15 Ways an accountant can help a small business owner - here to help - Penney's accountancy - accountancy in Farnborough
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There are two huge mistakes that many Start-Ups or Small Business Owners make. The first one being, trying to manage their own accounting system and doing so incorrectly (this can hurt the business not only now, but also in the long-term). The second mistake is assuming that an accountant is only good for managing accounts and filing tax returns. 
 
An accountant is a financial guru and an all-around business advisor all in one. They are an incredibly valuable member of any small business team as they can offer a lot more than just accounting to small business owners. Here are 15 ways they can help. 

Accountants are more than mere account managers and tax filers, they can do so much more for you and your business and can be a pillar of support, giving key and essential financial advice.  

Accountants can do so much more for you and your business and can be a pillar of support, giving key and essential financial advice - accountants in Farnborough

1. They can help you go from Business Idea to start up 

They will give you advice on what you need to create the foundation for a successful business (e.g. determining the best business structure, creating your business plan, opening a business bank account etc). 

2. They can assist with the financial analysis in your business plan 

They can also help with loan applications and forecasting
Accountants can assist with the financial analysis in your business plan

3. They analyse your finances to determine where your business’ money is going 

They can then advise you on where to make improvements in your processes and cash flow so your business can scale and grow. 
Accountants can advise you on where to make improvements in your processes and cash flow so your business can scale and grow - accountants in Farnborough

4. They will explain your financial data so you can make financial decisions with confidence 

A good accountant will break it down so you understand the ins and outs of your business at all times. 
A good accountant will break it down so you understand the ins and outs of your business at all times - Penney's Accountancy

5. They close out your books and create end-of-year financial reports 

With your reports, an accountant will recommend changes to budgets or forecasts. 

6. They compile and submit your taxes and financial reports etc to HMRC 

As well as submitting, they can also calculate VAT, provide advice on estimated tax payments, and provide guidance on when and to whom you need to send forms. 

7. They make sure that your accounting procedures comply with government regulations 

Legislation changes all the time. An accountant keeps up to date with these so they can check your company’s tax position and keep you compliant. 

8. They can help ensure that your independent contractors are classified correctly by the HMRC 

This is a common mistake and can result in contractors being counted as employees if you aren't careful. 

9. They oversee your company payroll and payment processes 

From calculating payroll and pension contributions to streamlining the process, accountants can manage it all. 
From calculating payroll and pension contributions to streamlining the process, accountants can manage it all - Taking the nitty gritty off of your hands - accountants in Farnborough

10. They can help you streamline your business processes to work smarter, not harder 

They can provide advice on the type of accounting software that’s suitable for your business, how to track your expenses, and also invoicing and payroll. More time means more earning potential! 
can provide advice on the type of accounting software that’s suitable for your business, how to track your expenses, and also invoicing and payroll - here to help - Penney's Accountancy - Farnborough

11. They can identify risks in financial transactions to prevent fraud 

Many business owners want to identify investment opportunities too. An accountant can provide advice on this and check whether an investment is solid. 
Many business owners want to identify investment opportunities too - Advice from accountants in Farnborough

12. They can help you identify areas for growth in your business as well as ways to save money 

By looking at cash flow patterns, inventory management, your pricing, business financing etc. 

13. They will work with you to create a business budget and stay on track 

Every business owner needs a budget to support their business goals. An accountant can actively help with this. 
Accountants will work with you to create a business budget and stay on track

14. They are invaluable when it comes to audits 

Whether it’s putting the necessary measures in place to prevent getting audited or preparing you for and guiding you through one, they will make this as easy as possible for you. 

15. They can advise you on all the big things 

Reports, taxes, audits, business strategy, you name it and they can probably help you with it. Need advice on property or equipment leasing and purchase? Need guidance or resources to assist with scaling the business? Guess who can help. 
Reports, taxes, audits, business strategy, you name it and they can probably help you with it. Need advice on property or equipment leasing and purchase? Need guidance or resources to assist with scaling the business? - Accountants in Farnborough

Accountants are key to business success, wherever you are on your business journey 

These are just some of the ways that accountants can work with you to support your business. Whether you’re launching a start-up, you’re a small business owner who needs help with running the business day-to-day or you’re wanting to really scale your business, an accountant can provide essential advice and guidance, every step of the way. 
an accountant can provide essential advice and guidance, every step of the way - Penney's Accountancy - accountants in Farnborough

Call your friendly Farnborough Accountant today 

We are Specialist Accountants serving plumbers, builders, electricians and all other trades, providing business advice, compliance, bookkeeping, CIS, tax returns, payroll, VAT, management accounts and cash flow forecasting 
Or call us on 01252 856 150. 

Book a half an hour discovery meeting with us - find out how we can help your business 

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