Why a specialist accountant is key to small business growth

December 01, 2020


Accelerating small business growth is an exciting prospect, but the process can be fraught with complexities and potential money and time-sinks.

Partnering with a specialist accountant can help you gain a better understanding of your small business finances and provide scalable support in key areas. With this in place, continued small business growth can be accelerated with minimised risk.

Here, we’ll take a look at four of the most important growth-related activities a specialist accountancy partner can help you with.

Accurate financial data and planning

Knowing where you are financially, where you’re heading and how to get there is vital for small business growth.

An accurate financial overview is the ultimate decision-making tool. It allows you to work out when to focus on growth, which investments are most likely to yield growth, and where to cut costs.

This process starts with maintaining accurate financial records. This means you’ll need to keep a real-time log of all profits, overheads and expenses.

However, you’ll also need some serious financial expertise to interpret these effectively and derive actionable insights – without chalking up too many hours on admin.

To this end, a dedicated accountancy partner can act as a financial controller for your business providing the following insights;

  • Develop your bookkeeping processes
  • Create useful financial forecasts
  • Provide insight into cash flow trends, inventory management, pricing and financing options
  • Offer advice regarding lease/purchase of equipment or commercial property
  • Design a budget aligned with your business goals

The planning process doesn’t end once you’ve chosen your preferred route. You’ll need to communicate your plans to others involved in the process (banks, investors etc.) to get them off the ground.

At Greavy & Co, we have decades of experience acting as outsourced financial controllers for small, growth-orientated businesses. We can communicate your financial plans in an accessible, compelling way, maximising your chances of getting the backing that you need.

Implement efficient tax filing strategies

Filing tax returns is never easy. However, as your company grows, so too will the complexity of your business’ tax reporting requirements.

As if understanding all this wasn’t enough, you’ll also need to stay on top of tax legislation that’s being constantly updated.

At best, this will mean dedicating hours of your time to trawling through paperwork. At worst, a missed deadline or overlooked document could land you with hefty fines, penalties or the prospect of an audit.

Depending on how late your tax return is submitted, you could find this figure further compounded by interest payments.

Losing time or capital in this way is sure to stifle your small business growth.

A specialist accountant can help you claw back value from your tax reporting processes, by:

  • Advising you on new/growth-related tax regulations
  • Preparing your records throughout the year to speed up the submission process
  • Avoiding or preparing for tax audits
  • Offering advice on maximising benefits/legally minimising your tax burden

The Greavy & Co Year End Company Accounts Service is designed specifically to support small business growth. We can take all this admin off your plate and turn your tax reporting process into a strategic asset.

Access funding sources

Gaining access to additional funding could make or break your small business growth initiatives.

Chances are you’ll need this funding quickly, to maintain momentum or take advantage of a specific opportunity. But, understanding the variety of sources on offer and preparing a watertight application can be a real headache.

A specialist accountant will help you choose between debt or equity funding, and gain insight into the pros/cons of financing options, including:

  • Overdrafts
  • Bank loans
  • Hire purchase/leasing
  • Factoring/invoice discounting
  • Asset finance
  • Credit cards
  • Government funding (e.g. Enterprise Ireland)

With this insight, you can select the most advantageous option for supporting market expansion, acquisitions, large-scale projects or rapid growth of your customer-base.

Once you’ve chosen your preferred option, your accountancy partner will use their skills to optimise your financial records and compile the strongest possible application.

Scale payroll administration

Small business growth almost certainly means adding more staff to your payroll roster.

Although new staff will give you the capacity you need to increase profitability, payroll administration itself is a non-revenue generating task.

As an employer, you’re required to file an annual P35 return and keep up-to-date with all employment-related regulatory changes.

Payroll administration goes much further, however. For each new employee, you’ll need to:

  • Generate regular payslips (weekly or monthly basis)
  • Issue annual P60 forms and P45 forms when employees leave
  • Complete monthly PAYE returns
  • Calculate deductions at source (pensions, VHI, trade union, etc.)
  • Provide ad hoc employment-related advice

Throughout this process, you’ll need to factor in a whole range of variables, including holiday pay, sick leave, bonuses, overtime and taxes.

With the Greavy & Co Payroll Service, we’ll take the entire payroll process off your hands. We can administer payroll for up to 300 employees, on either a weekly or monthly basis.

Our decades of experience also enable us to offer specialist advice for you and your employees on potential tax efficiency savings.

Get set for small business growth

Partnering with a specialist accountancy firm such as Greavy & Co saves you time and money that you can re-invest in valuable, business growth initiatives.

With us on your side, you can take advantage of our extensive experience to gain the insights and representation you need to get that competitive edge.

Whether you need us to fulfill a specific task or take on all the financial admin on your behalf, our services are fully adaptable to your needs. This means you only ever pay for what you’ll actually use.

Call on the financial expertise you need to power your small business growth.

specialist accountant

Accountants in Dublin 2

Greavy & Co Accountants Dublin,
8 Clanwilliam Square,
Grand Canal Quay,
Dublin 2,
D02 PF75
(01) 604 0011