Many sole traders and small business owners look after their own accounting duties themselves, but there are many risks attached to doing so. A great accountancy service can help you to not only save money, but to comply with the law too, diminishing the chances of fines being incurred and investigations taking place. An accountant can offer relevant, useful and up-to-date advice to help your business operations remain not only profitable but lawful too.
The role of an online accountant can vary depending on the nature of the business in question and what their circumstances are. For smaller, emerging businesses, accountants can assist in getting an infrastructure in place, informing them about which records they need to keep, how much money to keep aside for tax and NI and what to do regarding VAT. An accountant can also help you to draw up a business plan to convince lenders and investors to get on board and direct you towards suitable accounting and payroll software. They can use their expertise to help you to budget for changes in personnel, and prepare you for dealings with the Inland Revenue. Small businesses don’t usually pay excessively large amounts to accountants in their first year of trading. Online accountants can be just as efficient, and cheaper than their high street counterparts.
A robust association
Many businesses go on to enjoy long-lasting relationships with their accountants. Before you sign up with an accountancy firm, it’s a good idea to check their credentials against a number of other firms, in order to make an informed decision. As you’ll be working alongside them regularly, good rapport is indispensable. You should never choose an accountant just because they are cheap, you can expect to get what you pay for when it comes to accountancy services. The more you are prepared to invest, the more support, attention and time you can expect to receive. However, this does not mean that you should feel forced to pay over the odds for an accountant.
Some accountants can oversee your books for you. You may benefit from this if you don’t have your own in-house team, or if you’d prefer to use a one-stop shop for financial advice and assistance. Forecasting and budgeting become much easier to handle when a reputable accountant is on hand to help, and as they are experts in their field, they can help you to remain compliant in the face of ever-changing legislation. You can expect to be offered advice on how much money you can afford to invest in your services, and how much to keep back to ensure that business runs smoothly.
Many accountancy firms will offer a free no obligation quotation before you sign up for anything, giving you a valuable insight into their working processes. They will also help you to identify ways of cutting costs and increasing revenue without your integrity being compromised. Perhaps the best thing of all is that an accountant can give you valuable peace of mind, allowing you to focus on your core business aims.