Could Your Business Benefit from a Tax Accounting Review?

Posted by Matthew James on November 2nd, 2016

If you own your own business, you’ll be well aware of the stressthat managing your tax payments can bring. It can be especially difficult to keep on top of your finances when you’re trying to get your business off the ground, particularly if you’re running everything from the frontline to the back office.

But whether your business is new, or long established, every business owner could do with a periodic review. Employing a professional to take care of your finances can ease a lot of anxiety and uncertainty surrounding your back office figures, freeing you up to focus on the needs of your employees and clients.

It’s easy for financial data to get side-lined by the day-to-day demands of running a business. Still, no one wants to receive a surprise bill at the end of the quarter, or worse yet – at the end of the year. So if you’re struggling to keep on top of your accounts, or you’re unsure where your finances currently stand, your business would probably benefit from a tax review.

Most recognised firms will offer this service for free, so you won’t need to worry about increasing your expenditure. If you decide that you need a more long-term solution after your free review, then there are a number of affordable options available, including outsourcing to bookkeeping software. You can speak to your accountant about this directly at the time of the review.

For now, it’s a good idea to find out where you stand with business finance. Think of it like a ‘financial health check’ to ensure you’re meeting your obligations, and to get a real overview of your business performance. If you’re wondering why your business isn’t progressing the way you would like, it could be insufficient financial management that is holding you back.

A complimentary review will not only want to ensure that any major tax risks have been handled correctly, they will also want to help you identify further options to save money in the future. So, these meetings can be incredibly informative and help you reduce your ongoing tax bills considerably.

You’ll need to provide your most recently prepared financial statement, as well as your tax returns. This is so that your accountant can have all of the information about your business to hand to help them properly undertake a professional review. They may ask for additional documentation, and will need to have a meeting with you to perform the service.

All information is handled in the strictest of confidence, and can be returned to you or professionally disposed of at the end of the review, so you don’t need to worry about the financial security of your company. You should always be sure to check your accountant’s credentials, however, before revealing any financial information about your business.

The professionals who perform these reviews are registered and qualified experts, with years in the industry, so you can rest assured that your business will be in safe hands. Nevertheless, always make sure you fully research a company before you decide to use them for your free consultation. You’ll want to make sure that they belong to a recognised taxation office.

The right financial advisor will help you streamline your business and free up hours of your working week, so it’s definitely worth booking a complimentary review. Most accountancy firms will offer other services, such as audit and bookkeeping, as well as general advice and information to help you best manage your financial obligations.

Make sure you discuss your options with an accountant to help you maximise your business’s potential for growth. Hiring someone to effectively manage your finances can make the world of difference to your business finances, and you might be surprised by the money you end up saving.