of tax laws and regulations, enabling them to optimise your tax strategy. Their expertise provides peace of mind, knowing that your tax affairs are in order and your financial resources are being used efficiently and responsibly.

How do I Find an Accountant for my Small Business?

It is incredibly important to have an accountant that you trust, and choosing the right accountant can often be difficult. In today’s competitive business landscape, enlisting the services of a qualified accountant is an incredibly wise investment for you and your small business.

An accountant brings experience, knowledge, and a keen eye for financial detail to your business, allowing you to focus on what you do best.

At Gorilla Accounting, we work with clients across different industries. Many of them discover us online or through social media, some are referred via our Refer a Friend scheme and many join us after reading our glowing reviews on Trustpilot.

What Type of Accountant is Best for Small Businesses?

All of our accountants specialise in accounting for small businesses including self-employed contractors and freelancers. You will be assigned your own dedicated, qualified, expert accountant when you sign up with us. We know that no two small businesses are the same, and we’ll get to know your business inside out, allowing you to focus on what you do best.

Gorilla has a modern approach to accounting. We are a forward-thinking, technology-driven accountancy firm for contractors, freelancers and small businesses operating through a limited company or through personal ownership. Our digital-first attitude makes everything much more streamlined and easier to organise.

At Gorilla Accounting, we provide a comprehensive accounting service for small businesses just like yours.

How Much Does it Cost to Hire an Accountant for a Small Business?

At Gorilla, we offer one fixed-fee all-inclusive accounting package which covers everything for you personally and your limited company. Regardless of your profession, sector or turnover, you get the same package at the same price.

Our pricing is transparent with no hidden fees or surprises. Our all-inclusive limited company accountancy package is just £110 + VAT per month. If you pay 12 months upfront, beginning at the start of your company year, we’ll even give you 10% off your total fees.

If you’re interested in working with us, we’re already looking forward to speaking to you. Contact us today on 0330 024 0406, request a call back here or join us here.