Accounting and Chief Financial Officer Services for Startups and Small Businesses



Navigating Finances, Crafting Success


Our Services

Accounting Services and

Financial Coaching

Our financial coaching is centred around helping businesses understand their financial landscape, enabling them to make informed decisions. We offer a full suite of accounting services, including Year-end accounts, Bookkeeping, Financial reporting, Tax planning, Payroll, Pensions, and compliance, ensuring your financial operations are efficient and transparent. We also offer a monthly free workshop for aspiring business owners to take control of their finances. Learn more

CFO Services

We assist in budget planning and financial forecasting and provide insights for strategic decision-making. We aim to partner with businesses in navigating complex financial challenges and driving growth. Meanwhile, SMEs might find hiring an internal CFO not to be cost-effective. Our services would be a perfect fit for you.

R&D Tax Credit Specialists

We have a deep understanding and experience in claiming R&D tax credits; we have claimed over 10 million pounds worth of R&D tax reliefs for various clients to date. Making us a go-to advisor for businesses engaged in research and development. We guide our clients through the process of claiming R&D tax credits, helping them to maximise their returns and reinvest in innovation.

Cambridge TV Interview

Our Founder’s Interview at Cambridge TV


Decade of Growth and Insights into the Chancellor’s Autumn Statement – A Conversation with Founder Deepti Agarwal

Here are the highlights of the interview.

  1. Background: Deepti founded Watermill in 2009 after working at KPMG.
  2. Focus on Small Businesses: She notes that small businesses are more open to technology, citing an example where using a cloud system halved audit time.
  3. Specialization in R&D Tax Credits: Watermill specialises in claiming R&D tax credits, with an emphasis on the broad scope of R&D in science and technology.
  4. Client Success: Deepti mentions a client who, during routine accounting discussions, was identified as eligible for R&D tax credits.
  5. Funding for R&D: She refers to the Chancellor’s promise of 2 billion pounds for R&D, explaining the significant cashback potential for businesses in Cambridge.
  6. Support for Businesses: Watermill aids in business setup, understanding VAT and PAYE, and provides business mentoring to help clients become investor-ready. They assisted a business in modifying its model for acceptance by the Cambridge Accelerator group.
  7. Client Engagement and Workshops: Watermill has about 150 clients and actively engages with them through monthly workshops covering VAT, grants, R&D tax credits, and other business needs. Deepti expresses excitement in seeing their clients succeed.

FREE Resources

Business Growth Checklist

Download here

5 Myths for Claiming R&D Tax Reliefs

Download here

Master Your Business Finance Workshop Recording

Click Here

Upcoming Event

Accountant in Cambridge

Master Your Business Finances

On 13th March 2024 Online Event

2 PM to 3 PM GMT 

Why Attend:

By participating, you will:

  • Master Business Cash Flow
  • Discover how to secure grants and R&D tax credits to fuel innovation.
  • Gain confidence in interpreting Profit & Loss and Balance Sheets.
  • Understand the implications of Limited Company vs. Sole Trader status.
  • Grasp due dates and tax responsibilities to ensure legal adherence.
  • Understand VAT‘s impact and streamline workplace pension setup


fluenta logo

Fluenta Solutions Limited

Watermill  has proved to be an invaluable partner for us over the past 12 months. Patience in explaining accounting processes we transitioned between ERP software and guidance to maximise opportunities offered through R&D tax credits have made the management of these areas considerably less stressful and more fruitful than they would have otherwise been. There was a lot of cleaning up required concerning our historical accounting; Watermill took this in their stride

Julian Dudley Smith

Goshawk Communications

Watermill Consulting initiated the idea to recover the R&D tax credit, which our previous accountants had failed to make us aware of. To date, we have recovered nearly £50,000, which has been invaluable in terms of cash flow, continuing to develop our R&D, employ additional consultants, and strengthen our core business. We have found Watermill to be courteous, very professional, and timely in the provision of advice, submitting, and winning refunds on our behalf.

Matthew Turner



Watermill has been instrumental in helping set up our UK office and in drafting the financials for the acquisition of Intellectual Property in the UK. We have now outsourced all our bookkeeping, payrolls, and R&D tax credit claims work to Watermill, who has also handled all our accounts and all compliance-related work regarding HMRC. Watermill is a conscientious accounting firm that has been quick and efficient throughout our association. They have a good team and are very accommodating.

Paresh Parekh, Managing Director, Autofina Ltd

Contact Us


+44 1223781290

Watermill Accounting Limited

 The Guildhall, Market Square, Cambridge CB2 3QJ


M-F: 8am-5pm, S-S: Closed