Small businesses can have a dedicated finance function

Jack Moore, of accountancy firm Page Kirk, argues that even small businesses can benefit from a dedicated finance function

TODAY, I would like to debunk the concerningly common misconception that a small business either can’t afford or doesn’t need the vitally important role which a finance function plays in any business.

As a small business owner, having your finger on the pulse when it comes to your business’ finances is the single most important aspect of running a successful business.

One hundred per cent transparency of your business’ financial performance and on-demand access to always-up-to-date information in this regard is critical.

How can you run a successful business if you can’t pinpoint exactly whether you made a profit or whether made a loss last month?

How can you grow a business if you can’t forecast exactly how much cash you expect to have in the bank in six months’ time?

How can you refine a successful business to be more profitable if you don’t know your profit margins for each product or service that you sell?

The answer to all of the above? You can’t. Too many small business owners rely on their cash balance as their primary indicator as to whether the business is performing well, only to despair when the quarter-end rolls around and they must fork out to pay a VAT bill or a CIS bill.

Or perhaps when their corporation tax bill becomes due at the end of the year.

Using the cash balance alone to gauge a business’ success is a false indicator.

With the tools available to small business owners nowadays, it’s possible to keep on top of your finances with minimal input.

There is no excuse to overlook such an important function of the business.

Even if accounts and bookkeeping are not your forte, apps such as Quickbooks, Xero and Receipt Bank will make it much simpler for you to keep on top of your books on a regular basis than it would have been in years past.

At Page Kirk, we recognise the immeasurable efficiencies delivered by the ever-growing library of bookkeeping and business management apps at our disposal.

That’s why we constantly have our ear to the ground when it comes to new software and we partner with a growing number of providers.

Once we have the proper processes and procedures in place, working as they should for our clients, we can spend less time on bookkeeping and more time offering a far more valuable advisory service.

It is because of these efficiencies that we can offer a dedicated finance function for your business.

A dedicated finance function might sound like something which only large businesses can afford.

Having somebody on the other end of the phone, who has your upto-date business financials at their fingertips and who can coherently discuss any aspect of business performance and financial planning with you?

It sounds like a luxury which is reserved for large businesses with pots of cash, right?

I would like to reject that misconception today and tell you that your business can access this type of service at a far more reasonable price than you may think – typically no more than a traditional bare-bones bookkeeping service would cost.

At Page Kirk, we relish the opportunity to really get to know our clients’ businesses.

We also aim to get to know our clients personally and to help them achieve their short-term and longterm goals.

We want to be on board for your journey.

For more information, please call 0115 955 5500 or e-mail: