Of course, they will do your accounts, which are vital for your forward planning. Certainly, they will advise on tax, which is important in minimising those nasty bills. Without doubt, they will make sure everything is filed on time, which will keep you compliant and avoid penalties.
But the extra offerings are crucial too, loosely falling into those that are directly related to accountancy, and those that involve other areas of your business.
The first category may include bookkeeping, the vital record keeping that precedes the accountancy function. Accurate bookkeeping will provide a solid foundation to other accountancy tasks, will keep you compliant and will make sure that you can claim all of the expenses that you are entitled to (and none that you are not). Many accountants also offer this service.
This category would also include helping you to raise finance, which is often a make-or-break moment for small businesses. Your accountant can advise on the best way to go about this, and, of course, having your financial records in perfect order is vital if your application is to succeed.
Your accountant may also, depending on your turnover, deal with your VAT, which can be a quarterly headache if you try to do it unaided.
The second category covers more general business help. Accountants who focus mostly on smaller businesses will naturally extend their accountancy advice to include other areas such as how to structure your business, your pay scales and any staff perks, your stock control, your invoicing routines and general strategic advice on your business’s direction and expansion.
Having your accountant advise on these matters can be extremely useful, as they are in the unique position of not only having ‘inside’ knowledge of your situation but also being able to stand back and take an objective, though friendly, view of what is best for you.
This blog can only highlight some of the areas on which a good accountant can advise. As always, if you have any questions about which business issues we may be able to assist you with, please do not hesitate to call your regular Oaktree contact.
It’s free, it’s confidential and it’s completely without obligation. Simply send us a message or request a call-back and we will be delighted to contact you at the earliest opportunity to discuss your potential needs and share our experience.