To help you with understanding what an accountant can do, below is a list of services they provide. 

Your tax return is extremely important and it’s very important that it’s accurate with no mistakes. By hiring an accountant they will be able to help with your year-end taxes, finalizing your accounts. They will also be able to put strategies in place to help prepare you for your tax return, instead of having a shockingly large payment to be made at the end of the year. They will be able to advise you on items that you can expense and items that you can’t. 

Bookkeeping is a fundamental part of every business. Through accurate bookkeeping, you will be keeping track of your business finances, from the money coming in, to your expenses and invoices. Nearly all accounting firms will be able to help you with your bookkeeping process and will be able to advise you on the best systems to do so. There are some systems that accountants specialize in allowing them to teach you the ins and outs of that system with great knowledge. 

If you are earning over a certain amount then you will be required to pay VAT. Most accounting firms will be able to assist you with this, keeping you up to date with legislation and answering any questions you may have. They will assist you with making sure you are claiming back the correct VAT amount and that you are keeping accurate records. VAT is not always straightforward, giving you peace of mind that your accountant can you. 

With many people looking to get on the property market, more and more people need support with their landlord and property accounts. To help you with this, you could turn to your accountant to provide support. Accountants can help with your insurance, maintenance, management, and the most important thing the tax you will need to pay. 

If you are new to employing people, then payroll can be something that gets confusing. If you aren’t confident on payroll then this is a service an accountant can provide. They can help support you with your payroll and make sure your business is following the correct legislation. If you want to pass payroll onto them completely, some accounting firms will be happy to offer this service and take it on. This allows you to focus on other areas of your business like improving your sales.

At one point in your life, you may be contacted by HMRC to provide proof of your tax returns. HMRC tend to do this at random meaning you could be selected at any point within the year. If this is to happen you can speak to your accountant to help you with the process. They will be there to help discuss the records that you need and provide them if they can. Your accountant will be there to make the process as stress-free as possible for you. 

Unfortunately, not all businesses survive meaning at one point you could need support with bankruptcy and liquidation. If this is the case, then your accountant will be able to support you with this. By using an accountancy firm like ourselves, we can answer any questions you have and make the process be as smooth as possible. We can talk in detail about each step you will need to take and how this is going to affect you. 

Once you have done all your research and are ready to start your new venture, then speaking to an accountant could be a great move for you. Using an accounting firm like ourselves, we can help register your company and let you know of any legislation that you will need to follow. Having an accountant there to support you is always useful as it can take some of the stress away. 

One key area where your accountant can help you is by listening and supporting you. It may not be that they specifically list the service you require, but through a phone call, they may be able to help. There are so many different areas where your accountant can support you, that it’s always worth asking them if you are stuck - after all, running a business is difficult so you are bound to have financial questions that an accountant can help you with. 

Cash flow is important to any business and one area that too often occurs is clients not paying their invoices on time. This is an area that instead of you wasting your time on chasing, your accountant can do this for you instead. Accountants can set up invoice systems to send out regular reminders to customers who haven’t paid you yet. Some accountants will go one step further and contact your customers asking for payment. Should payment not be received, they can then arrange for a debt collection agency to collect the payment for you. 

Overall, there are a whole plethora of ways an accountant can help your business. If you are not sure how they can help, the simplest way is to give them a call. In fact, our team is on hand to answer any questions you may have regarding how an accountant can help you. So feel free to give us a call at any time. We would love to support you with ant accounting services in the UK

Have you recently launched a new business? How is your new business going? Let us know in the comment box below, we would love to hear from you.