How An Accountant Can Help Your Business Succeed

Posted by Vidit Agarwal on February 28th, 2020

If you are working as a small business owner or thinking over to start a new one, you may have to consider finances yourself, to cut the costs. But this can cost you in a mistake. An accountant works with many businesses and can offer a wealth of knowledge and become a vital part of your team.

As a small business owner you can find your own business accounting or you can hire a professional accountant in Trenear to help you set up your business, prepare financial documents; manage payroll processes, tax file and more.

Small Business Accounting Services

• Accounting and bookkeeping:  Accounting and bookkeeping are often heard being used interchangeably; accounting is the overall practice of managing finances of a business; however bookkeeping refers more specifically to the tasks and practices involved in managing the records of the financial activities.
• Tax planning: Tax planning is the legal process of arranging financial situation or plan from a tax perspective. By planning for tax, you should be able to take advantage of any opportunities.
• Payroll: It's one of the most important aspects of running your business. Payroll refers to the employees you pay, along with employee information.
• VAT returns: VAT return is a form you file with HMRC, usually four times a year. It's includes your total sales total (excluding VAT) and output tax.
• Year-end accounts: At the end of financial year, you can produce the reports needed for your year-end accounts.
• Self-assessment tax return: Self-assessment tax returns must be submitted each year by self-employed people to HM Revenue and Customs. HMRC will decide if you need to pay tax on your earnings.
• Corporation tax return or partnership tax return: All the UK-based companies such as a limited company, charity, association or society will need to pay Corporation Tax on all taxable profit.
• Save your time: As a business owner, you are an expert in your own industry. But, you may not necessarily be a skilled as accountant to handle your business finances.

Accounting can help with your business succeed by giving you insights into the financial health of your company, offering a precise report of your cash flow, demonstrating opportunities for growth and keeping you organized and accurate when filing your taxes. Small business accountant in Trengale will be excited by your business, and so will go the extra mile to help you succeed and grow.