4 Things A Milton Keynes Accounting Firm Can Do For Your Business

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There is absolutely no shame in sharing your list of responsibilities. In fact, knowing when to delegate is an important part of any successful strategy. Accountants train for years to become the top players in their field, learning everything there is to know about the financial side of running a business. Whilst you may have a solid understanding of these areas yourself, handing over your books to a professional accounting firm can make the whole process a lot smoother.

Since an accountant is only focused on this element of your small business, they won’t become distracted by its day to day affairs. And there is more to an accountancy’s portfolio than just bookkeeping services. An accountant can help with all types of fiscal arrangements, working behind the scenes to keep your finances in shape.

Preparing The Launch Of Your Small Business

Aston Black have been working with the businesses of Milton Keynes for many years. In this time we’ve seen plenty of startups come and go, but only a select few ever manage to stick around for the long haul. The reason behind their success has always been meticulous financial planning before their launch. Simply put, if you’re not prepared for the first six months of business before you start, then you are unlikely to see out the rest of the year.

There is currently a lot of competition for small businesses in Milton Keynes, with new ventures popping up all the time. By hiring an accountant you can ensure you have given your business the best possible head start. During the run up to your grand opening, an accountant can advise you on any decisions you make. Here are just a few examples:

  • Determining the structure of your business (sole trader, limited company, partnership)
  • Setting up an accounting system and deciding on your tax year
  • Helping with financial analysis and coming up with a business plan
  • Oversee the opening of business account
  • Ensuring you comply with government regulations
  • Advising on the recording of business expenses

Advising During The Everyday Running of Your Business

Once your business is up and running, there will still be plenty for an accountancy firm to get involved with. Your focus in the first few months should be on customer satisfaction and gain exposure for your company. But whilst you are working on a sales strategy, your accountant can handle everything behind the scenes. The initial accounting year can be a tricky one to navigate yourself, especially if you have never kept books before. Amongst other things, an accountant can:

  • Explain all your financial statements and how they affect your business
  • Advise on all tax related issues (payment, filing tax returns, keeping records etc.)
  • Undertake payroll procedures, ensuring each employee is catered for
  • Provide clear financial reports at the end of each business year

An Accounting Firm Can Provide Support During Periods Of Growth

Eventually, your small business should begin to generate a profit, leading to growth in your finances. Whilst most of this money will be reinvested into your enterprise at such an early stage, you may still be able to take home a portion for yourself. However, it’s incredibly important that you know exactly how much revenue you’re likely to create in the coming years and how much you need to reinvest to continue this growth spurt. An accountant can deal with cash flow projections, giving you a clearer financial forecast. The last thing you want to do is to undermine all your hard work up until this point, by failing to manage your accounts properly. A Milton Keynes accountancy firm can help during this period of expansion by:

  • Pointing out areas for potential growth, after careful cash flow, inventory and pricing analysis
  • Advising on property acquisition and taking out loans
  • Preventing a government investigation, keeping all your books in order
  • Creating a business budget to ensure you aren’t overspending and on track to reach your goals

Helping You Decide When To Sell Up

The time may come when you decide to put your business on the market and move onto pastures new. But you want to make sure you are getting the best deal possible for the sale of your franchise. An accountancy firm can work with you to decide exactly how the process should be handled and whether you could be getting more out of it than you think. Every sale is different and a quality accountant will:

  • produce statements of accounts to show to prospective buyers
  • corral and compile all your financial records
  • interact with the accountants of interested investors (often a legal requirement)
  • help you retain as much money as possible from the sale, by creating a tax plan

Whichever stage you find yourself at in business, Aston Black can help you take the next step along the path. Our Milton Keynes based team of trained accountants can help you put all your affairs in order, advising on all forms of accounting, from bookkeeping to franchise acquisition. For a free, no-obligation consultation, call us on 01908 904794 or get in touch through our contact page.

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