3 Reasons Why Hiring an Outsourced Dental Accountant is a Must for Your Firm

As a dentist, you may find it difficult to dedicate some time to manage your books and make sure that you are filing tax returns correctly. If you fail to do these tasks or leave them to the last minute, you could end up making costly mistakes and even get in trouble with the law. Hence, you need to consider hiring a professional to manage and conduct your accounting. Dental accountants understand the accounting needs and tax requirements of dentists, so they are able to provide the right solutions to help you with the challenges of bookkeeping in your practice. Here are three reasons why you should outsource a dental accountant:

1. To avoid paying more taxes – If you are not careful, you could be paying higher taxes than you should. Dental accountants understand Britain’s tax laws particularly with regards to medical professionals like you. With their knowledge, you can gain insight on how you can legally minimise your taxes. They can help secure refunds, too, in case there has been a mistake in your previous payments.

2. To plan ahead – Advanced tax planning is crucial for improved financial health, but it involves more than just bookkeeping. You need the specialised knowledge and strategic planning of reputable dental accountants. You can depend on them for your firm’s bookkeeping and accounting needs, too. These professionals can interpret riders, sub-clauses, and clauses to identify your actual liability. With tax planning, you can streamline your personal finances, too.

3. You need advice regarding your firm’s finances and earnings – The best dental accountants are knowledgeable in all aspects of business. Hence, they provide not only bookkeeping and accounting but also advice regarding business issues that could affect your firm as you are trying to earn extra profit and raise your finances. Likewise, they can help manage your year-end accounting and ensure that you are free from complex tax and account-related challenges and tasks. This way, you can focus more on your dental practice.

CHARITY ACCOUNTANT IN LONDON – FOR EXPERT FINANCIAL GUIDANCE

As charities and not-for-profit enterprises take on broader roles in the society, the need for better fund management and transparency has increased tremendously as well. This is a sector of the economy that still continues to fight fund shortages, compliance challenges, regulation formalities and adverse publicity, that too at a time when their services and efforts could not have been more in need. The situation has given more importance to phrases like “value for money” and “impact assessment” – functions that a charity accountant in London, with their expertise and financial guidance, can help you manage.

Changing economic and social environments have generated a lot of public and regulatory pressure on charitable and not-for-profit organisations. The situation calls for unimpeachable standards of integrity on part of the charitable enterprise, along high standards of accountability and transparency in spending and effective management of every penny. Having a charity accountant on your side can help you face all these challenges.

A proactive charity accountant firm in London provide you with their expert financial guidance and help on several matters including:

·         Establishing stricter auditing and budget management

·         Adding value to every financial outlay

·         Constant recording of transactions to maintain transparency

·         Ensuring operations and accounts are in compliance with the applicable regulatory framework.

·         Development of accounting standards, internal financial policies and strategic plans.

·         Advising on mergers, joint ventures and partnering structures

·         Management of fund raising and related functions

·         Making sure the financial operations of the enterprise follow sector-based best practices

·         Advice on governance, taxation and other related matters

A charity accountant can help your London based not-for-profit organisation to establish its integrity and inspire confidence in its ability to create a real and marked difference in society. Having this professional on your side is an endorsement of your veracity and efficient operations.

WHY CONSTRUCTION ACCOUNTANTS SHOULD BE AN INTEGRAL PART OF YOUR LONDON BUSINESS?

No matter what the scope of your London business may be, every contractor can bring about a major improvement in their bottom-line by choosing a professional construction accountant to be part of their team. A construction accountant understands the nuts and bolts of this niche industry and will prove to be a valuable partner for your business organisation, helping you streamline operations and take financial decisions that are in the best interests of your enterprise. Let’s explore why having these professionals as an integral part of your London business is a wise choice.

The function of a construction accountant is to understand anything that has a financial impact on a project or their company and consequently, ensure that all risks are mitigated and all profitability opportunities are identified and tapped into. Their work includes streamlining existing accounting procedures in the company, proper budget estimations, bidding, cost control on projects, order changing, risk coverage, funds allocation, certifications and a host of other functions.

