As the owner or director of a company you are responsible for the accounting records and must ensure they show a truthful financial position of the business. If you have no experience this may be a daunting task. It is essential that good records are kept so accounts can be prepared to the current statutory requirements to avoid incurring penalties. When deciding if you need an accountant you need to consider if you have the skills and knowledge to accurately prepare the accounts, tax returns and to handle any other financial situations that may arise. Additionally, are there potential savings that an accountant will be able to advantage of? The benefits of having an accountant must be weighed up against the fees for the work done and a decision made as to what is best for your business.
Concentrating on what matters to you, your business
Your accountant will be able to help you to grow your business by aiding you in your financial decisions. By outsourcing work to an accountant, you are able to concentrate on running your business. This includes meeting statutory requirements for the type of accounts you need to file. They are also able to contact HMRC on your behalf if you authorise them to do so. This frees up more of your time to focus on your priorities. Bookkeeping and accounts maintenance can be time-consuming especially when you are new to the work.
Planning ahead for better cash flow including tax planning
An accountant is able to advise on potential tax planning schemes that you would benefit from financially. This can include the best legal structure for the business, capital asset purchases, potential investment opportunities and employee benefits. With their knowledge on current and forthcoming legislation they are able to advise the best way to plan for the future and ensure all deadlines are met to avoid penalties. With knowledge of your business, they will be able to give guidance on ways to improve cashflow, so you are able to develop your business in the direction you want it to go.
Expert knowledge with confidence
Although items like a tax return may appear simple, there are many rules and reliefs that need to be considered when completing them. By having an expert in tax legislation to aid on these complex issues, you can have peace of mind that the tax liability has been correctly calculated. An accountant will have up-to-date knowledge on tax legislation changes, meaning that you can be confident you are receiving advice you can trust. Not having to read up on continual changes to legislation will free up time to run your business. They are also able to make you aware of upcoming changes so that you are able to make any necessary changes within the business.
For example, as part of Making Tax Digital, VAT-registered businesses have to submit their return using compatible software. A good accountant will have made clients aware ahead of time and provided the necessary support. By being proactive to these changes it reduces the impact upon the day-to-day running of the business.
Accountants are able to assist with regular tasks like Payroll to ensure that you comply with all relevant legislation.
Access to additional resources (extras)
As an accounting firm, we have access to additional resources that may be of use to you. For example, staff at Croner-I, who provide expert knowledge on various areas of accounting and taxation. With this, we are able to assist with queries that you may have.
BBC 1 Fake Britain
The term “Accountant” is not a protected word unlike a solicitor, which means anyone can call themselves an Accountant. The BBC 1 Fake Britain programme recently highlighted why you should choose a regualted qualified accountant.
Finding an accountant
When looking for an accountant it is important to find someone who is going to do a good job. It’s vital that you find an accountant that is qualified in the area of work that you need support with. At Rawlinson Pryde we are regulated by the Institute of Chartered Accountants (ICAEW), the Association of Chartered Certified Accountants (ACCA) and registered with the Chartered Institute of Taxation (CIOT). This means an external body checks that our work is of the highest quality and meets the appropriate legislative standards.