Why your business needs a dedicated accountant
When starting a new business, it's common for owners to think that accounting is a fairly simple process. Keep track of your incomings and outgoings and the rest will work itself out along the way, right? Wrong! Accounting for businesses is actually very difficult and mistakes can be costly, so read on for three reasons why you need to hire a dedicated business accountant.
Year end accounts & corporation tax
At the end of every year, you'll need to provide comprehensive accounts and present them to HMRC in order to establish how much tax you need to pay. Even if your accounts are relatively straightforward, you run the risk of miscalculating and making minor errors if you don't have any experience in this area. This could leave you liable to penalties and fines, so you should always look to get professional assistance. An expert accountant will ensure that every detail is accurate, preventing you from having to revisit your returns further down the line.
At the heart of an effective business is good planning. This can come in a range of forms, from organising product launches to getting your branding right. However, none of this can happen without an accurate budget. A well-organised budget will ensure that you have the funds necessary when you need them and will offer you plenty of flexibility. Experienced accountants will be able to take a look at your accounts and do what they can to maximise your budget going forward.
Audit support services
As a small business, it's unlikely you'll deal get an external audit. However, in the event that you do, you need to make sure that all of your documentation is easy to understand and well organised. Otherwise, you may find yourself scrambling to get all of your information together and potentially miss documents that may be key to a positive outcome. Audit support services will ensure you're ready for an unexpected audit and help it run as smoothly as possible. If you're looking for quality accounting services for your business, get in touch with the Taxcare Accountancy team today and find out what we can do for you.