As part of your business enterprise, a construction accountant will also ensure that all legal compliances related to accounting are properly handled in a timely fashion. Construction is a risky business with chances of accidents and mishaps always present. Your accountant can also advise you on proper insurance coverage and financial mitigation of related risks so as to prevent inadvertent losses and unexpected cost hikes for the projects you are working on.  The accountant will push you to get better rates for procurements and help set up systems to prevent wastage. Cost and quality control are major benefits that you can enjoy from having these professionals on your side.

In today’s business environment and cut-throat competition in the London construction industry, only the smart contractors can hope to survive and thrive. A construction accountant can bring that very ‘smartness’ into your enterprise, helping you become more financially prudent and wise.

Need no more reasons to hire this professional.

Tax Consultants—Managing Tax Return with Ease

If you are running a small business or a quickly growing company, managing finances— especially taxes—can be downright confusing. It often makes sense to take on the services of tax consultants to ensure that you stay updated and compliant with all the tax and financial reporting laws that apply to your industry. A tax consultant can help you in many ways.

    ·         Meet the deadlines.

Keeping track of tax return deadlines can become impossible especially if you are an extremely busy business owner whose calendar is always packed. With tax consultants on retainer, you don’t have to worry about missing deadlines and facing the often-expensive consequences of filing late returns. Tax consultants can proactively manage your tax returns to prevent complications down the road.

    ·         Avoid penalties.

Taxes are a burden enough to pay—even worse, you might have to pay penalties if you miss a deadline or make errors in your submissions. If your tax returns are not accomplished on time and correctly HMRC (Her Majesty's Revenue and Customs) imposes fines that can quickly pile up and impact your cash flow. Don’t let this happen.  Hire a tax consultant.

    ·         Keep your records organised.

Small businesses need to keep and secure records of transactions, payroll, proof of rental, savings, expenses, records of benefits like insurances and maternity pay, and many more. The bigger your company becomes, the more tax and finance related documents you need to manage. It’s key to retain professional help if you are serious about growing your operations. Keeping your financial house organised is key to scaling up your business while staying compliant with all applicable tax laws.

Hiring a tax consultant is always a good idea if you run a small business. A certified expert will not only be able to help you with your taxes but also will assist you in managing cash flow, payroll, and other functions vital to growing a company. They can help you lower your taxes, provide financial advice on tax exemptions, and even provide tax deadline reminders, among many others.

3 Things to Help You Choose the Right Tax Advisors

Small business owners in the United Kingdom are required to pay taxes correctly and on time. The government makes everything sound so simple, but let’s face it—all the numbers, penalties and deadlines can be daunting. Are you confused and not sure how to proceed with your tax returns? Can’t find the time for accounting because you’re busy with day-to-day operations? The good news is that you can always hire people to help you fix and pay your taxes properly. They are called tax advisors, and they can certainly take the stress out of managing your tax returns and save you from steep HRMC penalties. Here are three things to keep in mind when choosing the right tax advisor:

    ·         Do your research.

In this age of social media, it is easier than ever to find out if a prospective accountant can be trusted with your finances or is a phony. Is he or she qualified and authorised? Check some customer reviews. Tax advisory firms are regulated by the ICAEQ, ICAS, ACCA, AAT, CIOT or other regulating institutions for accountants in the UK.

    ·         Match your need with their expertise.

Most accountants could also be tax advisors, and some lawyers could be tax advisors. But you will want someone who can provide exactly what you need. There is no need to overpay for a lawyer, for example, if you don’t need legal tax advice.

    ·         Lastly, ask for a quotation.

You will want a financial and tax advisor who can help you maximize your profits from your small business. Hire someone you can afford. Some firms offer instant quotations for their accounting services in their website.

There are thousands of small business owners in the UK who are just as baffled as you are. If you’re panicked at the thought of a fast-approaching tax filing deadline, call a tax advisor right away. Better yet, don’t wait until the last minute. Retain a tax advisor year-round to ensure that your business is always prepared.