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Your Questions
ANSWERED
Business
Help!
by ALAN SALSAC
How can an accountant help my business?
MANAGING DIRECTOR
A J Salsac and Company
The world of business, finance and tax is becoming your tax affairs, but will explain to you what those
ever more complicated and onerous, with regulations confusing accounts actually mean for your business. He
and changing tax laws not to mention the ever present or she will also be able to point out areas of weakness
uncertainty of running a business. There are many ways in the business and hopefully suggest remedies.
in which an accountant can help navigate the
sometimes turbulent waters of the business world, and One decision you will need to take is whether to trade
we aim to give a brief overview of some of them here. as an individual or as a limited company. Your
accountant will be able to explain the advantages and
Many people have difficulty with the paperwork side of downsides of both options, and should you opt for the
running a business, and more still simply hate it! Why limited company route, he or she will be able to attend
try to do everything yourself when professional help is to all the formalities of incorporating the company for
at hand? Your accountant can deal with many of these you.
burdens for you, freeing you up to focus on what really
matters, running your business and doing what you do There are times when you may need to approach your
best. bank, or other financial institutions, for help or finance.
In such circumstances they will require financial
The obvious consideration for many people when information in order to help them come to a decision,
engaging an accountant is their taxation affairs and and your accountant can help by preparing this
those of their business. The accountant will make sure information, and presenting it in a professional manner
that you do not end up paying any more tax than you to facilitate this process and help you get where you
actually need to. need to be.
With significant changes to the tax system looming, the In the early stages of any business, or at times of
tax affairs of small businesses and those of their owners significant change such as rapid expansion, it can be
are becoming ever more complex. An accountant can vital to have a clear idea of where you are going in
attend to these matters for you, acting as your agent financial terms. Your accountant can assist here by
and can liaise with the tax authorities on your behalf, helping you put together a clear business plan,
preparing all the necessary returns, computations and evaluating the business’s projected profitability and
claims, ensuring deadlines are met and penalties cash flow, so that you can be confident that you are
avoided, saving you any worry in that regard. going down the right road, with clear objectives and a
far better chance of success.
It is often perceived that the accountant simply “does
the books and the tax” once a year. This is not true; a If you are not starting up from scratch but are buying
good accountant will not only produce your accounts for (or for that matter selling) an existing business, it is
you, and explain the most efficient way of dealing with important to have a clear idea of the value of that
20/20 thirty eight
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