Many start-up firms are launched by entrepreneurs who try to handle the financial side of the business themselves. However, even the best bookkeeping software does not compare to the services offered by a professional accountant firm.
When people start out in business, it can be fairly easy to keep track of the books, although it soon becomes obvious that trying to juggle accounts and taxes with all the other aspects of running a business is no easy task, even with specialised software. While some firms may take on an extra member of staff to handle this side of things, most will outsource the work to a professional accountant firm.
The best firms are those offering a broad range of services, which can be customised to suit the clientís needs as things change. For example, itís common for sole traders, somewhere down the line, to go into partnership together, or establish themselves as a limited company. An accountant firm that specialises in personal tax returns and business start-ups, but also offers an expert service in VAT registration and corporate tax returns, is the ideal find.
For many entrepreneurs, the switch from paid employment to running their own business is a gradual one, with the new enterprise being run on a part-time basis until itís time to leave the security of regular employment and go it alone. This can be an exciting and stressful time, and hiring the right accountant Ė one you can build a long business relationship with Ė is paramount to success. Who you use will be key to your financial future, so itís essential you find a firm with a proven track record of helping small businesses, with plenty of experience in the services you need. This doesnít have to stop at book-keeping and yearly tax returns; a good accountant firm will also help with long-term tax and business planning, networking, secretarial services and more.
Some new business owners may feel itís worth having a part-time accountant or bookkeeper from the word go, which offers the benefits of continually updated books and regular finance reviews. The alternative is sending everything off to an accountant firm at the end of the tax year. However, many new businesses simply donít have the finances to employ extra members of staff, and sourcing to an outside agency offers them a host of benefits. For a start, the service generally costs less than employing someone in-house, and the level of service is a lot higher. A good accountant firm will have a highly professional team of certified, licensed experts who are familiar with all aspects of tax law. In the case of accounting software, the firm will be able to maintain secure books online, with advanced software developed in-house. The charges may vary according to the level of complexity and personnel involved, but with a good accountant at the helm, a business will always recoup those fees with the tax savings which are made.
Overall, entrusting your business finances to a top-tier accountant firm, offering a range of services, is the fastest way to commercial success.
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Jane has worked for HMRC as well as for several leading accountants in the North West. She now writes for accountant firm Taylor Roberts Accountants. Read more here: www.taylorrobertsaccountants.com
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