What are the Main Duties of a Business Accountant?

Business Accountants are professionals who record, analyse, and advise on the many financial processes within a business including profit and loss, expenses, taxes and more. A Business Accountant’s responsibilities include (but are not limited to):

  • Bookkeeping and payroll;
  • Financial reporting;
  • Financial analysis and advising;
  • VAT returns;
  • Ensuring compliance with HMRC;
  • Support with HMRC matters;
  • Strategic planning; and
  • Growth management.

Why should I use a Business Accountant?

If you neglect to keep up with changing legislation regarding tax, you could face serious fines and damage the reputation of your business. Dedicated Business Accountants will ensure that you remain compliant with HMRC so you can worry less about accounting and focus on the day-to-day running of your business.

As a business owner, it is critical that your financial records and taxes are handled and processed correctly and on time. While accounting software has become more accessible and intuitive, business owners should still consider using a professional accountant who is qualified to handle business finances and use this type of accounting software.

Business Accountants can also support strategic growth by scoping out new opportunities for your business. With a thorough understanding of your finances and performance, they can also help you identify weaknesses and areas for improvement. 

Ultimately, if you are less familiar with handling business finance matters, it is best to rely on a professional Business Accountant to avoid costly mistakes or penalties. 

Types of Business Accountants

Different businesses will have different accounting needs, depending on their size and sector. With this in mind, you may wish for your Business Accountant to have experience in a specific sector. Others may only require support in a certain area. 

For example, a Tax Accountant is ideal if your small to medium sized business needs support with HMRC compliance, tax returns, and advice on tax-saving solutions. Alternatively, Chartered Accountants will have further qualifications and experience, and will be able to advise on the more complex matters of finance and business.These may be more suitable for medium to large businesses.

Businesses will want to ensure that the accountant they are looking to hire has the correct qualifications and relevant experience for the job. The team at Sherlock & Co have been working with clients for over 40 years and have the experience and knowledge to support businesses of any size with accounting matters. 

To learn more about the different types of accountants, read our article on the role of accountants (insert link to ‘what does an accountant do).

Looking to hire a Business Accountant? Sherlock & Co can help

At Sherlock & Co, our team of Business Accountants are approachable, friendly and experienced. We put our clients first, taking care to fully understand their unique business needs and challenges.

If you are looking for a Business Accountant to support you in all areas of accountancy,  speak to a member of our team on 0161 330 3067, or fill out our online visit our enquiry form.

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