January 11, 2021
If there has ever been a year for dynamism and constant change then it will be 2020 that will be remembered. As we draw close to the end of the year, you’ll find that despite everything that the government and health officials have tried to do – the air of uncertainty still hangs thick. And it is this uncertainty that is making business owners feel even more compelled to save. And what better way to save than take care of a few loose ends with the do it yourself approach? Accounting for instance has become less bookish and difficult due to the various accounting software in the market which has considerably reduced the awe in which traditional accounting was held. But it would be premature to say that accountancy services are now redundant especially when accountants have been able to offer businesses with sound advice in these uncertain COVID-19 ridden times.
The best use of time
Due to the persistent lockdowns and fall in sales, business owners find that they have more time on their hands giving them a much-needed break for some serious thinking. Keeping these thinking caps on, businesses are now endeavouring to be clearer with taxation and accountancy as like it or not they do have direct links to a firm’s finances. Thus, the role of the accountant has evolved from merely managing the books to something much more diverse. Accountants now find themselves more as advisors especially due to the frequent changes in the legislation and government schemes. The end of furlough in November 2020 to be proceeded by the Wage Subsidy Scheme later called the Job Support Scheme to be later once more reinstated with furlough! The pandemic has indeed, caused a pandemonium as far as the business world goes. But when things are shifting like quicksand it is advisable to rely on something concrete and what can be more concrete than facts and figures?
Long term planning is something that is as essential (and more so) today as it was prior to the virus. Government support cannot be provided indefinitely – it will eventually stop. Business owners need to be financially prepared for this eventuality. Also, a realistic forecast of finances keeping in mind the difficult winter would actually be a far more accurate picture than everything going back to normal in a jiffy. Thus, accounting, knowing your purchases and expenses, having well-ordered books that reflect the reality in short; will be key in helping to shape a realistic budget. Therefore, good business accounting practices certainly cannot take a backseat.
Apart from planning your budget an accountant’s advice can be of use to you regardless of whether you are an employer or self-employed. Employers certainly stand to benefit if one considers all the revisions that furlough has faced plus the complexity of the flexi-furlough. In fact, the government has now commenced issuing CJRS (Coronavirus job Retention Scheme) compliance checks to ensure that the right amounts have been claimed. The self-employment related grants too have diversified and become increasingly more complicated to qualify for thus, having the advice of an expert can ensure you don’t miss out on some hard to need funds at such a crucial time.
Accounting and Taxation advice – the new frontier
The advisory role of an accountant has been long neglected or compartmentalised. Now actually is the time when clients can most benefit from having someone else, they can approach as a sounding board for their ideas. Furthermore, having someone updated and in the know puts one at a definite advantage. Be it tax saving or capital injections – knowing the present financial health of your company is integral. Doshi Accountants for instance provides its clients with an opportunity to use multiple avenues of communication from telephone, and email to Skype and even Face time. Zoom meeting and conference calls are also getting increasingly more popular as traditional accounting is being downsized and a more technologically savvy approach being initiated.
The silver lining
Approachability is of prime importance when it comes to dealing with a company’s accounts. While your accountant cannot visit you directly due to social distancing, you ought to consider alternate channels. Furthermore, firms like Doshi Accountants offer remote working options thus, your accounting software can be used (so buying that software was not a waste after all) and still you need not invest time in the same. Getting things right the first-time round can at least prevent the chances of penalties or problems of underpayment that tend to come back to the forefront at the most inconvenient of times in the future. There is a silver lining to this pandemic situation as well because it has forced people to think out of the box and promoted technological acceptance at a much faster rate than was probably seen in the past ten years. The need for the present hour would be accountants that actually are flexible and capable enough to provide advice as and when is required.
Doshi Accountants being amongst the top 100 UK accountancy firms has proved its mettle time and again. Be it cloud based working or taking remote access – you can be assured that you will receive quality work delivered on time. In fact, expanding its advisory front – Doshi Accountants has also inserted a bank of article-based literature geared to cater to your accounting and taxation related questions. Be it payroll, VAT, bookkeeping or management accounts – the one stop solution to all your accounting needs can all be found under one name – Doshi Accountants.