Do I need an accountant?

You might think that a start-up or small business isn’t big enough to warrant an accountant.

But unless you’re an expert in tax and finance – or in short, an accountant yourself – this simply isn’t the case. An accountant provides your business with a great deal of essential support.

If you are just starting a business, your accountant will take the form of another business adviser. They will be able to give advice on your business plan and the tax issues of registering a new business.

Some accountants offer book-keeping services, but if they don’t or if you wish to handle this yourself, you can get help with setting up manual or computerised book-keeping systems. And most importantly, you need an accountant to assist on things like whether it is necessary to register for VAT or PAYE and the procedures involved.

As your business grows

An accountant isn’t just there to help you manage your money. Whether you are starting up or a growing business, they can advise you on the best way to arrange additional finance without putting your business at risk.

Once you have the finance in place there needs to be some control to ensure growth of your business is handled in the right way. Many of your concerns will be financial – adequate working capital, good stock control, invoicing and so on – an experienced accountant’s advice will be invaluable in such matters.

And can you honestly say that you are on top of all the essential business tax issues? Well probably not – but that’s an accountant’s job. Taxation is a large business expense and an accountant can effectively minimise these costs.

Finding a competitive professional chartered accountant

Omni Chartered Accountants, Wolverhampton, offer a highly competitive and professional service to clients across the UK. We pride ourselves in giving advice on a one-to-one basis and we are very happy to provide you with a free initial consultation – you can request a free of charge call back from our website or call 01902 837 408 – alternatively, click here to contact us online and we will come straight back to you!

Top 5 bookkeeping tips

We are often contacted by businesses that are in need of assistance with a bookkeeping clean up. 

If you have found yourself in the middle of a bookkeeping nightmare take these four simple steps to clean up your mess. 

1.  Get serious about it

The first step is to identify that you have a business bookkeeping mess and that you are willing to do whatever it takes to get things cleaned up and caught up. 

Nothing is more frustrating than working with someone that clearly is not serious about getting the job done.

2.   Get help from a professional

It is important to work with a bookkeeper or bookkeeping service that actually knows what they are doing. 

It is always a good idea to check your business network to see who your colleagues use for their bookkeeping needs. 

3. Bookkeeping software

If you are using recognised software you might consider contacting a specialist in that particular product, although most professionals will be familiar and used to working with the main products on the market.

4.  Follow Your Bookkeeper's instructions

When you bookkeeper asks for something you should provide it or ask for help so you understand where it is or why it is needed. 

Having your statements available online is probably the best thing you can do.  Make sure you have access to ALL your statements including bank accounts, credit cards, credit/debit balance and payroll reports. 

5.  Stay on top of your bookkeeping

Once you have found an individual or business bookkeeping service to clean up the mess it is important to stay on top of your bookkeeping. 

You don't want to spend all your efforts on cleaning up your bookkeeping system if you don't intend to maintain your bookkeeping on an ongoing basis. 

If you would like help from the professionals with your bookkeeping, Omni Chartered Accountants are here to help – we can offer free advice and guidance and competitive rates to deal with your needs!

Call us on 01902 837 408 or you can request a free of charge call-back from our website www.taxandaccountancysolutions.co.uk – alternatively, click here to view our pricing structure.

Are keeping books and records a benefit or hindrance to your business?

Are you confident and happy with your bookkeeping and records?

Do you see them as a hindrance or a benefit?

At Omni Chartered Accountants, we see many different levels and quality of the way businesses record and hold vital and pivotal information.

When records are poor, inaccurate or incorrect, it is imperative that they are reviewed and put right to ensure the correct numbers are available for all aspects of the business, not just the accounts.

Bespoke accounting solution for poor company records

Omni applies a very cost effective and totally bespoke approach to such situations. We will correct the information, show or train you how to ensure that the correct records are kept, or alternatively, we can take over the bookkeeping altogether if preferred, meaning that the level of involvement and assistance is very much tailored to your abilities, budget and circumstance.

It is so important, boring and dull, maybe!

But, it is important that you understand you have to keep proper and accurate records, not only for the tax and vat man, but also for yourself.

How else do you know who you owe, who owes you, what areas of your business are performing, underperforming, and what areas need your attention or are a priority? Crucially, how else do you know if you are actually making or losing money?

You need to look on your books as your very own window to viewing the health and wellbeing of your business.

So, now you know why you need to keep accurate books and records, just how confident are you with yours, do you want them health checked? If so get in touch by requesting a free of charge call back from our website or by clicking here to contact us.

Why not take the Accountancy Savings Challenge today!