If you are starting a small business on a budget, you have probably spent some time trying to work out where you can reduce costs and do more yourself to extend the funds you have available. This was the problem faced by the owner of, excaliburremovals.co.uk, who like many others, considered managing the business finances himself, instead of hiring an accountant.
If you have an accounting background and a firm understanding of business finances, this might be a good area to cut costs. Nevertheless, if you do not have the experience in managing the books for business and hope to learn as you go along, you need to think again. Controlling the accounting approach incorrectly can damage a business, especially when starting out. Luckily Excalibur removals decided to do the intelligent thing and hired us to manage the business’s accounts.
Below is a list of some of the tasks we undertake for Excalibur and other small businesses.
- Establishing the best business structure (i.e., sole ownership, a LTD company, a partnership) for your situation.
- Helping with the financial analysis of the business plan.
- Providing advice on the best accounting software to use.
- Assisting with opening a business bank account.
- Making sure all accounting practices comply with government regulations.
- Advise on tracking expenses during daily business pursuits.
- Explaining the value of keeping personal and business costs separate.
These are just a few ways we work with small business owners. You can hire an accountant for all of your commercial activity, or you can take a combined methodology and do part of the work yourself, reducing the expense. For example, you could use an accountant during the start-up period and have them manage the annual reporting but use a bookkeeper to balance the books on a regular basis. A bookkeeper together with an accountant can establish a highly effective accounting team for business.
“The most crucial thing you can do when it comes to your finances is to realise when you need help from a professional, and then find a knowledgeable accountant. I am so glad I hired Griffiths to manage the financial side of my business. I now see that doing it myself would have been disastrous.”