How to choose the right accountancy services for your business

How to choose the right accountancy services for your business

Choosing an accountant can be challenging. We're here to explain the basic services your business needs for success.

Ning He

15th July 2022

6 min read

Let's be honest, choosing an accountant is not everyone's idea of fun. People are not sure what a good accountant should be doing and how they should be helping your business. There are numerous accountancy services offered by accountants and it can be confusing to determine which ones you should be using. We're here to help explain the basic accountancy services offered and explore how they can help your business.

What are the main services accountants offer small businesses?

Bookkeeping

Bookkeeping is the process of recording financial transactions, preparing financial statements or tax returns and balancing the books. Bookkeeping is the backbone of small business accounting, helping businesses to stay organised and remain successful.

Most small businesses are run by owners who have other responsibilities — such as sales, marketing or customer service — so they can’t spend their time on the day-to-day tasks of bookkeeping. A dedicated bookkeeping service will take care of these duties so you can concentrate on growing the company.

Payroll

Payroll refers to the money you pay employees, as well as the taxes you withhold from their paychecks. It's an essential part of running a business, but it can also be a costly one if you aren't careful.

Having an accountant to process and diligently check payroll can be vital to a business's success. Your employees expect to be paid on time and correctly, an accountant can guarantee this.

Manage Cash Flow

Cash flow is the movement of money in and out of a business. It's a crucial consideration for any business owner or investor because it can indicate whether or not your company is going to be able to pay its bills. In times of trouble an accountant can be your lifeline.

Cash flow is an important part of any business plan, but it can be difficult to manage if you're new to running a small business. That's why it's important to find a reliable accountant who understands your needs and is willing to help you manage your cash flow.

Financial Reporting

Financial reporting involves producing monthly and annual reports about your business's finances. Where appropriate these need to be provided to HMRC and Companies House, important legal obligations for any business.

Accountants will also analyse these reports for you, giving you important insights into your business for decision-making.

Not sure where to start with accountancy services?

No problem, many businesses struggle to know where to start in the ever-evolving world of accounting. Before meeting with an accountant, or deciding on your business's financial future bear in mind the following questions:

  • What type of company are you? The main options are limited company, sole trader and partnership.
  • Who are your clients? Are you B2B or B2C or both?
  • How big is your business? A business with even two employees could benefit from the efficiency of a payroll service.
  • Who will do the work? Does it make sense for you to employ an accountant, or outsource to an expert team?
  • What are your reporting requirements? Find out more.
  • How much will it cost? It's important to invest in your business's future with an accountant that's on your side.

What will my new accountant want to know?

The first meeting with a new accountant is an important one. Hopefully, it will set the tone for a long and productive working relationship. In addition to determining if the accountant is a good fit for your business, this meeting should help you determine if the accountant can meet your needs and if their fees are competitive.

Answering the following questions for yourself can help you make the most of your initial consultation:

  • How would you describe your business? An accountant should be able to understand the basic USP of a business in order to help them better manage your business. If you aren't able to do this an accountant may also help you write a business plan.
  • Have you used an accountant before? If so, what went wrong?
  • Do you have employees, and how many? This helps in determining your payroll needs.
  • Do you have any inventory? An essential part of financial reporting and managing cash flow.
  • What is your annual turnover? This will help you to evaluate your legal obligations.
  • Are you up to date on tax filing and returns? Falling behind can lead to hefty fines.
  • Do you use existing accounting software? Your new accountant should be able to work with your existing software and help you make the most of it.
  • What challenges do you face? Every business faces unique challenges, by putting them into words, you and your accountant will be able to work at overcoming them.
  • What can Crouchers Accountants do for you?

    At Crouchers we listen, we care and we deliver!

    Crouchers is a member of the Institute of Chartered Accountants Practice Assurance Scheme (ICAEW) and Registered as Auditors by the Association of Chartered Certified Accountants (ACCA). As chartered accountants, we follow the regulators' procedures to maintain the highest quality of work and ensure compliance with relevant laws and regulations.

    Crouchers can do far more than just free up your time. Even for small businesses, the accounting and tax return requirements may quickly become too chaotic for you to handle alone. You may take longer and make mistakes, which could be costly both in money and time. Crouchers could ensure you benefit from a wide range of services, which help to comply with regulations, save money, reduce risk, manage growth and plan in advance.

    Crouchers always offer a client-centric approach, we don’t use complicated accounting jargon. We deliver our services using clear and understandable language to avoid misunderstandings. We are always here for you, and no question is insignificant. You’ll be given a dedicated Account manager, someone you can trust and know is on the side of your business. Even with a single point of contact, you’ll still benefit from the expertise of our entire team.

    Our highly professional team will always ensure the services fit your business need, without hidden fees. Crouchers always help you stay on the right side of HMRC. We are always ready and eager to remind you of all your obligations, rather than expect you to remember them. Leave the essential filing dates to us so you can focus on the real business.

    Crouchers offer a wide range of services, making us your one-stop shop, you don’t need to look elsewhere and search further for the solution.

Written by

Darsheel Shah

Ning He ACCA, MAAT, LLM

Senior Accountant
Wellingborough
01933 227711
Ning@crouchers.co.uk

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