Small business owners 'should review their accounts quarterly'

Date: 11th March 2008

Business owners should review their company accounts quarterly, according to government's Business Link service.

Company bosses can also benefit from the advice of business accountants who specialise in their area - even if they are "financial whizzes" says Business Link advisor Claire Savidge.

"It costs money but by using an external accountant, they can bring knowledge to you that you may not be aware of in terms of structuring your business financially, particularly small businesses or family businesses," she comments.

Ms Savidge adds that business owners should seek advice to make sure their company is "going in the right direction" and to clarify any tax issues they may have, particularly if a business is changing hands.

A recent report by the Professional Oversight's Board, into how accountants support small business owners, revealed that many small firms are "unclear" about the options available to them and the level of help they can obtain.

The report suggests that business owners could be missing out on important financial information by failing to consult an accountant regularly.

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