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.

An Accountant’s Tips for Running a Successful Hotel Business

The success of your hotel business does not just depend on your property’s cleanliness, the number of guests you have each year, or your ability to provide excellent customer service and a satisfying experience to your guests. You also need to make sure that your hotel’s books are handled well and that you are compliant with taxation and VAT regulations. Successful hotel owners know that one of the keys to running a successful business is to work with trustworthy and experienced chartered hotel accountants. A dedicated accountant for your hotel can guide you in keeping your business above-board and profitable. They can give you tips for running a successful hotel business, including the following:

1. Satisfy regulatory requirements. Hotel accountants have a deep understanding of the regulations that are necessary for effective auditing to fulfil regulatory requirements. Their service will ensure proper hotel governance and management, as they help you maximise value when conducting audits in certain business areas. Consider accountants who can advise you on different auditing procedures that will ensure compliance, too.

2. Keep on top of any changes in compliance and taxes. Hotel taxation regulations constantly evolve, but hotel accountants are always updated with them. Hence, you can avoid the guesswork and you can count on them to help you develop strategies for minimising business taxes the legal way. They can help with solutions for property ownership, capital allowance claims, financing, and tax structuring.

3. Hire hotel accountants that are flexible and capable of facilitating risk workshops and handling governance health checks. Likewise, make sure they can help establish remuneration and audit committees on your behalf to help manage the risks. In case you plan to sell the hotel, accountants can help plan the action and manage the risks. They can give advice on re-organisation, re-financing, and equity placing.

4. It is important to check the health of your payroll and VAT to make sure that your hotel remains compliant with taxation regulations and laws. Hotel accountants can provide custom advice to help optimise employee-related expenses.

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.