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Accountants for Family Businesses to Help You Thrive

At Essendon, we are accountants for Family Businesses. We know that family businesses are often successful because of the strength of the relationships within the team. It’s a real asset. However, that closeness can bring its challenges too. One partner may worry about the finances, whilst the other doesn’t. And if you started as a sole trader, but have later brought a family member in to help, the shift in dynamic needs careful attention.

Another key phase is when the children join in. This brings a special strength to the offering, but shaping new roles isn’t always easy. The new generation tends to see the innovative benefits of technology, for example, but that can sometimes be perceived as an unnecessary expense. This is where external guidance and a family business accountant can be invaluable.

How Essendon Accountants can help you with your Family Business Finances

The Business Godparent

When working as accounts for family businesses, we see the stages that they go through. It’s exciting for everyone, including us, but the dynamics bring challenges that require careful thought. For example, we can investigate the financial benefits of technological investment and guide the family in making the right decision for the business.

Taking Care of the Financial Details

 The financial details matter in every type of business. Using a family business accountant as a trusted partner who will ensure the accounts and tax returns are compiled and filed on time makes a huge difference. We calculate tax and ensure it’s optimised to suit a business. Plus, we can also manage bookkeeping, VAT, and payroll.

When it comes to Accounting for your Family Business, we will:

  • Provide outsourced bookkeeping
  • Manage your payroll
  • Track and oversee your VAT
  • Prepare and file your accounts
  • Complete your tax returns and file, e.g. Companies House
  • Advise on trading structure, e.g. partnership or limited company
  • Operate as your financial director
  • Provide guidance and advice throughout the year

Accountants for Family Businesses – Why Working with an External Partner is a Good Idea

You’re running the family business yourself – why should you invest in a family business accountant? There are several reasons why partnering with an accountant is a good idea for your family business.

Growing Your Business—Working in the world of finance gives us the knowledge and experience to know how to grow your business. If this is on your agenda, then working with an accountant who specialises in family businesses is key to your success. 

Succession Planning—You could be looking to hand your business down to the next generation imminently, or they could just be starting to show an interest in the family trade. Any time is a good time to investigate succession planning, and working with a family business accountant can help you build a plan for future success. 

Dealing with Conflict—Unfortunately, conflicts in family businesses are not uncommon. Having a mutual third party can often help defuse the situation and ensure everyone keeps their business minds. 

Helping your Family Business to Thrive

At Essendon, we want to work with you and further help you grow your successful family business. Our family business accountants don’t just support you with your compliance requirements; we work with you to understand your business and the unique challenges you may face.

We work as family business accountants for organisations that need financial guidance and mediation. We ensure a firm hand oversees the finances so you and your family can concentrate on running the business. Contact us for more information and to start a great partnership.

See your family business grow

If you’d like to find out more about how Essendon Accounts & Tax can help your family business to grow, please get in touch.

    You can give us a call

    01908 774320

     

    Or you can email us at

    enquiries@essendonaccounts.co.uk

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