Top Tips: Find The Right Small Business Accountant

Whatever your business, whatever your experience as an owner and however long your business may have been running; you will face the constant and rather daunting aspect of dealing with your business finances.

Dealing with finances is no easy task and the pressure is regularly on as one slip up could land your business in murky waters. From bookkeeping, to tax, to VAT and PAYE returns; there are numerous financial ‘boxes’ that you must continue to tick off but with a business to run, employees to manage and success to reach, many agree that the best way to keep on top of it all is with the ongoing advice and support of a professional and qualified accountant.

There is a stigma surrounding accountants and I am almost positive that as I have even uttered the word; many of you will think of boring, suited men that charge far too much money and do very little to help your business. However, contrary to popular belief the right accountant will not only charge little for your services but save you a heap of money in the long run and of course ensure that your business finances remain in the best shape possible.

Below are my top tips that can help you ensure that, in your search for the right accountant, you get only the right results…

  • Experience- This is almost a given point to look for; as the more experienced the accountant, the more chance you have of ensuring you receive the best service. There is however another point to consider; has your chosen accountant got experience in dealing with small business and start-up business finance? The two can differ greatly from the financial situations faced by moderate and larger sized corporations so be sure to check into this before you make any decisions.
  • Fees- There is a myth that all accountants including small and start up business accountants charge large fees for an hour’s service however did you know that there are many accountancy firms that offer fixed fee services too? a fixed fee accountant is your best chance of getting the right service without a crippling price tag.
  • Services- An accountant isn’t just the tax man; the right accountant can become a trusted advisor who can help your business stay in the best financial shape, pay less taxes and may even advise on ways in which you can save money. Take the time to ask what services are on offer; bookkeeping, tax return advice, PAYE checks and help and support on VAT returns are services you will all need at one point and getting them all from the same trusted accountant is often easier, simpler and far more cost-effective.

Whatever your business, an accountant can make life easier by ensuring your finances are up to date and in the best shape possible. The right accountant is out there; one that supports your business in a way that it deserves and one that ensures you aren’t hit with constant crippling fees. Simply take the time to research your options, think carefully and think ahead when making that all important decision.

Small Business Accountants: Top Services Available

Whether you are a small business or start-up business owner one of the main worries you will no doubt face is taking care of those finances and managing the costs as best as possible. On top of running your business, managing employees, ensuring optimum results and planning for growth; as a business owner you must keep your finances in the best state possible in order to ensure that your organisation strives.

Dealing with a growing business is a lot for anyone to contend with which is why when it comes to finances, dealing with the specialist advice and support of an accountant can help. The right accountant can not only ensure that your finances stay in prime condition but help you save money and allow you the freedom to concentrate on the things that matter.

For many small business and start-up business owners however, there is often a major drawback. In an attempt to manage costs, the seemingly excessive fees of an accountant can be considered unnecessary. However there are many accountants out there who not only work on a fixed fee basis but offer a range of vital services that can give your business the fighting chance it deserves.

Below I have listed a few of the services the right accountant can offer, in an effort to keep your business in the best condition…

  • Bookkeeping- Bookkeeping is the task of recording all financial records and is a legal obligation that all businesses must comply with. An accountant can help maintain accurate and detailed records of all incoming and outgoing expenditure, records of accounts, records of cash expenses and details of business expenses.
  • Year End Accounts- Year End is a daunting prospect that all businesses must deal with however with the right accountant you can finalize your Year End accurately, review your company performance and financial forecasts and ensure that all accounts, business and personal tax returns are filed on time.
  • VAT Returns- One of the most complex issues any business owner will have to face is the VAT return however an experienced small business accountant can normally deal with the majority of the process, freeing you from the hassle. Accountants will often work with you to ensure you are registered, your return is accurately complete and submitted on time and any possible future reductions are planned for.
  • Payroll- Whether a small or start-up business, you will naturally have employees that will need to be paid. An accountant with payroll experience can keep on top of employee salaries, ensure all tax and national insurance deductions are made, ensure that PAYE submissions are made to HMRC on time and students loans, sick pay and maternity cover is accounted for.

The above are just a few of the services that the right accountant can offer. With the right fee and the right experience, allowing an accountant to deal with the above issues amongst others can provide you with the ease and security of knowing your finances are in the best possible hands and even save you time and money.

Whatever your views on cost saving; putting your business in the hands of a professional accountants could be one of the best investments you make.

Why Do Business in Emerging Markets?

It is no question that we live in a connected world, especially in business. With all the technological advances that have been introduced over the years, there are many opportunities to take advantage of. When I first launched my online payment processor, I recognized a niche that had a lot of potential. I saw that online payments take advantage of the technological resources available to us and find the best ways to utilize them. No matter what niche you are in, as an entrepreneur, your focus needs to be on where to take your business next. As you continue on your business venture, you will learn new things about your industry, and capitalize on its developments to progress.

I put a lot of my efforts into remaining innovative. As society and everything in it evolves, thinking critically is imperative to remaining competitive. When you think about your business and what you want for it, you have a certain idea and path you want to take, but with any industry, it is important to think outside the box. You first launch your business with a target market, for example, but as your business continues to thrive and gain success, you can see it begin to reach new niches and markets, and when this happens, you must be ready to seize the opportunity. You should always be asking yourself where can I take my company next?

We are so dependent on the markets that directly involve our company that we sometimes forget that there is a whole other world outside of the one we’ve created for our business; there are so many market segments to be explored. Due to this, I strongly urge doing business in emerging markets because, not only can they be lucrative to your company, but they also open up an array of other possibilities.

Full of Opportunity

While working in the online payments industry, I saw an opportunity to tap into an emerging markets, the market of Bangladesh. There are some countries in the world that are not on the same level as others, technologically speaking. Bangladesh is one of those countries. It is a market that is just as smart as our, and has a lot of the same needs as we do, but it lacks the economic advantages and the infrastructure needed to provide the services and products that the online payments market sees on a regular basis. But for all these reasons – reasons that others would conclude to be a poor prospect – I saw potential.

This was an opportunity to help an underdeveloped country meet its potential. Launching business in emerging markets opened up a variety of opportunities. For instance, emerging markets inspire innovative solutions that would otherwise not be looked for in first-world markets. By looking at the world from their perspective, it will allow you to look outside of the box. Emerging markets force you to work on a different level, and this will help to spark creativity for your business anew. I would argue that the opportunities are endless when you step out of your comfort zone. Your business can only expand if you help a new market, niche or customer segment to do the same. As an entrepreneur, emerging markets allow you to experience growth on another plain.

Competitive Advantage

As business owners, our goal is to create a successful, thriving business. We enjoy having the security of moving our business into markets that will help us grow it and obtain new goals. However, many entrepreneurs, young and old alike, fail to realize that emerging markets help us achieve this. Sure, they may be in unfamiliar territories to some, and there is risk involve, but the reward to this risk can be incredibly advantageous (and there is no such thing as a risk-free business venture anyways). In actuality, doing business in emerging markets gives you a competitive advantage. These are markets without resources, not income; they are willing to spend and, with their high demand and low supply, by providing needed products and services, this is an opportunity that can be very lucrative to your company.

Doing business in emerging markets is something to consider seriously. As entrepreneurs, we are constantly looking for ways to expand, as well as learn. Emerging markets give you and your business the ability to do just that.