What Small Business Accountants Can Do For You?
Accounts are considered to be the back bone of a business. It is the accounts of a business that determine whether a business is successful or it’s a failure. So, in order to maintain the accounts of your business in a professional way, you are going to require the services of a professionally qualified and experienced accountant.
There are many options from which you can choose that which sort of accountancy services you require for your business. You can acquire the services of an accountant by permanently hiring an accountant as an employee in your company or you can hire the services of a freelance accountant on a contractual basis. Or if you are running a large organization then hiring the services of a proper accountancy firm is going to be feasible for you.
For small businesses services of accountants for contractors are very much suitable. As the budget of a small business is very limited so hiring freelance accountants could be very cost beneficial. These contractual accountants work only on contracts and charge fixed amount for their services.
If the accounts of a business are not properly maintained then, owner of the business could fall into a lot of trouble with the tax authorities while filing for the tax return. Small business accountants provide you accountancy services on a contractual basis in order to save you from any problem with the business tax authorities.
First of all, maintaining the proper accounts of a small business is the primary duty of an accountant. The accountant will properly keep a track record of all the incomes and expenses, debits and credits of the business. If there are assets owned by the business then they would be properly classified as tangible or intangible assets. Further, the annual depreciation of all the assets would be properly accounted for in the records and if any of the assets have been sold or new assets have been acquired during the year then this would also be properly recorded and documented.
Apart from all these services, small business accountants also provide the services in various aspects:
- Bookkeeping i.e. recording the incomes, expenses, assets and liabilities of a business.
- At the end of each year, a proper balance sheet and profit and loss account of a business is documented by the help of all the records kept throughout the whole year.
- VAT returns are considered to be extremely complicated but with the help of small business accountants, these returns are accurately submitted on time.
Small business accountants are considered to be a basic necessity for any small business. And if a business wants to survive then it must hire the services of a small business accountant because without the accountant, it can never be determined that in which position the business is moving.
These accountants also provide IR35 advice as IR35 accountants. IR35 law is enforced in order to prevent an individual from avoiding tax by disguised employment. As owners of the small businesses are considered to be separate from the business itself then the income tax return of the owner is separately filed. And in order to file the income tax returns on the self assessment basis, the owner needs the services of contractual accountant who can properly guide him through the proper procedure to file his tax return and how he can claim reliefs or allowances.