Small business (SME) accounting

Personal Tax

Business Accountants

Established in 2002, the ICS SME accounting team have been providing a compliant accounting service to small businesses. Drawing on over 17 years’ experience, ICS Business Accountants have the skills and knowledge to support business owners across a variety of industries.

Benefit from our comprehensive range of small business accounting capabilities within accountancy and tax, such as statutory accounts, management accounts and self-assessment. This is all made incredibly easy for you to monitor your accounts with our real-time accounting software, making the information you want accessible when you want it.

Why Choose ICS Business Accounting?

We offer a comprehensive accounting and taxation service for a fixed, monthly fee, freeing up your time to let you focus on driving and growing your business.

A one stop, full accountancy package

A comprehensive accounting and taxation service.

We will craft a bespoke package of services to meet all your requirements, including VAT returns, payroll services, annual accounts and company and personal tax returns.

Online accounting software

A fixed monthly fee – no hidden costs.

We will understand your needs and agree a great-value, fixed fee up front. This means no surprises, and avoids a huge bill at the end of the year.

Quarterly management accounts

We work at the forefront of cloud technology.

We are experts in cloud accounting, accredited partners of Xero, FreeAgent and Quickbooks. This means the numbers are at your fingertips, on phone, tablet and desktop and we work simultaneously.

Personal Service, we’re here for you

We are experts.

Our team of Chartered Accountants, and aspiring accountants have plenty of experience to support you with complex issues and find creative solutions.

What Do Accountants Do for Small Businesses? 

Having an accountant for a small and medium business is just as important as having one for one on a larger scale, it is about the skill of being able to successfully manage the incoming and outgoing money that is being exchanged through internal and external measures in your business. An SME is most commonly classified by the number of employees being fewer than 250 employees. It is referred to as small to medium, but this categorisation must not be underestimated. Rather than a single person with limited accounting knowledge or experience handling the cash flow, payroll and bank reconciliations, amongst other things, with ICS UK, you can have a whole team of combined experience taking the best care of your money. 

The support provided by an accountant for a small business is invaluable, no matter what time they begin to assist your company. This can include dealing with stock/inventory management and unpaid invoices, which continue throughout operation at no fault of your own, but this extra task is one that you don’t need when you could be spending your time on other business affairs.

On this note, managing debt is a big factor that accountants carry out; both good and bad debt can be managed with borrowing strategies, repayment flexibility and interest rates, helping to inform you when reinvestment may be an option. Essentially, accountants for small business can fix your cash flow with smart budgeting for forecasting, staffing, payroll and training to name just a few. This budgeting can improve the efficiency in terms of cloud accounting software for KPI tracking, cash flow dashboard and automated accounts payable, as well as tax exposure, record-keeping and audits.


Future Proofing with Business Accounting for SMEs

All revenues and outgoings that are processed and handled through the business has to be documented for a number of reasons. A main priority of successful bookkeeping is that everything has to be documented for tax purposes from corporation tax to VAT, as well as balancing through the likes of bank reconciliations. This is to ensure that you are paying and contributing the correct amount, as well as reclaiming the rightful amount. From expenses to sales and company purchases, every transaction must be recorded.

Keeping these financial documents in check proves extremely useful for audits, as well as financial forecasting of revenues and outgoings. The benefit of having such an experienced team is that we know exactly what we are dealing with and how to spot any opportunities and potential mistakes in the accounts before they turn into an issue. This forecasting is vital to small and medium businesses to ensure that they can create a budget for the next financial year, based on their estimated incomings and outgoings; our accurate accountancy services can highlight any areas and finances where investment can be made, or perhaps where costs should be cut. Without such, you may be missing out on opportunities or overinvesting in an area that does not provide any return.

Finally, these financial statements can provide an essential source of information for growth opportunities and stakeholders. For example, when acquiring a loan to invest in bigger property, statistics and data as proof of a company’s liquidity and ability to uphold repayments will be required to justify the decision. Often, if it is not a bank, it may be a stakeholder that chooses to invest, and they too will require the accurate business-wide account data to justify their decision.


Contact ICS for Further Information on SME Business Accounting

We offer a comprehensive accounting and taxation service for a fixed monthly fee, freeing up your time to let you focus on driving and growing your business. If you require any further information regarding how we can tailor the service to your business or any other enquiries, simply get in touch with us today by calling 0800 288 9015.

The ICS Small Business Package for one fixed price monthly fee - click here to view


Reasons to Join ICS Accounting

Free up your time
Unlimited accountancy advice included
Accountancy software included
No hidden costs
Team of qualified accountants