Starting, running and growing a business is a challenge and most business owners will agree that having the right type of support is crucial to driving a successful business.

Many business owners may, however, be under the impression that the Accountant’s role is purely focussed on end of year accounts and tax submissions, however there are many other areas where a good Accountant can add real value to your business.

There are so many things to consider at every stage of the business life cycle. Even before the business commences it would be advisable to talk to a professional about the best structure suited to your business.

Then, once decided, there are a number of tasks to be completed before the business is even in a position to commence trading.

These can include :

-Company Incorporation (if limited company)

– Registration for self assessment (if sole trader)

– Advice on bank accounts most relevant to the business

– Registration for VAT (if applicable)

– Registration for Corporation Tax (if limited company)

– Registration for PAYE (if appropriate)

– Set up payroll for all employees (as appropriate)

Once your are ready to go, there are regular financial obligations that must be met. These include:

– Monthly book-keeping

– Submission of  quarterly VAT returns (if applicable)

– Weekly/monthly payroll – run in compliance with RTI regulations

– Provision of weekly/monthly payslips to all employees

– Preparation of dividend declaration and board meeting documentation (if limited company)

– Preparation and submission of Confirmation Statement (CSO1) to Companies House (if limited company)

– Preparation and submission of forms relating to changes of company information to Companies House (if company)

– Self Assessment return completion and submission

– Dealing with Companies House and HMRC correspondence.

A good Accountant can perform all of these tasks for you, if you wish, as well as providing the standard year end compliance service.

In addition in certain circumstances a good Accountant can also assist with the following tasks:

• Providing a registered office address for your limited company, if required.
• Providing access to IR35 contract reviews (if you are a personal service company, such as an IT contractor).
• Providing access to business insurance providers (PI insurance, tax investigation, business liability).
• Provision of references for mortgages or rental agreements

A good Accountant will, as well as ensuring that the above tasks are completed and that the company is operating compliantly, provide business owners with access to a team of professionals, which they can benefit from, who will provide continuous support and advice on their business performance.

Good accountants can become a core part of the business solution and management team. By understanding and advising on your issues, they are able to not just complete the basics but also assist with long term strategic planning, thereby highlighting pitfalls and opportunities. This is done by providing services such as:

– Tax planning

– Budgeting and forecasting

– Management accounting

– Profit analysis and reporting

For many businesses the Accountants’ role is so much more than annual reporting and tax compliance. By working closely with the business owner they have become a business solution partner.

Here at Keen Dicey Grover, over our 45 years of experience  we have worked hard to develop a wide range of skills and services that are designed to support our clients’ business performance and profitability.

Keen Dicey Grover

We care…….we really care.

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