The small business owner usually finds that he has to fulfil a number of roles, such as operations manager, sales director, production worker, financial controller, Health and safety executive, admin officer, advertising manager, HR manager and book-keeper to name but a few! Many economic commentators have written extensively on this subject, it would seem that the common theme would be that the small business owner will develop his business further by working on his business rather than in it.

The small business normally functions under many constraints, the most common and important of these tend to be financial, output capacity and time. This leads us on to the old phrase “time means money”. Most good small business accountants offer a number of services that the small business owner may wish to consider. Either on the grounds that they could do without the stress, or alternatively, they may find that it is more lucrative to pay an accountant to carry out basic compliance work, whilst they spend the time making money through your business.

In addition to the normal accounts and tax return completion, many accountants can offer the following outsourcing services which may be of particular benefit to the small business owner:

Payroll compliance – your accountant runs your payroll for you. They may calculate all tax and national insurance deductions. Advise you of employees maternity, sick and holiday pay and can even provide you with printed payslips.

VAT compliance – this includes VAT return completion on your behalf, giving advice on various VAT schemes. Do you know if your business would be better off on a flat rate or cash accounting scheme?

CIS compliance – accountants can advise on CIS implications for small businesses and ensure that all of their paperwork is up to date.

Book-keeping- most accountants offer a number of book-keeping solutions. These can be either manual or computerised.

Management information – how can the small business owner effectively run their business without up to date and relevant financial information. Their business may benefit from periodic cash flow forecasts and management accounts.

Systematisation of the business – many very successful business have grown from small start ups to muti-nationals, owing much to the detailed systematisation of their business. Under this process every activity is documented, refined and improved to form a rigid system. Ideally a business should run smoothly without the hands on input of its owner. Sadly many small business owners avoid taking holidays out of fear of what will happen to their business on their absence.

This article has been written in relation specifically to UK small businesses however most of the content may be applicable to small businesses around the world. If you enjoyed this article you may find South Wales accountants blog useful.

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