Believe it or not, 88 percent of all businesses here in the United Kingdom are family businesses. That equates to around 4.8 million family-run operations overall, and while most are small businesses, more than 17,00 are medium to large in size. Whether your family firm is a small to medium-sized enterprise or a large-scale company with hundreds of staff, you’ll understand that running a successful family business comes with its own unique challenges and rewards, and a careful and considered approach when it comes to planning is critical.

In these unprecedented times, it has never been more vital that family businesses take full advantage of all expertise available to stay resilient and ensure they pass their legacy onto a new generation. In the following sections, we’ll explore how a professional accountancy service can be beneficial, offering an impartial perspective and expert skills that allow you as a family to focus on what you do best – growing your business.

Strong foundations for a family business

A family firm differs in many ways from enterprises that are purely concerned with commercial gains. With an aim to pass on the business to those who continue their line, those who found family businesses tend to take a long-term view on their enterprise. With a focus on longevity, putting down roots to build a solid foundation becomes more important, which is perhaps why family-run businesses tend to make strong connections within their local community and network more closely with other businesses in their industries. Operating under the family name can also mean a more personal approach to business, with the continuation of strong company values being of prime importance.

How a family business accounting service can help

A professional accounting service can allow your business access to a new skillset and a wealth of knowledge that can give you a competitive edge. A dedicated accountant with hands-on experience of assisting family businesses will understand the issues you face and can help you draw up a financial plan to achieve your long-term goals. Strategic planning can simplify the process, allowing you to watch your company make progress in line with step-by-step projections.

From preparing your tax records to handling audits for inspectors, professional accountants can provide specialist services that allow you to keep compliant with the ever-evolving government legislation. Having an accountant that is available around the clock and not just during working hours can also allow you greater peace of mind, knowing that expert assistance is always on hand. As for planning how your company continues, a professional accountant can also assist with inheritance and succession planning.

Finally, emotional bonds are inextricably linked with the business of any family-run firm, but they can sometimes negatively impact decisions regarding the firm’s best interests. Having an objective adviser who you can count on to help make critical financial choices can be an advantage to achieve your ambitions and ensure you company continues.

If you’re currently seeking a family business accountant in Google, contact Adaptive Accountancy today for advice and support.