An accountant is often hired by a business to provide peace of mind as much as to fulfil a specialist financial accounting management service that the business has neither the capability nor capacity to do itself.
What businesses have accountants
Accountancy services are beneficial to businesses of all sizes and from all industries. Whether you are a sole trader, operating under a partnership agreement, a limited liability company, or a charity or not-for-profit organisation, you will be subject to an element of financial reporting that will be simplified through the use of a qualified accountant.
Role of an accountant
Accountants such as www.randall-payne.co.uk/services/accountancy/tewkesbury-accountants perform a range of services for their clients, from auditing their financial records to filing their self-assessment tax returns.
An accountant is fully versed in the legal responsibilities of business owners and the reporting deadlines to which they must adhere. They are ideally positioned to help businesses to maximise their income by claiming all necessary tax reliefs, correctly accounting for income and expenditure and making suggestions to increase the efficiency of the business.
A qualified accountant will have the necessary software packages to comply with Making Tax Digital. The licences for such software can be cost-prohibitive for many small businesses, whereas an accountant will share the cost amongst all of their clients, so employing their services to compile and submit tax assessments makes sound financial sense as well as providing peace of mind that submissions will be completed correctly and ahead of the deadlines, thus avoiding penalties.
Whether in Thurso or Tewkesbury accountants are well placed to support businesses to achieve their financial goals, whether they be to grow the business, improve its profitability or to make plans for merging or selling the business.
Hiring an accountant not only helps to keep a business legally compliant with HMRC rules and deadlines, but they can also enable them to fulfil their responsibilities for Making Tax Digital, simplify their reporting burden, support their ambitions for growth and long-term success and provide bespoke financial advice and support.