Accounting is an important part of any business, even more of a small business. An accountant does a number of things for the company such as keeping and managing financial records, making sure everything is compliant, assisting with tax decisions and strategic growth of the company. In this article we will see more in detail what an accountant really does for a small business by describing what is the job of accountants and their place in business, adding an accountant job description for more clarity, with a focus on small businesses, of course.
Overview: Role and responsibilities of an accountant
In one phrase, an accountant for a small business gathers, organises and interprets financial data in order to assist with tax or other company decisions. The accountant’s job is not “just” about bookkeeping, but also compliance, financial reports and strategy advice in order to promote the business. Specifically in small businesses, accountants manage the day-to-day financial needs and operations such as tax planning, declarations and filing, budgeting and forecasting, payroll in some cases and of course ensuring compliance.
Key tasks of an accountants
Let’s see what a small business accountant practically does, more in detail:
- 📚 Bookkeeping and maintenance of company records: overseeing company accounts, checking bills and invoices, reviewing bank statements for errors or discrepancies.
- 📑 Financial reports: preparing profit and loss statements, budgets, balance sheets and providing predictions for better company decisions and performance.
- 💼 Tax planning: calculating company taxes, filing business returns, keeping an eye on deadlines, advising on potential deductions, and representing the company in case of audit.
- 💸 Payroll: processing employee payment, doing employee-related tax calculations, and making sure about correct filings to the tax authorities.
- 💡 Advice on company structure and business strategy: assisting to optimise business structure, planning for growth and cost reduction.
- ✅ Compliance: following local laws’ and financial regulations’ amendments but also VAT/sales tax rules, and preparing for audits.
- 💬 Risk management: detecting potential fraud, doing account reviews to pinpoint potential errors and minimise them.
In a small business, the accountant has a multi-role. That means that the accountant’s tasks are not only financial data related, but they can also include business strategy advice. Bookkeepers usually focus on financial data entry alone, while accountants analyze those data to assist on company decisions.
What is the accountant’s role in business? More than just financial data
As mentioned before, an accountant for a small business is not just a bookkeeper. He/she is a business advisor. That is because they assist with:
- ℹ️ Financial data interpretation so business owners can understand profits, costs, pricing and financial company needs.
- 🎯 Planning through budgeting and forecasting analysis.
- 🛠️ Business operations improvement by cutting costs and suggesting process and technology improvements.
- ♟️ Strategy such as employee hiring, investment research, loan requirements and market expansion.
- 🔍 Audits by acting as liaison and there for reducing stress for the business owner by making sure everything is done by the book.
Accountant salaries in the EU
Salaries for accountants in the European Union vary significantly by country, level of experience, qualifications (e.g., ACCA, CMA, ACA) and sector.
- Entry‑level accountants across Europe usually get €40,000–€55,000 annually.
- Data from PayScale and Renaix show the average in Germany at about €49,932, while entry‑level in Spain can be around €29,900.
- International tax accountants across Europe earn around €65,000 on average, an amount which depends on the exact work location.
These numbers show what a small business accountant can earn in EU countries, at least a salary range, which highly depends on the company size and cost of living in the equivalent country. Different rules and salaries may apply to the UK, which is not considered part of the EU anymore though.
Small business accountant formats
👨🏻💼 In‑house accountants
This means the accountant is on the company’s payroll and offers continuous guidance and advice within the company.
🌐 Freelance accountants (Outsourced)
Some companies don’t have their own in-house accountants, and therefore they are outsourcing that service to accounting companies usually, paying monthly or on project.
🏢 Accounting firms
There are various options, offering different kinds of services depending on the company size. There are specific smaller firms that focus on support to smaller businesses.
Accounting services with EasyBiz
EasyBiz.lu is an accounting service provider for small to medium businesses, based in Luxembourg but collaborating heavily with other EU country clients, mainly in France, Germany and Belgium. Their services include: bookkeeping, VAT business declarations and returns, tax compliance, financial statements and budgeting, plus strategy advice for small businesses. Small company owners in or around Luxembourg can definitely benefit from EasyBiz’s multilingual support and local experts for anything regarding business taxation.
Expert Accounting Help | EasyBiz
Payroll services and accounting from €90. Expert team ready to help.
Learn moreSample accountant job role description for a small business
Job Title: Small Business Accountant
📝 Responsibilities:
- Keep daily financial records and manage business accounts
- Review bank statements monthly
- Prepare financial statements (cash flow, balance sheet etc)
- Budgeting and forecasting tasks
- Payroll process and filing
- Conduct business tax declarations and manage tax returns
- Advise on company structure and cost reduction
- Monitor legal compliance
- Prepare for company audits
✅ Qualifications:
- Bachelor’s degree in accounting, finance, or related field
- Experience with small business accounting
- Familiarity with accounting software such as QuickBooks, Xero or similar
- Strong organisational and communication skills, and great with numbers
- Formal certifications (e.g., ACCA, CMA, Chartered Accountant) desirable
Conclusion
Summarizing this article, as we saw, an accountant can do quite a lot for a small business. It is definitely not only large companies that need accounting support! Also, it is a great career option in the EU for those who are good in numbers and studied finance, accounting or a related subject. EasyBiz is designed to offer accounting services to small businesses, so if you are a business owner based in or around Luxembourg (or thinking of opening your own business), we can absolutely help you further.
