If you feel confident about your ability to do your business finances then it is possible to prepare and file your accounts alone, although many decide to delegate this task to chartered accountants North Wales. It is worth remembering that company accounts are due each and every year, and this is completely regardless of whether a company is active or dormant. They must be registered at Companies House within 9 months or less of the accounting reference date (ARD). This is the anniversary of the last calendar day of every month that your company was registered. For example, if your company was incorporated on the 9th of July 2021 then your ARD would be 31st of July in 2022 and every year thereafter.
What can an accountant do for businesses?
If you have a small business or if you are self-employed, then you could be pleased to find that having an accountant can bring with it a myriad of benefits. Namely, having an accountant frees your valuable time up so you can completely focus on the running of your businesses. An accountant can help by handling the key functions of your business. This means that you can have your time focused on dealing with the essential decision making and actions involved in managing your business.
Areas they can cover includes:
- Financial reporting
- Tax efficiency
- Business planning
An accountant can also save the money involved in many areas by helping to increase your tax efficiency and cash flow. They can help to provide some invaluable support by lending their general business expertise, as well as discussing your ideas and future growth plans.
More than anything, a good accountant provides reliable financial information needed to make key decisions when it comes to your business.
When choosing an accountant, you should take the following things into consideration
What is their personality like?
Personality is so important so it is worth meeting your accountant in real life before signing up with them, as you need to make sure that you can see eye-to-eye effectively.
Do their services meet your needs?
It is good practice to talk about their qualifications and the experience that they have. You should find out if they are qualified through one of the UK bodies, there are many professional bodies, requiring all members to have the necessary training and skills.
Remember, some accountants north west will charge by the hour, while others will charge a monthly fee – it depends if you need someone to care for your finances every month on an ongoing schedule, or if you just need them to do some work for you on a pro-rata basis. The great thing about this is you can get the service that you need bespoke to your situation and business, this is a pretty good setup overall.