One of the main reasons that people decide to set up a the business of their own is to reduce the difficult and unpredictable tasks that are required by large organizations.
Many former office workers can recall the days when it seemed that their entire day was occupied by filling out forms and training as well as other forms of bureaucracy. The idea of starting over with just a handful of clients and a workflow that is your own creation, could be a very attractive proposition.
Many owners of businesses find this simple system difficult to maintain as their businesses grow, and accounting is among the first areas in which it’s beneficial to give up control.
Appointing an accountant could be an important step in making your life simpler, which will allow you to concentrate on the essential strategic aspects of your company.
The benefits of an accountant for your company
If you are self-employed each penny counts, and it is easy to think of an accountant as merely an additional cost. However, there are many ways in which the cost of a Manchester accountant can be justifiable. Accountants specialize in the process of analyzing, checking and compiling the financial statements of a company and making sure it is operating within the laws in accordance with HMRC guidelines.
Here are a few ways an accountant can help your company:
Saves you time
If you are a business owner, the first priority for you is to create profits and complete the tasks you do. Anything else distracts you from your task.
If you’re spending hours working on your accounts, it is time that can be utilized to earn more money. Each hour you are spending on the bookkeeping, is costing you an hourly wage or consuming your time.
Engaging an accountant can give you the time to focus on what you enjoy doing, being confident that your tax and financial issues are in good hands.
Making money
An experienced accountant can make your business more profitable in many ways. They can help you determine the most tax-efficient way to conduct business, as well as the method of taking money from your business depending on your personal situations and needs.
Your accountant can to provide guidance on when and how you can pay dividends to yourself as well as what is and cannot be considered allowable expenses for business, and how to register for VAT.
Avoiding penalties
Forms that are not filled in correctly and not meeting deadlines, or not being aware of the latest legislation could result in sanctions that can cause an unpleasant impact on your profits.
Companies House and HMRC fines could range between PS150 for one day of late in the submission of annual accounts up to a staggering PS1,500 for a delay of six months.
Your accountant can help you meet deadlines and help you with the preparation of your annual company account and corporate tax returns. They can also help to help you with tax returns for VAT and self-assessment tax returns with regard to personal tax.
Aiding you to grow your business
In addition to the numbers-crunching and the paperwork Your accountant can be an expert source of guidance and assistance as you expand your company.
A good accountant is interested in helping your business grow from growth to strength. The success of your business depends on sound financial decisions and an accountant’s impartial guidance and advice could be worth the price of gold as they’ll be able to provide solutions based on their knowledge.
Eliminating the stress
Financial and tax issues are often a challenge and overwhelming. The list of tasks is quite extensive of preparing your annual company accounting, preparing abbreviated financial statements as needed, filing your own tax return, and tackling corporation taxes and VAT. Include coordinating on behalf of HMRC as well as Companies House and it’s a significant burden if you decide to work on it by yourself.
An experienced accountant can help ease this burden and provide peace of mind. This allows you to focus on managing your business.
Locating an accountant
Of course, to reap all these benefits from an accountant you must find one you can have confidence in and develop a relationship with. Make sure you research an accountant who’s an ideal fit with your company and you.
Here are some tips when it comes to locating an accountant:
Contact an acquaintance!
The majority of accountants expand their businesses through referrals, so it is a good idea to request recommendations from colleagues and friends. their suggestions.
Make sure their technology is up to date. A well-designed accounting system will reduce time and cost and will ensure that your company is ready to Making Tax Digital. If your accountant isn’t keeping up with the latest and top technology, your business will soon be on sidelines.
What are their fees? We would advise against using fees as the sole factor in your decision when selecting an accountant, make sure that they are transparent about their charges and that you understand exactly what you will get from your investment. It is also important to know what charges are and if they are fixed charges or an hourly fee.
Do they specialize in the type of business you run? Your accounting requirements will differ dependent on the way you organize and run your business, or in terms of whether you are restricted company contractors, sole trader, or a small company. Therefore, make sure the accountant you choose to work with is adept in dealing with your specific kind of business.
Menu