What you can expect from your Accountant
What does an Accountant do for me?
When starting out on your own, you get to the point where enough people have mentioned their Accountant that you think maybe it’s time to get one yourself. Many people wonder why they need an Accountant and what benefits they bring. More to the point, you may be wondering what they actually do. The first thought that comes to mind when thinking of Accountants is typically, “I won’t have to pay tax if I get an Accountant!” Accountants provide a fundamental service, but it is important to be realistic. Your Accountant will probably save you a bit in the tax you pay, ensure that you are compliant with the legal and tax frameworks and hopefully advise you on how to get the best from your company. If your Accountant promises to hide your income in an offshore company, chances are you’re either a billionaire or you’re heading down the road towards a tax evasion investigation.
Anyway, the average non-billionaire business owner in the UK typically wants their Accountants to provide several key services and expertise, including:
An Accountant isn’t just there to help you save on your tax bill. They also ensure that you are compliant and providing accurate information to HMRC. Accountants stay up-to-date with UK tax regulations, and help businesses comply with their tax obligations, including filing VAT returns, preparing annual accounts, and completing self-assessment tax returns.
Whilst start-ups and smaller companies may save a few pounds by not employing the services of an Accountant, there is also a risk that they may be paying more than they need to, or worse, doing things wrong, which could wind them up with a large fine. Not to mention a significant amount of time learning about the tax legislation, when they could be working on their business instead. See our personal tax and business tax articles.
Help yourself by hiring an Accountant. Get in touch today for a free consultation.
Business owners want their Accountants to provide regular financial reports and insights that help them understand their business’s financial performance, identify areas for improvement, and make informed business decisions. This can be the essential reports such as their profit and loss and balance sheet; these need filing annually with Companies House, regardless of how important they are to the business owner.
Many Accountants also provide more in-depth management accounts which aim to delve deeper into the company’s performance. They can help build annual budgets, customer insights, product profitability and much more. For more information, see our management accounts page.
To ensure that your company has an accurate recording of financial transactions, including invoices, expenses, and payments, it makes sense to hire a bookkeeper. Many Accountants provide bookkeeping services as well, which helps prevent questions and misunderstandings when they process your financial accounts.
Many companies have their own bookkeeper who will liaise with the Accountant at quarter or year-end. It’s important that your Accountant is flexible and understands your business needs. If you feel that your bookkeeping is lacking organisation and are unsure about complex transactions, then an Accountant will be able to help with this.
Many people see Accountants as a necessary evil and nothing more. These people are missing out on a truly invaluable resource. Accountants can act as trusted advisors, providing guidance on financial and business issues, such as financing, budgeting, cash flow management, and growth strategies. You’re already paying them, why not try and find out what you can? For instance, should you buy a company car?
Think about it; given the wide range of clients, businesses and training that Chartered Accountants experience, they are one of the best sources of information and advice for your business. At Jacksons Accountants, we aim to help and support your business in any way we can. We interact with every corner of business administration beyond just the numbers, such as payroll, debt collection, health and safety and much more. Get in touch to find out more.
Following on from the above point, many businesses want their Accountants to help them identify ways to reduce costs and increase profitability beyond just reducing their tax liabilities. Accountants can draw on their vast network and experience and may surprise you with their suggestions.
Management Accountants can work alongside existing employees to drive efficiencies, suggest cost savings and free up time to get more out of your business, all without compromising on the quality and service that you provide to your customers.
More than anything, business owners want their Accountants to understand their specific needs and goals and provide personalised service. This includes regular communication and availability to answer questions and provide advice when needed. Nobody wants to be treated like a number and they want to be able to have their Accountant on hand when they need them.
If you feel that you’re being taken for granted by your current Accountant, check out our easy switching service that we provide for new clients.
Overall, business owners in the UK expect their Accountants to be reliable, trustworthy, and knowledgeable professionals who can help them manage their finances. It is important to know how high to set your expectations to set when hiring an Accountant, in order to get the best out of them. Set out what you want from them and ensure that you are heard.
If you like what you’ve read and want to get in touch for a free consultation, please click here.
Looking for an Accountant?
Contact us for accounting support! Simply fill out the form below, and our team of qualified accountants will be in touch with you soon.