Get matched to the best value accountancy services for your SME
The right accountant may be the vital missing piece that your small business needs to level up.
You may already use an accountancy services – but do you have the best service for your specific needs? Your ideal accountant should deliver far more than efficient bookkeeping, tax returns and other basics at affordable rates. True value comes from a proactive accounting function that understands the business itself and actively supports your goals. So you always have the financial information you need to make key decisions and grow with confidence.
How focused accounting can enhance your business
As your small business grows, your accountant’s role will be pivotal, covering areas such as financial reporting, compliance and payroll in addition to bookkeeping and accounts.
Firstly, this lets you focus on running the business. It also minimises risk by reducing the chance of errors in reporting. Moreover, a good accountant will save you money by increasing tax efficiency and improving cash flows, and will also prove essential if you wish to win external funding.
Finally, the right accountant will provide invaluable business support, discussing your ideas and stress-testing business plans.
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How do I choose the right accountant for your small business?
Aim for a good chemistry with your accountant. Have an informal meeting first, remotely if necessary, to ensure you’ll be comfortable working together.
Ensure that their services will meet your needs both now and in the future, and encourage them to explain how they’ll support you as you grow. Check their qualifications and (if applicable) confirm their chartered status. Also ask about their industry experience – it really helps if they have first-hand knowledge of similar businesses to your own. Finally, make sure you’re happy with the fees and charging methods.
Key services a small business accountant
can provide
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Bookkeeping
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Tax returns
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Improving tax efficiency
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Financial compliance
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Business plan development
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Funding for growth
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Growth management
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Exit planning
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Expert advice
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Financial Year-end reporting
Find a small business accountant
Frequently Asked Questions
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Do I need an accountant for my small business?
Unless you plan for your business to stay very small, its accounting needs will soon be too much for you to handle by yourself. If you’re not a trained accountant this can take prove costly, it will take you more time and you may also make mistakes, which can lead to fines. As a rule of thumb, if you find you spend more than four hours a week on the accounts, or have plans for growth, then it is time to engage a professional. .
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Do I need an accountant for my personal tax?
If you are freelance, a contractor, a business director or otherwise self-employed, an accountant can help you manage your tax. Similarly, if your income derives from several different sources, such as investments or rental properties, then you may need expert help with your self-assessment in order to pay the right amount of tax. An accountant can deliver a significant improvement in your take-home income, reduce the risk of making errors on your tax return, and make your finances more predictable over the long term.
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How much does an accountant cost?
Whether you want an accountant for your small business or for your personal tax, you can find out how much an accountant costs for a wide range of services by reading our article on how much does an accountant cost.
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Should I choose a human accountant or use software?
A wide range of accountancy software now exists to help businesses manage their accounts. In most cases this is best used in combination with services from a human accountant. You can maintain your books and all the data your accountant needs, and perform the simpler tasks, while leaving your accountant to add value through their experience and expertise.
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Should I choose a large accountancy firm or a small one?
Make sure that the firm you choose is the right size for your needs over the coming years. Generally, as a small business it’s best to choose accountants from a similar-sized firm, as you will be a more significant client than you would be for a medium-sized firm. However, there are caveats. If you expect your company to grow quickly, and have ambitious plans for fast expansion, then you will want a firm with experience of clients who have already done this. It boils down to whether you want to be a big fish in a small pond, or start off in a big pond that gives you more scope to develop.
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I’m a contractor. Do I need a specialist accountant?
Contractors have particular accounting needs that are best served by accountants with extensive experience of this kind of work. In particular, as a contractor you will want to know how best to negotiate the IR35 legislation. Make sure to mention that want a contracting specialist when you search for your accountant on Unbiased.