For many small business owners, the concept of working with an accountant to manage their finances can feel daunting. After all, it’s just a small business—how much accounting help could you really need? The truth is that accountants are essential for any small business that wants to remain financially healthy and grow into a successful business. Here’s what an accountant can do for your small business. 

Bookkeeping and the basics

Getting the bookkeeping right is very important, this is the basis of all your accounting information and we know if you put rubbish in you get rubbish out. There are 2 ways an accountant can help with this. 

1. They can train you up on the best accounting software’s. We are Xero Gold Partners and is the software we recommend to all start ups. 
2. They can take the bookkeeping off your hands completing it digitally so you can focus growing your business.

Tax Advice and accounts submission 

We will prepare the accounts in the first place ensuring they are in line with the accounting standards and making sure they show a true reflection of the companies performance.

No one likes dealing with taxes, but it’s part of owning any kind of business. An accountant can help you navigate the complexities of filing both personal and corporation tax returns and ensuring that your returns are accurate and comprehensive. This will also save you time, as an accountant will be able to handle tax preparation quickly and efficiently since they have expertise in this area. Having a professional handle on your tax preparation will also give you peace of mind knowing that everything is done correctly. They will also ensure that you operate as tax efficiently as possible saving you as much as possible on your tax bill. The key worry when dealing with HMRC is the risk of investigation and this is significantly reduced when dealing with professionals. 

Management accounts

You can have detailed monthly or quarterly management information so you know exactly how your company is performing instead of waiting for the end of the year. You can have detailed reports designed that look at the profit and loss and show performance in the period, live balance sheet, cashflow forecast and reporting against internal KPI’s.

Forecasting & Budgeting 

A good accountant will be able to utilise past financial data and industry trends to provide accurate forecasts on how your small business may perform in the future. They can also advise on budgeting strategies that best align with your goals as a business owner. Being able to accurately plan ahead helps ensure that there are no surprises down the road; instead, you can use these insights to make informed decisions about how to allocate resources in order to maximize profits and growth potential.     

Financial Analysis & Reports 

Accountants have the knowledge and experience necessary to analyse financial data accurately and provide meaningful reports on the performance of your business over time. These reports can be used to identify areas where improvements need to be made or where opportunities exist for growth. Knowing exactly how your finances are performing at any given time allows you to make more strategic decisions when it comes to investing in new projects or launching new products/services. 

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Conclusion:   Hiring an accountant is essential for any small business that wants to remain financially healthy and take advantage of growth opportunities as they come up. An accountant can handle tax preparation, provide meaningful financial analysis, create accurate forecasts for future performance, and advise on budgeting strategies—all valuable services that every entrepreneur should take advantage of! With the right accounting help, there’s no limit to what your small business could achieve!

How can Gravitate Accounting help?

We can offer you the full spectrum of services from digital bookkeeping through to VAT returns and accounts submission. We also pride ourselves on the added value services including outsource finance director services, management accounts, budgets and forecasting. 

So whether you’re a small business who needs a start up accountant through to scaling start up we will be here to support you!

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