How Accountants in London Can Help Small Businesses to Grow?

Posted by Amit Gupta on November 25th, 2019

Running a business requires a lot of hard work, dedication, and perseverance. If you think that accounting services are meant only for multi-million-dollar companies, think again. Accounting services are required right from start-ups to established businesses. The role of accountants in London for small businessesis to keep track of expenses, income, and taxes that helps the company meet its goals and reach its potential. There are several other reasons why hiring these accountants can prove to be quite beneficial for small businesses.

Keep Employees Free for Core Jobs

If an accountant is hired to take care of company accounts, it leaves employees free to pursue core operations which requires their full concentration. There is no longer any need for employees to split time between maintaining accounts and do the job for which they have been hired.

Accurate Accounts

When professional and qualified accountants are hired to help small businesses where owners are already struggling with a lot of work to establish their company and make it big, it becomes easier to ensure accuracy of accounts. They are expected to keep up with accounts receivable, accounts payable, tax documents, returns, etc. Employees who have been hired for other jobs cannot be expected to maintain accuracy of accounts.

Limit Liability

Many accountants offer limit liability that is, providing a guarantee for their work in the contract. Thus, in case there are any discrepancies in accounts, the accountant will be liable for the mistakes and damage done to the business reputation as a result. It is still recommended to go with due diligence and choose a reputed and skilled accountant as disputes can tie up working capital for a long time.

Stay Updated

It is very important for the accountants being hired for the job to stay updated about laws and regulations pertaining to accounting and taxation. In case of a quick growing business, it is challenging to stay updated about different laws and changes in them at different growth stages. Accountants of a company can ensure the company is in compliance with laws of the land.

The above reasons make it necessary for small business to hire an expert accountant so that they can focus on growing their business.

About the Author:

Amit Gupta, Director, Allenby Accountants.

Allenby Accountants is an independent accounting firm, located in Uxbridge, West London. We are accountants, business advisers, offering financial services and helping you to achieve your business ambitions. Our offered range of services include accounting, bookkeeping, tax management, VAT management, tax planning, Inheritance tax, capital gains tax issues, succession planning, etc. We specialise in offering services to sectors like medical & healthcare, retail industry, professional services, property & construction industry, charity and not-for-profit organisations and more.