Small business owners: Do you long for an accountant who understands you?

The complaint many small business owners have with their accountants is that they feel they are not being listened to. While a competent accountant knows his/her job well, they can often be a little difficult to deal with. A small business owner is different from owners of large businesses in the same way as novice to a pro. They are new to several aspects of business, especially areas like bookkeeping and accounts. This is something most accountants don’t adjust to.

The result

A good amount of such business owners despise accounting season and dealing with the accountant. The effect is the same as that of child who is forced to attend a class where he/she doesn’t understand the subject. What should have been useful information is lost in sheer distaste for the subject at hand. Ideally accounting season is the time business owners sit with the accountant and go through various aspects of the business and look at analyze areas where they should improve or cut costs. But this idea is made unpleasant by the simple fact that accountants talk only in accounting language. Such business owners wish they were better understood by their accountants.

Small business accountants are just what they need

The concept of Small business accounting is fairly new, a group of London accountants called Tally accountants where among the first few who decided to specifically cater to this market. The accountants here follow a few policies by which small business owners are greatly benefited. For one, they talk only in simple language, accounting jargon is strictly avoided. They also make themselves available all the time. There are no gatekeepers and the accountant can be reached over phone or email.

With accountants like these, small business owners needn’t go through the ordeal they would have to go through with the regular accountant. The service is quite affordable and convenient as well. 

Need help complying with HMRC?

If you are a small business owner in the UK, you must already be aware of the importance of complying with HMRC. Failure to oblige often results in heavy penalties. The rules and regulations are frequently updated; unless you follow them closely, it is rather difficult to prepare your records on time for tax season. Appointing an in-house bookkeeper might cost you a fortune. There is hiring and training costs, office space, computer installation and so on. If you are ready to spend so much on an accountant, you can go ahead with it. Your accountant will take care of everything (at the expense of a good chunk of your profits.)

At the same time if you are planning on managing it all by yourself, well, good luck. Because, you’ll need it. It is not easy to manage accounts, especially if you have to take care of it, besides all other administrative tasks. Not a good idea. You will not have time to eat and sleep well, let alone manage accounts. Plus, in an attempt to complete your records faster, if you update books hastily, you are likely to make mistakes. At this point, you cannot afford to make mistakes. That would mean redoing all your accounts. That’s an even bigger nightmare.

So, we have ruled out DIY accounts and the option of an in-house accountant. What other way is there?

You can approach accounting firms and hand over your work to them. Rather like outsourcing, except these guys would be in your vicinity and not far away in a different country. Qualified accountants from a local accountancy firm would be assisting you with accounts at affordable rates. If you are residing in the UK, you can approach Tally Accountants. They are experienced accountants who extend services such as bookkeeping, accounting, payroll, IR35 for contractors, CIS returns, VAT returns and so on. They are easily accessible. Thus if you find local firms such as Tally Accountants, they can help you comply with HMRC.