Keep a regular eye on your accounts

Keeping an eye on your accounts is important for a number of very sound commercial reasons.

1. How else do we know whether the business is making money
2. How do we know how much money we can spend before we take a salary from it, so that we can ensure that all costs and income are properly managed.
   
3. And, last but by no means least, to be sure that we can pay the tax man what payments/s are due, when they are due, and on time!  An error that too many business people make at great cost to themselves and their businesses.

Bookkeeping is time consuming and not much fun.

Doing the books is vital to any business, just as professional accountancy is vital to any business, and unless one is a book keeper or accountant by profession it is best passed on to the professionals.

If you can, try factoring the hiring of an accountant into your monthly budget.  They are well worth the investment and can not only save you money in the long run, but will make sure you are never late in closing your year end accounts or VAT payments.

What will accountants do for me?

Exactly what is asked of them!

Accounting Professionals are happy to take away the strain of ‘doing the books’ and will work with business people to release them to get on with what they do best, make things, selling things and generating income.

Rather than sitting up burning the candle half the night, for some people it is panic time once a year, assembling the receipts and slips and listing them down, why not employ a professional bookkeeper to do that task for you?  The cost is deductible and you can get a good night’s sleep and be fresh in the morning.

Professional Accountancy includes a number of things that every business needs in order to stay out of trouble and to prosper:

• Well managed books and accounts
• Book keeping, on a regular basis, to keep everything under control
• Cash flow management, invoicing and credit control, making certain that your business is paid for work done, and on time
• Budgeting, making sure that profits are in and losses are out, and that proper expenses are managed correctly
• Audited accounts at the year’s end, to establish accurate figures relating to turnover, profit or loss, dividends and payments. Submission to HMRC (Her Majesty’s Revenue and Customs), and should it be necessary register the business with the VAT authorities
• Payroll services, to look after the number crunching so that pay day is not a grey day (or a red letter day!)
• Professional business advice based upon many years of accountancy experience and knowledge of the law

Great, but it all sounds expensive to me?

Cost effective is the key word. The opportunity cost, the cost of not employing qualified professionals, will be a great deal more expensive.

No business, large or small, can afford to ignore the need for accurate book keeping and accountancy services, without professional guidance it is a minefield.

Accountancy services are not a luxury they are essential to the good health of any successful business. 

The sceret of success is outsourcing to somebody else the tasks which make up the running of your business. You are truly running a business when you can step a way from it for a period of time and return to it in the same condition or better as when you left!  Until this level is reached, it is not I believe a true business, but rather an expensive hobby or full time collection of jobs.

We have a recommended business that just might be able to help you with your accounting questions.  Contact UHY WKH Partnership Chartered Accountants for more information.