December 17, 2020
Success is hard to come by most times but an achievement under a situation of duress is what is indeed something commendable. Doshi Accountants has been recognized as one of UK’s top 100 accountancy firms due to undoubtedly one aspect namely – positive client reviews. But why exactly are Doshi Accountants different? Simple, it’s not just the accounts end of things that is looked after but also correspondence from HMRC, HMCE, Companies House, DWP, The Pensions Regulator and etc. Dealing with compliance checks or tallying underpayment notices can be hectic for a business owner. Along with this, telephonic advice too is another service provided which is really helpful for those day to day HR issues.
How Accounts are More Than Just Numbers and Reports
Business and finance go hand in hand. Thus, in order to really understand a business’ profit margin, it is important to analyze the accounts. For example, there are 3 accounting essentials that all business owners must know:
1- How much do you receive?
Cashflow problems do not just happen because of business expenditure or losses, they can also surface when you aren’t receiving monies that are owed. Therefore, having knowledge of what amount is still to be collected would give you an idea about how many efforts you need to make towards debt collection. Shoddy bookkeeping would complicate things and heaven, forbid you overlook some past dues in consequence.
2- How much do you spend?
Control on expenditure is important as most people end up making purchases that are not entirely required. You also need to check and see which expenses really result in something tangible. Having a list of your purchases and expenses before you will also help you forecast your future expenditure. Also, you will be able to look back to how perhaps printing and advertising costs have benefitted you.
3- What is a break-even point?
Having a handle on your monthly expenditure will give you and idea about how much you need to earn to actually make a profit as if outgoings are more than incomings then it doesn’t take an expert to tell you that it is a loss.
Having your accountant discuss your accounts with you will help in getting a cleared picture of the financial health of your firm.
Accounting with a difference – the Doshi Accountants advantage
A wide selection of clients – because very business matters and needs capable accountants!
Small businesses and startups alike need to have an expert looking over the books not only so that reports are generated and the proper records filed but also to ensure proper accounts management. Furthermore, as a business’s owner knowing the cash flow scenario would help ease the burden of frequent cash injections.
Doshi Accountants caters to a vast variety of clients from Fish and Chips shops and Restaurants and Pubs, to Convenience Stores, Property Agents, Doctors, Residential Homes, Charities and the like.
How Proper Accounting Can Help Small Businesses to Save and Startups to Flourish:
1- Cashflow management
Having an idea if your purchases and expenses will help indicating your expenditure towards your business and the types of the same. Furthermore, you will be better equipped to follow up with those who owe you money.
2- Pay the right tax
Tax evasion is wrong, but you should ensure that you pay the right amount of tax keeping in mind all the expenses or any losses that can aid in a reduction of your liability. This makes the right person to file your self-assessment your accountant as he/she will be aware of tax saving avenues.
3- Creating a proper forecast
Having the right figures before you will aid in a more accurate prediction of expenditure and future trends if you continue down the same path.
4- Stock inventory and creative selling
Knowing what you have purchased and in what quantity versus your sales will help you in taking proper inventory. This will prevent unintentional hoarding of stock.
Doshi Accountants understands the importance of communication and analysis of the books for a better understanding of the business.
Bespoke benefits to make things easier for you!
GDPR compliant and Brexit ready – 350+ staff ready to work for you
HR and employment rights has become another bone of contention for employers for it is a time-consuming task. Instead of handling queries yourself, you can opt for unlimited telephonic advice on the same from a team of professionals. Tax planning too is another avenue. With your accounts or self-assessment tax return you will also be able to reap the benefits of an expert’s guidance in tax planning.