YOUR BUSINESS SPRING 2019 - 63

Accountancy

Finding finance

From so-called "business angels"
(individual private investors) to
banks and peer-to-peer lending, it's
important that small businesses are
aware of the various options available
when it comes to sourcing finance.
An accountant can not just help you
choose the right type of funding,
but also to secure and sustain it.

Recruiting staff

Getting and keeping the right people to
help your business grow is a challenge
for all businesses. You can make your
company more attractive to your
workforce - and increase the chances
of retaining them for longer - through
incentives such as simple profit shares
or a group health insurance scheme.
Your accountant can advise on how
both you and your employees can
get the most out of staff incentives.

Intellectual property

Accountants have a crucial role to play
in protecting and enhancing the value
of intellectual property (IP), such as
patents, trademarks, registered designs
and copyrights. They can help you
adopt a structure that ensures these
assets don't fall into the public domain,
losing you revenue. They'll also ensure
you benefit from any related tax breaks.

Complying with regulations

Constantly changing tax laws can
make it difficult for business owners
to keep on top of - and comply with -

current legislation. An accountant can
help with all areas of tax compliance,
preparing calculations and advising
on how to minimise liabilities.

Boosting profits

Knowing which parts of your business
will make a profit is vital. Many
businesses concentrate on products or
services that are naturally expanding,
but these won't necessarily be your
enterprise's most profitable areas. A
good accountant will help you identify
which sections can generate bigger
profits, encouraging you to innovate
and invest for maximum success.

Managing cashflow

It's not only vital to draw up a budget
for your start-up costs at the outset,
but to keep an eye on what's coming
in and going out as your business
evolves. An accountant can help
identifying those areas where you need
to spend more and those where you
need to rein in expenditure, alerting
you to potential cashflow shortfalls.

Keeping records

It's essential to keep an accurate log
of your income and expenses in order
to prepare your business accounts at
the end of the financial year. If you're
a sole trader, an Excel spreadsheet
may suffice, but more complicated
businesses will probably need to use a
software package. Your accountant can
help you choose the right software and
set up a system to meet your needs.

Money
management

Looking for further ways to
take control of your accounts?
Mark Picken, CEO of Shire
Leasing, has some tips
Leasing equipment is one way UK
SMEs can take control of their cash
by spreading the cost and avoiding
major upfront costs that come with
outright purchases. Businesses
that lease also capitalise on the
fact that a finance lease has fixed
interest rentals unaffected by
inflation and rising interest rates.
They also have the benefit of the
latest equipment to maximise
productivity and efficiency.
SMEs can lease across the
full spectrum of business
assets - telecoms, IT, security,
telematics, furniture, catering,
gym, photocopiers, medical,
beauty and vehicles, to name but
a few. Shire Leasing will consider
leasing almost anything if there
is a justified business rationale.
We even fund dairy cattle!
Alternative finance solutions
can help established and new
businesses to grow affordably,
and Shire's partnership with the
British Business Bank enables us
to support UK SMEs by offering
flexible funding solutions.

63
YOUR BUSINESS SPRING 2019

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