Accounting tips that will help your business
Every week we publish accounting tips to help your business but remember, our accountants are never too far away, so for more help and advice on Accounting and Taxation, contact your Local AIMS Accountant today.
Ensure your accounts are easily accessible for those that need them so they can see an accurate picture of the business finances at any given time.
Use a system which allows owners, staff and accountants to look at the same information in real time and gives true visibility of cash-flow.
Many people are not aware of the legal and tax differences between operating as a sole trader, a partnership or a limited company - these differences can have a huge impact on the amount of tax to be paid.
Bad cash-flow management can be the death of even the busiest and most profitable of businesses – never let it get that far.
As your profits grow, make sure your business is set up in a tax-efficient way and you can make sound management decisions based on accurate, timely figures.
If your business is a non-cash business, think about customer payment – how will they pay? It may make sense to offer a small discount for early payment or ask customers to pay by direct debit.
Understand your tax obligations and put money aside for the taxman. A good accountant can help with that.
Keeping good records isn’t enough when running a small business. Your records must be impeccable and if you are unsure then hire a qualified accountant to take that burden away from you.
A good accountant will use their knowledge of tax laws and legislation to suggest ways you can free up cash-flow, save money and raise capital for expansion.
A good accountant will help your company grow so do your research. You will need one you can trust, who has the necessary experience and who will be there when you need them.
Always consult an accountant before buying an existing business. They will be able to look into the company's accounts in detail and find out if anything looks wrong.
An accountant can act as a good sounding board. He or she knows your business almost as well as you do and probably knows the financial side of it even better.
Don’t worry about the ever-changing tax laws, that’s your accountant’s job. A good accountant will make sure that you pay as little tax as possible.
To save you time and lots of form filling; which may not be filled in correctly, get your accountant to do this for you. After all time is money.
Hiring an accountant that offers a fixed fee means you know exactly where you stand financially and there are no surprises.