Truly important, if you take the time to uncover a very good accountant, it could save your organization a lot of time, effort and funds. If you have an accounting background then you could want to get your teeth into your personal books, but if you don’t have any information in this region then it could be as well to leave it to the professional, specifically as getting it incorrect can mean hefty fines levied by HMRC who do not accept ignorance or lack of information as any excuse.
Nevertheless, for these of you with bigger aspirations and who want to use their accounting records for tax and business arranging as effectively as for filing your tax return, my suggestions is to appear for an accountant at a tiny or mid-sized firm that specializes in functioning with organization owners.
This consists of everything from recording economic events (e.g. sale or return of a product, buy of supplies, and so forth.) to posting in acceptable journals (e.g. Accounts Payable, Accounts Receivable, and so forth.) to preparing financial statements (e.g. balance sheets, earnings statements, etc.) to closing the books at the end of every accounting cycle.
Fortunately there are folks whose jobs are to assist you with this stuff, no matter what level your company is at. We asked Clive Lewis, Head of Enterprise in the Business Division of ICAEW (the Institute of Chartered Accountants in England and Wales) some questions about how expert accountants can assist startups, and when you require to consult a single.
It is critical to make positive that your accountant has qualified by means of a single of the main accountancy bodies such as the Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants (either ICAEW or ICAS) or the Association of Chartered Certified Accountants (ACCA).