Running a small business means keeping on top of much more than the work you set out to do. Bookkeeping, tax deadlines and year-end accounts can take up time you would otherwise spend looking after customers or planning your next step.
A good accountant helps you manage those responsibilities and understand what your figures mean. When choosing someone to work with, look for practical support, clear communication and an interest in where your business is heading.
Start with reliable bookkeeping and accounts
Useful financial advice starts with accurate information. If your records are incomplete or several months behind, it is harder to see your cash position, plan spending or know how the business is performing.
Ask how your accountant will help you keep records up to date, what information they will need from you and who will be responsible for each task. Agreeing this at the start makes day-to-day administration and year-end deadlines easier to manage.
Our bookkeeping and annual accounts services help bring that information together, giving you a clearer picture of your business.
Look for practical tax and VAT support
Your accountant should explain which deadlines apply to your business and help you plan for payments in advance. There should also be time to discuss relevant tax planning before decisions are made, rather than only when a return is due.
If your business is VAT registered, ask about record keeping, preparing returns and the software you use. Straightforward processes can reduce the time spent gathering information and help you spot missing records earlier.
We provide tax support and VAT compliance services, with practical help to keep your records and submissions organised.
Choose support that can grow with you
As your business develops, the questions you ask of your accountant may change. Alongside accounts and tax returns, you might need a better understanding of your margins, a cash flow forecast or help assessing an investment.
Ask whether your adviser can provide that additional support when you need it. Working with someone who already understands your business can make those conversations more useful.
For businesses that need more regular financial input, fractional finance support offers access to experienced finance expertise on a flexible basis. This can include management reporting, forecasting and support with commercial decisions, without committing to a permanent senior finance role.
Make clear communication a priority
You should feel comfortable asking questions and confident that you will receive an explanation you can use. Before appointing an accountant, discuss how you will stay in touch, how often you will review the figures and what is included in the fee.
Location may matter if you prefer to meet in person, but regular, responsive communication is just as important. Cloud accounting and online meetings make it possible to work closely together wherever you are based.
Common questions
What does a fractional finance director do?
A fractional finance director provides senior financial input on a part-time or flexible basis. Depending on the business, this can cover cash flow planning, management reporting, governance and advice on significant decisions. The scope should reflect the support you need.
How does Making Tax Digital affect bookkeeping?
Businesses within the scope of Making Tax Digital need to keep the required digital records and use compatible software to submit information to HMRC. Your accountant can help you understand which requirements apply to you and choose a suitable way of working.
We can help you with digital records and VAT submissions and explain what the requirements mean for your business.
Does my accountant need to be based near my business?
That depends on how you prefer to work. If face-to-face meetings are important to you, ask what is available. Many businesses are equally comfortable sharing records securely online and meeting by phone or video. Choose an arrangement that makes it easy to stay in touch.
What should I ask before appointing an accountant?
Ask about their experience with businesses like yours, who will look after your work, what the service includes and how fees are agreed. It is also useful to discuss how they will help you understand your figures throughout the year.
Let’s talk about your business
At Lowe & Company Chartered Accountants, we support owner-managed businesses across London and Essex with accounts, tax and financial advice. We combine more than 14 years of experience with a personal, approachable service and clear explanations.
If you would like to discuss the support your business needs, we would welcome a conversation.