Accountants for Small Businesses

Do you run a small business? We discuss why you need to hire an accountant to help save costs.

27 October 2022
Reading time
Around 10 min

Accounting is vital for any business and is also a legal requirement. Without it, the government wouldn’t know how much tax you should be paying and you’d have no idea how well your business is performing or where to allocate your funds. We’d have anarchy without it! This is where bean-counting superheroes like us come in and save the day.

Why should I hire an accountant?

With great power comes great responsibility… and accountants have a lot of responsibilities. We’re able to help you with VAT returns, cashflow, payroll, forecasting and more. The best superheroes are unique and that’s why we also offer a custom-built app ecosystem to automate and digitise your accounts.

As a small business, the decision to hire an accountant is yours to make but we strongly recommend it. It’s a demanding process that requires a heavy investment to do lawfully and compliantly.

Benefits of hiring an accountant

  1. Save time to focus on your business

As a small business, your time is limited. If you’re handling your accounts yourself, this will draw time away from your clients and your craft. Letting us take this burden away from you will take a huge weight off your shoulders and immediately allow you to focus on what matters to you - sustaining and growing your business.

  1. Save money

Knowing how to run a business in a financially and tax efficient way is tough. Our team can help you optimise your cashflow and notify you whenever we discover ways to save you money.

You might not realise if you’re spending too much on the wrong things or not enough on the right things for your business. Sifting through all this data on your own is a heavy workload but can have a huge effect on your business’ financial performance.

An advisor like us will make you aware of these problems. If you’re looking to get started, check out our free finance data MOT available online. We’ll be able to see if your data is effective at telling you what it needs to.

  1. Navigate tax laws

Learning how taxes, HMRC and Companies House work is a long journey that never really ends. Regulations change all the time and our superheroes are always on the look out for them. Not only do you need to understand what all the changes mean for your business, you also need to action them accurately and compliantly. For this reason, most people would agree it’s best to leave it to the professionals.

  1. Optimise cashflow

Is your business losing money and you don’t know why? Are you spending a lot and not getting much in return? These are difficult puzzles to solve and you might not even realise your business they’re affecting your business until the problems become overwhelming.

Our team will be able to analyse what’s going on and help you make sense of it all, using a range of apps to crunch the numbers and give us a bigger picture of your finances’ performance. This also helps us spot issues so we can swoop in and save you before things get out of hand.

  1. Help your business plan

Your business won’t last forever. Its story has a beginning, middle and end. We can help you register with relevant authorities like HMRC or Companies House when you’re just starting out or help you form an exit plan when you’re ready to say goodbye. We’re good at helping you make sense of your journey and assisting you every step of the way.

  1. Minimise risks

Taking chances is an important part of growing your business. Investing, acquiring or merging with another business, introducing new products or reaching a new market can all be very lucrative but equally risky to pursue. Our superheroes are great advisers who can give you their professional insights - helping you gain clarity and figure out if they’re profitable.

What should I look for in an accountant?

Would you want to talk to them often?

It might sound obvious but you’ll probably be in contact with your accountants quite often. You should make sure your accountants are people you can build a good relationship with and would be happy to speak with on a regular basis. There’s no point hiring an accountant if you don’t want to talk to them - even if they do a good job. We’re a friendly, positive bunch and we welcome any communication from you.

Are they reputable and qualified?

Your accountant should be someone you can trust - your finances are a very personal asset for many, after all. Make sure your accountants are accredited or certified in the work they say they can perform.

Unless you need an annual tax audit (in which case you’ll definitely need them to be Chartered) it doesn’t necessarily matter. Finance Box are AAT Licensed and certified by Xero, Hubdoc and Fathom.

Do they understand your business?

Every business has its own quirks and your accountant should understand them. If you work in a niche market or your business model isn’t normal, your accountant should take the time to learn how it works.

If your accountant has experience with similar businesses, they might be more suited to help you than competitors.

Our band of superheroes all have their own bean-counting experiences that set them apart - we’re confident at least one of them will have seen a similar business to yours before.

How big is your accountant’s firm?

Different firms offer different services and levels of personalised support to you. A smaller firm might be able to offer you more of their time and energy compared to a bigger firm with more clients. You might also find that a big firm can’t offer the tailored support that you need as a small business.

Our bean-counting superheroes have experience helping to set up and grow businesses with great success, guiding you with data and advise so you’re not making decisions in the dark.

What services do you need? Do they offer them?

Just like superheroes don’t all have the same powers, accountants don’t all offer the same services either. If you know you need bookkeeping or forecasting services, make sure the accountants you’re looking at have those skills. Some accountants may specialise in certain areas, others might be a jack of all trades. Have a good idea of what you’re looking for before you start searching. It’s important for an accountant to cater to and meet your individual needs.

How much value can they add to your finances?

Accountants might charge what looks to you like a premium but it’s important to weigh up how much value they can add to your business for the price they’re asking - superheroes don’t come cheap in this economy!

Before you wince at the sight of a quote, dig a little deeper and consider how much of an investment your accountant is for your business and its future.

Will they save you time to work with clients? Will they help you grow? Can you contact them on short notice?

Finance Box offers a free finance data MOT so you can get a taste of what we can offer. Give it a go!

Do they have any other useful benefits?

Accountants shouldn’t just do the work for you and leave you in the dark - they should help you educate yourself too. If they have a blog, e-book, video series or information centre then you might find them good to learn from. Some accountants also run events or have a newsletter to keep you informed. These are great to look out for.

Making tax digital (MAD)

HMRC wants be one of the most “digitally advanced tax administrations in the world”. Their aims with Making Tax Digital are to make tax admin effective, efficient, accurate and easy for businesses. MTD will change the way your company deals with HMRC. Going paperless is more essential now than it ever was.

MTD is changing how accounting works. Today, you need to file just once a year but under new laws, this will become a quarterly and annual affair.

This has quadrupled the accounting workload, meaning you’ll need a superhero like us more than ever! To submit your accounts accurately, you’ll need to keep a constant eye on it all year round - not just close to the deadline.

Grow your business with Finance Box

You didn’t start your business to do paperwork, file receipts and crunch numbers - nobody does. Okay… we did.

Your powers are specific to your business and that’s what you do best. It might be challenging for you to interpret spreadsheets full of numbers, stay informed on compliance issues and make data led decisions.

Hiring an accountant is a cost-effective alternative when you consider all the benefits of investing in one.

Get in touch

Call: 020 3923 8600


Chat: /contact-us

Get in touch