Do businesses need accountants?

Accountants in Burton on Trent

There has been a growing rumour that modern software will replace bookkeepers and accountants. There are automatic bank feeds, documents can be scanned, systems automatically allocate expenditure, accounts can be automated, tax calculations can be automated, etc. etc. etc.

Well the truth is unless you are an expert in tax and financial planning; your accountant will provide a wealth of essential knowledge.

If you are starting in business an accountant is a great source of general business advice. Being able to give you guidance on your business plan, tax issues you may face, what you need to register for and many other aspects.

Bookkeeping – accountants usually offer in house services, can offer help setting up manual or computerised records and recommend record keeping systems that will be best for your business.

Payrolls – accountants can advise if you need a PAYE Scheme and usually offer payroll services, or can recommend software that will help you run your own payroll. This is especially important since employing people now incurs the additional requirement to offer Workplace Pensions.

VAT – accountants can explain when you need to register for VAT, or if you should register voluntarily. In addition to helping you understand the different rates, classifications and schemes that are part of accounting for VAT. Being a resource for those moments when it no longer makes sense.

And this does not cover any of the dark arts like Accruals and Prepayments, Statutory Adjustments to Profits, Budgets and Forecasts, Status Issues, Additional Relief and Allowances, or the Tax Planning Opportunities that most business owners should look at.

Accountants are a source of up to date information and usually in a position to introduce you to other people who can help your business.

Finally if you are in business then taxation in its numerous guises is likely to be one of the biggest costs you will face. So why would you not want to use the professional who can give you the most help with one of your biggest issues?

Alexander Accountancy offers free business reviews where we are happy to discuss any of the above. If this is something you would like to know more about please telephone Burton upon Trent 01283 743851 or email in**@al*******************.uk