The Benefits of using a Small Business Accountant

As a small business owner, you’ll be familiar with the challenges you can face each day. You need to take care of your day-to-day business activities as well as marketing, winning new work and financial management including budgeting, tax returns and compliance.

Small business owners therefore have to contend with a lot of spinning plates! It’s crucial to realise how important it is to take advantage of professional expertise and share the load. This is especially true in respect of your accounting and financial management.

Unless you’re a tax advisor or accountant, accounting and financial management won’t be your specialist area. It’s a complex field with ever-changing rules and regulations, and most of us need that extra help, support and advice.

Staying on top of your bookkeeping as well as submitting accurate and timely tax returns is no easy task. There are significant advantages of appointing an accountant to take care of this, and much more, on your behalf.

Let’s look in depth at how appointing an accountant can benefit you as a small business owner.

Tax and Regulatory Compliance

Laws and regulations surrounding tax are both complex and constantly evolving and it’s no easy task for small business owners to understand them and keep abreast of the changes. If you fail to comply with your tax obligations, unwanted attention from HM Revenue & Customs can come your way. This could result in investigations, fines and penalties which can have a detrimental effect on your business, your finances and your time.

Having an accountant in your corner means this is no longer an issue. An accountant will always be up-to-date with developments regarding tax laws and regulations, meaning you don’t have to be. They will also help ensure that any statutory submissions such as VAT returns, monthly payroll filings and your company accounts are prepared accurately and submitted on-time so that you remain compliant and avoid costly penalties.

They can also provide advice on tax planning to minimise your tax liability and maximise any available deductions which can increase your take home pay.

Financial Management Expertise

Appointing an accountant ensures that all financial records relating to your business will be up-to-date and accurate. As part of the service provided by an accountant, they will help take care of your accounting admin tasks including bank statement reconciliation, income and expense tracking, handling payroll if you have employees as well as helping you keep on top of your bookkeeping so that tax return time is stress-free! Keeping your financial records meticulously organised can only be of benefit to your business.

More Time For You

Put simply, working with an accountant will save you a lot of time. They will handle all your accounting and bookkeeping tasks which will unclog your schedule giving you more time to focus on revenue-generating activities as well as tasks that are crucial for business growth such as marketing and acquisition.

It’s possible you might have been wrestling with accounting tasks outside of work hours, but if you delegate this to an accountant you can significantly improve your work/life balance which can be of great benefit to your physical and mental wellbeing. An accountant will also give you peace of mind knowing that your business finances are in the hands of a professional.

Cost Cutting

As a small business owner you’ll be aware that at times budgets can be tight if your business has faced any financial challenges. This is especially true at the moment with the cost of living continuing to escalate.

An accountant will be able to analyse your costs and identify where expenses are excessive or unnecessary. They’ll also be able to provide advice on how to reduce these outgoings to increase the financial efficiency of your company.

Financial Analysis, Reporting and Budgeting

An accountant will be able to conduct an in-depth analysis of your business finances which can be developed into a financial plan. This gives valuable insight into the financial health of your company and they will be able to establish any areas of concern, identify trends and develop a strategy to improve your financial performance. This analysis of your KPIs also facilitates the creation of budgets and goals which can, over time, help to grow your business.

Appointing an accountant is one of the best decisions you can make as a small business owner. They provide numerous benefits which ultimately will improve the financial stability of your business and contribute to growth and success. Your tax affairs, compliance, financial planning and cost control will be taken care of so you can spend more time focusing on core business operations and make informed decisions based on accurate and up-to-date financial data.

They will also be able to offer advice on matters such as maximising your tax efficiency and company incorporation if you operate as a sole trader. You’ll also receive access to accounting software such as FreeAgent which can massively ease the administrative burden. All of this will contribute significantly to business efficiency, growth and profitability.

At Gorilla, we pride ourselves on our accounting services and expert advice. We help thousands of small business owners, contractors and self-employed people across a wide range of industries and sectors. If you’re looking for a small business accountant and have any questions or need advice, contact our new business team on 0330 107 9672 or request a call back here.