The general running of a company in itself is a time consuming job in itself without the worry of sorting out the paperwork. That is why many small to medium sized companies when they are trying to grow employ specialized accountants, whether it be just the simple dental accounts of a cosmetic dentist to the payroll accounts of an internet start-up company. Accountancy however can be a minefield for somebody who doesn’t fully understand the rules and regulations surrounding company obligations, so what exactly do accountants specialize in?
Well, first of all it is important to hire a certified accountant with a certificate awarded through the ACA (The Association of Chartered Certified Accountants) which is a globally recognized body in the accountancy industry. The first thing they will do is to help you set up a system of accounting to suit your particular business model. This will include setting up an easy to manage bookkeeping system that can be easily managed and takes care of your daily, weekly and yearly accounts. The advantage here is that come year end you will not be wondering what went out of your company and what came in.
Another advantage will be that your accountant will give you sound advice on what tax you have to pay, what you can claim back and whether you are liable for other taxes such as corporate and business taxes. The last thing you need to worry about when you start up your business is a hefty bill from the taxman or paying tax you legally were not required to pay. Your accountant will also explain and analyze financial report and statements so that you can fully understand the implications of them. If you are not familiar with ‘accountancy speak’, you are going to find them very confusing.
A popular service also offered by accountants is payroll services. This frees up valuable time for you to concentrate on your business instead of spending hours on employee salaries. Usually set up on a computerized system it is easy to manage and you can decide how you want your employees’ to be paid; hourly, weekly or monthly, in cash or more usually now into bank accounts.
Essentially, the first thing any business should consider when starting out is to hire a certified accountant.