December 14, 2020
Most small business owners are looking towards avenues to save money. At such a time extraneous expenses are things that one would like to avoid. Considering this, small business owners like to avoid work that is given outhouse thinking of the DIY to do it yourself principal. But can do it yourself always be the ideal option especially when considering specialised subjects like accounts? Having someone to look after the books would cost money however, before opting for do it yourself it does make sense to consider the advantages of having a professional looking over the books. It might quite supersede the costs and in the long-term prove more cost effective. Besides, long term gains do surely hold a logically sounder position than short term gains which is why good accounting for start-ups too is a must.
1- Cashflow analysis and Risk management
Knowing the state of your finances is extremely important in the present scenario. Having a proper analysis done of your cashflow would help you know about how much cash you have at hand to pay to your creditors as well as how much is available towards stock. Taking a proper inventory will keep you from over stocking as well. Furthermore, having an account experienced in risk management would be useful in determining what risks you are prepared to take and how to avoid taking risks that you aren’t comfortable with and hence, planning your business’ finances accordingly. Accountants like Doshi Accountants have experienced accountants that are capable not only of managing the books but also providing you integral advice on the same, taking things a step further and more in your business’ favour.
2- Granted that there’s accounting software but can you do your accounts by yourself?
There was a time when accounting meant an enormous bit of paperwork. Now things have become comparatively paperless and accounting software easier but still, it is deceptively simple on the surface. Scratch the surface and you come to ticking the right boxes, meeting the right claim amount, seeing the right expenses are charted and the like. Compliance does not merely need software, it needs knowledge of the subject and if you are feeling a bit rusty, now is not the time to experiment as you certainly would not want to add to your troubles with notices from the HMRC.
3- Time versus technology – deadlines do not wait!
If you do decide to take on the task then you would need to take out the time as well. While the HMRC has deferred accounts submissions; payroll RTIs are still expected with the end of every pay period. Thus, reports need to be generated from the software and for that you need to be savvy enough with the software in the first place. Furthermore, you need to ensure that you keep records for the requisite period of time in case of an audit.
4- Filing returns and making submissions
You need to ensure you not only make the returns on time, but that they are correct as well. Thus, it is wiser here to have guidance of a professional who can tell at a glance if things are sailing south. Also, this would prevent notices and compliance related worries later.
5- Affordability and the in-house approach
There are many accountants in UK and so there is no dearth of services but getting the right quality of services at the right price always does pose a challenge. Having an accountant in-house might not be exactly what you need as full-time daily work might not be your requirement. Thus, it is better to keep accountancy services with hourly billing.
6- How bad are things on the compliance side?
If you are already under an audit or have received notices from the HMRC it makes sense to take immediate action so as to avoid needless penalties. If you are not sure about being up-to-date with the present changes you would need to take time out for some research as without full knowledge it is illogical to proceed forward as half knowledge is dangerous. If you are not keen to do the math yourself you could have an expert run a check on how compliant your business is to make things easier.
7- Are the books already a mess?
If you have been operating for some time and have not been regularly updating the books the chances are that a lot of work is needed. Tallying and reconciliation is even more tedious than making the original entries. Thus, if the books are already not in order it would be better to have a professional set of eyes going through things so that everything is as it should be.
The tip of the ice berg
As your business grows you will find ultimately less time on your hands. Thus, you need capable accountants like Doshi Accountants who can provide a one stop solution to all your accounting needs. Whether it is the complexities of MTD or simply the matter of working out furlough and paying your staff on time; Doshi Accountants can do this for you. They offer a wide range of accountancy services ranging from bookkeeping, VAT, payroll to taxation as well as cash flow management. In these changing times when compliance, CJRS audits and business planning are becoming so much more complex that you need a professional you can bank on. There have been hardly much relaxation for instance on payroll reporting which is at the least a once a month task that needs to be completed on time and has so many odds and ends to be considered.
Small business accountants like Doshi Accountants can ensure that you have the time on your hands to let your business grow while you also have the peace of mind that legally even if there is an audit you’ve been compliant. Doshi Accountants promises their clients, quality work delivered on time. The proof indeed is in the pudding with their over two decades of experience. Thus, think accounting, think Doshi Accountants – your ideal accountancy partner.