One of the best things about small businesses is that their size allows them to react and make decisions quicker than larger companies, but that advantage can be minimised if you are bogged down by your accounting and finances.

With having a specialist small business accountant at S Smith & Co, it will allow you more time to focus on running your business and providing a great service to your customers; without the headache of dealing with your own accounts. We can help you keep on top of your finances, file your tax returns, manage your Payroll and prepare the documents required to register your business with HMRC and Companies House.

Employing a full-time accountant is an expensive overhead which can often come with staff issues – holiday cover and maternity cover just to name a few. A full-time accountant’s salary is money that could be better spent on growing your business.

Advantages of Being a Sole Trader

• Decisions can be made easily and swiftly as you are in total control of your business
• You get to keep all the profits that are made as the sole owner of the business
• Customer service can be delivered with a personal touch giving you the upper hand over larger more complex competitors
• All business financial data are private and are not available to the public, keeping your business affairs under wraps
• You are able to hire staff to work for you in the running of your business

Disadvantages of being a Sole Trader

• Personal liability lies with you, as you are the only business owner
• If any losses are made you could end up losing your personal assets
• It is not easy to obtain large financial loans from banks and raising finance is often difficult
• Economies of scale cannot be leveraged because lower prices and discounts from suppliers are often only given to larger businesses
• If you fall ill, you will not get paid.

S Smith & Co specialist small business accounting service means you’ll get a dedicated accountant to deal with all your accounting needs and advice on every area of accounting for a fraction of the cost. S Smith & Co was created to help small businesses get on with what they do best, by providing a great, modern accounting service.

With S Smith & Co, you will get a personal small business accountant who will:

• Manage your tax, VAT, dividend and salary planning
• File your annual accounts, corporation tax returns, VAT, and PAYE
• Reclaim your CIS deductions suffered
• Give you great advice whenever you need it
• And more…

Speak to one of our specialist small business accountants whenever you need advice.
To find out how we could help your Small Business call S Smith & Co Accountants in Scunthorpe, Epworth & Brigg on Scunthorpe 01724 848343 or email us on accounts@ssmithaccountants.co.uk.