An accountant is a skilled worker who specialises in accounting and financial reporting services. Accountants need to have passed specific exams as well as an active membership with a regulatory body to ensure that the reports they sign are authorised. Chartered accountants, which are regulated by the ICAEW (The Institute of Chartered Accountants of England and Wales), command a very high salary, so it’s virtually impossible for small business owners to hire a certified accountant. However, accounting is a necessity for almost every business, so rather than hiring a certified accountant, many businesses simply hire graduates who have a degree in finance. It’s difficult for small businesses to spend a lot of money on making new hires, especially employees that do not directly contribute to the overall production process. It’s one of the reasons why small businesses try to keep their administrative expenditures as low as possible while hiring staff on the production team so as to ensure that the quality of the product is not compromised.
Without proper accounting, you can’t expect your business to survive. If you want to get a loan from a bank, you will need to present your company’s financial statements. Similarly, if you want to bring on an investor and go pitch your business idea to them, the first thing the investor is likely to ask is to see the books that you have prepared. Your company’s financial statements provide a brief overview about its performance. From calculating the tax payable to providing crucial information to potential investors, creating financial statements is an absolute requirement. If you can’t afford to hire an accountant full-time, you should consider outsourcing your accountancy requirements to a reputable accountancy firm in Nottingham. Here are just a few of the many services these accountancy firms offer.
Business Accounting
You can hire the company’s services for recording day-to-day transactions related to your company’s income and expenditures as well as any other financial dealings. On top of that, they can also help you with creating the financial statements at the end of the year for tax purposes and quarterly reports you can use to analyse and gauge your performance. As a prudent businessman, you should keep a close eye on the industry as a whole and see how your business compares with other competitors.
Payroll
Managing the payroll in a business can be a huge problem unless you have someone with experience and the right qualifications. The basic problem isn’t limited to disbursing payments at the end of each month; it’s more to do with calculating overtime and the hours worked. Businesses have to set up adequate controls to ensure that employees do not get paid any more than they deserve. An experienced accountant from a reputable accountancy firm can help you calculate the payments owed to your employees as well as manage the entire payroll department with ease. It’s a very affordable and hassle-free option for most business owners.