Small business accounting 101: What is needed for a small business?

Small business accounting 101

Despite being leaner outfits with smaller numbers to consider, small businesses can still benefit from having an accountant on board.

There’s plenty an accountant can help with, even if there aren’t high volumes of invoices and a long list of tasks to keep on top of.

Let’s take a quick look at the ways a small business might need accounting.

What does a small business need from an accountant?

Even small businesses need the basics of accounting, such as bookkeeping and, if you hire employees, payroll. These are simple enough for an accountant to manage, but vital enough that trying to handle them yourself can quickly turn stressful and demanding—especially if you fall behind.

The importance of paying your staff is a no-brainer, but keeping records is just as vital. Though small companies can choose to disclose less information than larger ones, all companies need to file accounts with Companies House. Given that this is a legal requirement that incurs penalties after a certain amount of delay, this is another good reason to seek an accountant.

Accountants are also masters at tracking expenses and analysing financial data. This puts them in the best position to give you advice and guidance on business expenditure, providing insights as to how you might lessen spending and free up assets elsewhere.

Additionally, an accountant knows how to organise your information and sort it in a way that can be easily recalled. Accounting software tools streamline processes even further, making your data as neat and tidy as it is secure.

Does it matter where I’m located?

While there are some differences regarding taxes and similar matters between Scotland and England (and Wales), the majority of places in the UK will have the same demands on needing to demonstrate profits and losses. This means that accounting for a small business in Manchester will be just as relevant and necessary as the same for London.

Of course, your accountant may be able to use local knowledge to apply for certain business grants and other handouts from local councils, so it’s always worth checking with your accountant and picking their brain for their knowledge of financial support options.

How do I find an accountant for small business?

MCC Accountants has been helping small businesses in Salford and Manchester for many years, providing them with all of their bookkeeping and accounting needs.

We’re experts at what we do, and ensure that SMEs have everything they need to succeed and grow.

To find out more about our specialist accounting for small businesses in Manchester, Salford, Walkden, Monton, Swinton and Cheadle, contact us today.

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