Know How a Chartered Accountant Can Add Value to Your Small Business

Are you starting a business on a small budget? Like most bootstrappers, you are probably looking for ways to cut costs. But whatever you do, don’t try to do your accounting yourself. This is one of the biggest mistakes small business owners in London do—and one that they quickly regret later on. 

It’s always worth the money to hire accountants for London small businesses even if you consider yourself to be financially savvy. It’s even more essential if you don’t know how to manage your books and are just hoping to ‘learn as you go.’ Accounting is not something you want to mess with; any mistake can hurt your small business in the long-term.

Accountants for London small businesses can do many things for you during the start-up stage of your company. They can assist you in:

• Determining whether you should structure your business as a sole proprietorship, an LLC, a partnership, or a corporation

• Formulating the financial analysis part of your business plan

• Deciding on the kind of accounting software to use 

• Opening a bank account for your business

• Putting in place accounting procedures that can help you comply with legal regulations and requirements

Once your company is off the ground, you will need the help of accountants for London small businesses to:

• Oversee payroll and payments

• Prepare financial statements for investors and lenders 

• Understand the financial picture of your business at any given time so you can make informed decisions

• Plan for taxes and estimate tax payments during the year

• Close out books and generate year-end financial reports

• Compile and submit taxes

As your business starts to grow, you need an accountant to help you determine expansion opportunities. They can provide insight and accurate data on your cash flow patterns, pricing, financing, inventory management, etc. The best accountants for London small businesses also give advice on equipment and property purchase and leasing. More importantly, they help prevent you from getting audited, as well as prepare you for an audit should it be necessary.

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Points to Be Considered Before Choosing the Best Small Business Accountant for Your Business

Regardless of the size of your business, you are responsible in ensuring that your accounting and bookkeeping are impeccably done to avoid any last-minute panic and confusion that may occur during tax season. That said, even a small business will need to consider hiring an accountant to remain compliant with all tax legislations and laws. There may be a lot of small business accountants in London, but you should consider these points before hiring one of them:

• Their location – Go for someone with local expertise, so you can be confident in their knowledge and understanding of local tax compliances. Make sure that the small business accountant supports all clients throughout London.

• Certifications – Small business accountants in London must be chartered. This shows that they are highly qualified for the job, as they have completed relevant studies and have significant workplace experience. Moreover, they are able to offer competent accounting packages that are tailored to every client’s unique needs.

• A trusted partner in business – Reputable small business accountants in London will not merely do calculations for you. They are also helpful in delivering sound advice when you need help in making critical business decisions.

• Reasonable price – Consider an accountant that offers a fixed price structure, which is simple and easy to understand. You can tell that the service provides the best value for your money when it suits your needs. Make sure that there are no hidden fees, and that there are no extra charges when you need to talk to them by phone.

• Communication style and availability – Look for highly responsive small business accountants in London. This means they will return your emails and calls on the same day. They will constantly update you on the progress of any work they will do for you, even if it takes a while to accomplish, so you can continue planning for your business.

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Areas which Requires the Services of Hospitality Accountants

Behind every successful business remains a sound financial model. Whether it is retail, manufacturing or any other high-tech business, financial accounting constitutes an important part of all these businesses. In fact, accounting has become one growing need in the hospitality business as well and qualified hospitality accountants are being offered by a number of businessmen to help them maintain the accounts of their respective businesses.

By employing the principles of basic accounting, these hotel owners, as well as managers, have the information which they require in order to improve the performance in every operational area – from inventory and payroll to sales as well as marketing. Hiring the best hospitality accountants make sure that their accounts are maintained properly.

Every restaurant, hotel, as well as a motel, requires an in-house staff of bookkeepers and accountants who help them to perform operations such as submission of financial reports, overnight auditing, etc. on a regular basis. These professionals make sure that all the transactions performed by their clients are sound within the parameters of rightful transactions.

Different areas of the hospitality industry require hospitality accountants:

·         Hotel accounting:

This is a part of account practice which is popular in the hospitality industry. Unlike conventional corporate accounting, hotel accounting has financial reports which are being made from a number of departments before consolidated statements are finally made for the hotel. The major functional statements are very same as the other accounting reports and include a balance sheet, profit and loss, and statement of cash-flow. Furthermore, these statements are generated by the hospitality accountants for various departments and then the same is evaluated department-by-department. These departments include administration, beverage, food, garage and parking, guest laundry, health center, golf course, golf shop, marketing, property operations, rental, room, and many others.

·         Restaurant accounting:

Similar to hotel accounting, hospitality accountants are hired to look into restaurant accounting as well. Along with the revenue of the restaurants come all the expenses which also include payroll and costs. All these tasks could keep a restaurant accountant too busy. The hospitality accountants in such case are expected to be aware of the inventory and income statements, and cash flow. In addition to this, they are also required to follow the accounting system accurately.

