5 Ways a Small Business Accountant Can Help

If you own a small business, you’ve probably worked with a small business accountant at some point. Have you imagined how they could help you, other than preparing and filing taxes, and bookkeeping?

Most people would acknowledge small business accountants prepare tax returns and financial statements. They recognise engaging a good small business accountant will contribute to their success.

An accountant will help you interpret your businesses’ financial health. They will help and support you to understand the impact of your financial decisions. This will help you avoid costly mistakes.

Ever considered other ways a small business accountant could help you? Here are five ways which might surprise you.

Small Business Accountants Help With Tax and Estate Planning

Your family trust or estate may be subject to tax. Your accountant will discuss legitimate options to protect your well-earned assets. They’ll share ways to avoid or limit how much tax your estate pays. They’ll share strategies to pass assets to chosen beneficiaries, rather than tax departments.

Optimise your tax and estate structures
Optimise your tax and estate structures
The Small Business Accountant as a Virtual CFO

Outsourcing has become a valuable and cost-effective strategy for many businesses. Hiring virtual CFOs offers affordable access to experienced finance professionals.

Your virtual CFO will customise their services and advice to match your needs. Modern technology enables businesses to outsource non-core activities, such as accounting and bookkeeping.

A virtual CFO will provide valuable strategic and financial support to help you make key business decisions.
A virtual CFO will provide valuable strategic and financial support to help you make key business decisions.

Video conferencing, and online document sharing, and accounting software have contributed to the plethora of virtual CFO services.

Your virtual CFO can support and advise you to make key business decisions. They’ll help you develop and implement your strategies. They’ll help you evaluate potential investments in new business ventures and deals. And they’ll help with financial budgeting and forecasting.

Small Business Accountants Help Secure New Funds

Chances are if you’re setting up a new business, you’ll need some initial financial assistance. You may need a business plan. If you operate an established business, you may need a loan or overdraft once in a while.

Improve your chances of securing a new loan
Improve your chances of securing a new loan

Your small business accountant can discuss your finance options. They’ll explain the pros and cons of various options. They’ll help you to gather the information you’ll need, including financial statements and forecasts. They’ll help you prepare a loan application that your bank manager will be happy to approve.

Ask a Small Business Accountant to Scrutinise Contracts

Many contractual agreements in business have tax and accounting consequences. Discuss them with your accountant before you commit to or sign a new agreement.

Property transactions or buying and selling businesses are full of potential pitfalls. Getting them wrong can be costly.

Is it worth the risk? Tax consequences can be severe if you get it wrong.
Is it worth the risk? Tax consequences can be severe if you get it wrong.

Your small business accountant will scrutinise contracts and highlight potential tax implications. They’ll also discuss other potential effects the agreement might impose or have on your business.

Manage and Help Grow Your Business

Successful business owners value how small business accountants have helped them grow their businesses. They know hiring the right people, at the right time, is important for them to be successful.

Accountants are well placed to help you hire the right people to grow your business. They can tailor and provide you with the right metrics to help you manage and monitor your people.

If you can't measure it, you can't manage it.
If you can’t measure it, you can’t manage it.

Use metrics such as sales or profit per employee, and productivity per employee. They’ll help you manage your biggest expense – your workforce.


Small business accountants offer much more than tax compliance and bookkeeping. They are a welcome addition to any successful business.

They provide strategic support. Small business accountants help reduce tax and protect well-earned assets with tax and estate planning. They are well-equipped to help you grow your business and provide financial oversight.

I hope this article demonstrates a small business accountant is more than a bean counter.

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1 Comment

  • Katherine

    07/02/2023 - 3:42 am

    We regularly talk with our accountant as she adds accountability to our business. We receive regular reports which are essential for tracking the progress of our business and ensuring that everyone in it is held accountable for their actions. If we didn’t, we feel this lack of accountability could result in a lack of trust and cooperation within the business, which can ultimately harm the success of the company.

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