So you’re ready to roll but you suddenly hit a brick wall when asked small business accountancy knowledge. Eeeek. Setting up a business can be complex but don’t forget about the financial business structure for your business ambitions. You will need to keep track of finances, invoice your customers, prepare annual accounts and stay way on top of your tax returns. You may also need to pay VAT and organise your employees’ payroll and auto-enrolment. There are complex regulations for every kind of business and constant waves of new legislation. Insurances and business licences may all sound mildly dull but unfortunately, it’s all highly vital stuff and could be the difference between your company succeeding and failing.
Many small business accountancy services provide qualified professionals who will understand your business, not just the numbers. For an all-inclusive monthly fee, they offer clear advice and on-going support. Some of these small business accountancy firms only have small business clients so don’t get distracted by the big boys paying higher fees. Their focused advice will ensure you pay less tax, hence keep more of your hard-earned cash. They also pick up things that many traditional accountants don’t, which aids in the reduction of your tax bills. Not only that, they will in addition set up your business and remuneration structure, whilst proactively advising on any changes in circumstances or HMRC rules. Key dates for filing returns or dealing with the taxman may be removed from your list of responsibilities.
Everyday accounting is key. Bookkeeping ensures that you keep on top of what’s happening in your business so that you’ll have up-to-date figures to aid decisions and keep you on track. Note that invoices need to be raised, expenses claimed, all the while ensuring you’re compliant with HMRC, VAT, PAYE or Companies House.
Deadlines cannot be missed or fines are payable. Successful small business accountancy aids the growth of a business, whatever stage of the journey you’re at. For small businesses with big ambitions, you need to look beyond the bottom line.