Following the Covid-19 pandemic and two national lockdowns, many small firms are currently struggling with debts. Although it may seem counter-intuitive to pay for professional accountancy in those circumstances, doing so can really help in the medium-to-longer term in a variety of ways.

Cash flow management

Having money coming into the business regularly is essential to being able to pay off debts and keep trading, but often, owners of small firms focus on profit at the expense of this. An accountant will put together a forecast to highlight any causes of cash flow delays and ensure you have a viable plan for repayment.

Tax debt arrangements

Another common debt problem faced by small firms is tax liabilities. What a small business accountant from Goole or anywhere else can do is help you secure a ‘Time to Pay’ deal with HMRC, which will allow you to pay these in affordable monthly instalments. They will do that by examining your finances closely and setting up a plan for repayment that will convince the tax authority.

Limiting outgoings

Accountants will produce monthly accounts for your firm, outlining what is going out and coming in, which will identify possible areas for reducing outgoings. This could include tighter expense controls, but it will stop your existing debts from worsening while you repay them.

At Adaptive Accountancy, we have been advising small businesses for over 10 years, and we can be reached at any time of the day. Give us a call to see how we can help.

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