When you’re running a business, finding the right accountant can make a world of difference to your operations. Beyond crunching numbers, an experienced accountant can steer you through the complex world of tax compliance, cash flow management, and planning for growth.

Stick with us as we walk you through the fundamental accounting tasks every business handles, why a specialist approach is key, and the all-important factors to consider when choosing the right professional to support your company’s journey.
 
Key accounting tasks every business handles
 
Even the smallest businesses have unique accounting needs that go beyond basic mathematics. Understanding your needs keeps your operations smooth – and compliant. Below are just a few of the tasks you can expect to be ticking off your accounting to-do list:
 
Financial statements
 
An experienced accountant will prepare key documents like balance sheets, profit and loss statements, and cash flow reports. These are vital for assessing your business’s financial health and making informed decisions.
 
Tax compliance and filing
 
An accountant ensures that your business stays compliant with HMRC – covering everything from VAT to PAYE. They help minimise the risk of costly fines and can identify tax-saving opportunities.
 
Bookkeeping
 
Proper bookkeeping tracks all your income and expenses. With specialist software, your accountant can provide real-time updates and keep your records accurate – reducing errors and saving you time.
 
Payroll management
 
If you employ staff, your accountant can manage payroll, ensuring compliance with UK regulations as well as timely payments – preventing disputes or costly mistakes.
 
Specialist accounting services for small businesses
 
As your business grows, you may need more than basic accounting services. A specialist accountant can provide:
 
Tailored financial advice
 
Beyond filing taxes, an accountant can offer strategic advice on cash flow management, budgeting, and forecasting. Their insights can directly impact your financial planning and growth.
 
Navigating tax reliefs
 
Specialist accountants are well-versed in available tax reliefs, such as R&D tax credits. They can help you claim all the deductions you’re entitled to and reduce your tax burden.
 
Adapting to changes in your business
 
As your business evolves, an accountant can guide you through transitions like scaling, funding, or mergers. They ensure your financial planning aligns with future goals.
 
What to look for in your accountant
 
Choosing the right accountant can significantly impact the financial health of your business. Here’s what to look for:
 
Experience and expertise
 
Your accountant should have experience working with small businesses in your industry. They’ll understand your unique challenges and provide tailored solutions.
 
Proactive approach
 
The best accountants stay engaged throughout the year, offering proactive advice and helping you plan for growth, not just responding to issues.
 
Communication and accessibility
 
Your accountant should be approachable and able to explain financial concepts in simple terms. They should also be responsive when you need them, on your preferred contact methods – especially during busy times.
 
Use of technology
 
Nowadays, any accountant worth their salt should be proficient with cloud-based software like Xero or QuickBooks. These tools offer real-time updates and simplify your accounting processes.
 
Transparent pricing
 
Look for an accountant who offers a clear, upfront pricing structure with no hidden fees. Flexible packages that fit your budget are ideal.
 
What to avoid when hiring an accountant
 
While it’s important to know what to look for, it’s equally important to recognise a red flag when you see one.
 
Lack of small business clients
 
If you’re running a small business, avoid accountants who mainly work with large corporations. They may not offer the personalised support your growing venture needs.
 
One-size-fits-all approach
 
Be wary of accountants offering generic services. Your business is one of a kind, and your accountant should tailor their solutions to reflect this.
 
Slow response times
 
Timely advice is key. If an accountant takes too long to respond, it could delay the decision-making process – leading to missed opportunities.
 
Let’s set your business on the path to success
 
Choosing the right accountant is essential for the future of your business. By focusing on expertise, proactive advice, and clear communication, you can secure a trusted partner who will help you navigate the intricacies as you grow.
 
At Nabarro Poole, we have a wealth of experience supporting small businesses just like yours. Let’s talk about how we can support you.ng small businesses just like yours. Let’s talk about how we can support you.