So you have taken the plunge into the business world and decided that setting up as a company is right for you. You have conducted extensive market research, decided on suppliers, found premises, recruited employees and have an opening date set in stone, but have you thought about your accounts.
The answer is probably no, it is easy to become distracted and overwhelmed with all the other aspects of the business, especially if you only have a small team where delegation isn’t an option. Accounts however are an area you cannot afford to neglect as effective account control can lead to a more optimized business management.
As a small business it is advisable that you find an accountant who you can trust to do your day to day requirements of completing your accounts and tax returns. Many preconceptions from SME’s lead to the view that accountants are just another cost and are often just seen as an extra outgoing.
Avoid such preconceptions and see your accountant as a business partner and not just somebody who does the boring sets of accounts. Accountants are able to give you advice on how to make your business the most profitable and efficient it can be, for example an in depth assessment can help outline how much money you are making, which in turn can help you plan for the future.
Accountants are required for a range of tasks including corporation tax, value added tax (VAT), PAYE and national insurance contributions. If you are self-employed, for example in the construction industry, accountants can be utilised for advice on self-assessment tax returns. All of these services can take a huge weight off your shoulders and leave you to concentrate on the day to day operation of the business and what really matters.
If you feel that your financial accounts are receiving neglect and the pressure of completing them efficiently is too much then it might be time to find an accountant who will allow you to forget about keeping up with the tax calendar.
When searching for an accountant look for one that requires a fixed monthly charge so it doesn’t matter how many times you call asking for advice, remember you are using an accountant to increase profits and reduce tax, not to cost you un-needed amounts of capital.
About the author: Chris Algar writes for Clearsky accounting that offer sound financial advice and will take care of everything accounting with no hidden costs.