Hospitality accountant has become an important feature for your business. You must hire a qualified hospitality accountant.

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Points to Keep in Mind While Hiring Medical Accountants in London

Just like any other industry, the medical industry too needs to undergo strict account maintenance for keeping track of profit and loss. Need for experienced medical accountants London is always there for accurate account keeping. The account heads and operational costs of the medical industry are a bit different from the rest industries due to the nature of work. It’s difficult for the general accountants to take charge of medical accounts.  At the time of looking for medical accountants for your medical unit like hospital, clinic or even pharmacy take care of below points.

·         Look for an accountant with expertise in the medical industry. He/she should be the one knowing unique tax laws, business trends, and financial regulations, of the medical industry. 

·         Know about the services which are offered and also not offered by the medical accountants London firm. Few firms may be ready to offer you extra service like bookkeeping, management of business investments, a compilation of investor reports and many other things at additional costs.

·         Do not remain restricted to accountant selection based on fees charged. You need to understand the fact that cheap accountant or even the expensive accountants do not give the guarantee of quality services. You need to research on the market and check reviews of the companies or medical institutes which already availed such services. It will help you in making the right choice of accountant.

·         Prepare a perfect set of questions which you will ask the accountant at the time of hiring. You need to make sure that you are hiring not just an account but also a strategic planner who can offer candid views about your medical business with his/her excellent observation power. Your questions should be targeting to identify the inner qualities of the accountant useful for your business.

The accountant must monitor the accounting details and make recommendations for the key performance metrics of the business. There are indeed many such accounting firms which will promise you to offer the best services. But the question that arises is “are they competent to deliver what they promise?” It is completely on you to detect the right service provider for offering the services of best medical accountants London.

How Self-Assessment Accountants Can Help you with Taxation Issues?

Self-Assessment is known as the tax return form. As the owner of a business, it is essential to send the annual earnings reports to HMRC. With the help of self-assessment accountant, the return of tax must also consist of earnings source.

It is known as Self-Assessment as it is the responsibility of an owner to check how much tax you are going to pay.

When to file the self-assessment tax return?

If you are filing it online, get it done by 31^st January after the tax year-end. If you are not filing the return online, get it filed by 31^st October after the tax year-end. The year of the tax runs from 6^th April to 5^th April of the following year.

Where to submit the Self-Assessment tax return?

The simple and best way for the submission of the tax reform is by using the online HMRC login of self-assessment. Make sure to file the return of tax after it is filed. It is vital to keep the records of 6 years prior. HMRC has the authority to issue the fine for every tax year you don’t have the correct records for.

What needs to be included in the Self-Assessment tax return?

A return filing of Self-Assessment tax comprises of, amongst various other things:

è  P11D form, which covers benefits and expenses

è  P60 form comprises of the summary of tax and income deductions

è  Gains of the capital from the assets sale, which include property and shares

è  Other personal investments and income details

è  If you have it with you, your employer reference and National Insurance number

If you are considering filing online with the help of self-assessment accountant, HMRC will provide other essential information such as underpayments, state pension and the contributions of NI. Some of the breaks of tax will get included in the tax returns. However, you don’t need to include the earned tax-free income.

The software of Self-Assessment comes with various benefits. It let you upload the receipts and invoices every month, which will make it simple for you to go through the financial activity.

Accountants for Solicitors: Outsourced vs In-house

Should you hire and maintain a full-time accounting team or should you outsource your law firm’s accounting needs? Outsourcing does offer a few distinct advantages, depending on your particular requirements. In many cases, outsourcing your bookkeeping and accounting functions to a team of accountants for solicitors can also allow you to access a higher level of expertise and enjoy cost benefits.

Dedicated accounting firms can provide you with experts in the field of accounting for the legal profession. They undergo constant training and are abreast with the latest trends in legal accounting and technology. This gives them an enormous edge over what your firm might have internally.

In an internal accounting setup, you will need to maintain a handful of accounting personnel who will probably be multitasking in order to finish the many tasks they need to accomplish. This may increase the risk of fraud or corruption because the separation of duties is reduced and tasks are overlapped. A situation like this can be avoided with outsourced solutions, where tasks and duties are clearly defined and isolated to keep the likelihood of fraud and connivance to a minimum—sometimes even eliminating it altogether.

Reporting and report generation will also be organized better with a specialist on hand to concentrate on the production of such requirements. These specialists also give you more in-depth analysis so you can make your data work for you. If you need advice, they can even help with decisions and policy making.

From a cost perspective, outsourcing can also give you an advantage in that you don’t have to pay salaries, benefits, and overhead costs like you would for in-house employees. Depending on your contract, outsourcing accountants for solicitors can give you access to top notch talent and may be a more cost effective solution for your accounting needs.