Understanding what your accountant does

Owning a business can often mean late nights and early starts. With the pressure of running a business, managing your finances can be the last thing on your mind. This is normally where an accountant comes in. Accountants are usually called into a business to help with a number of financial issues from simple bookkeeping to audits there services are very broad.

Getting your head around what services your accountant should be offering can be tricky as often different accountants will offer different services. This article aims to look at services that all accountants should be offering and what there functions are.

What an accountant does

Here are some of the main services an accountant should be offering their clients.

Bookkeeping – Perhaps the most basic function of an accountant, bookkeeping encompasses a wide range of tasks including:

• The recording of financial transactions
• The preparation of financial statements
• Keeping journals and sales ledgers

We see that bookkeeping is definitely one of the most common tasks required from businesses and this service can help with the day to running of a business.

Payroll – Making your accountant responsible for looking after the recording of employee wages, tax and deductions can help you to focus more on your business and less on small details. This service can also include:

• The recording of employee salaries, bonuses and deductions
• The Preparation of financial statements
• Helping with Payroll taxes (Including PAYE  and National Insurance)
• Dealing with any HMRC queries

VAT – VAT can be a big question mark for many businesses and it can be hard to establish just what you are obligated to pay. Accounting services within this field include:

• Filling in and filing VAT returns
• Negotiating and solving tax issues HMRC
• Dealing with deadlines set by HMRC
• Giving useful business and VAT advice

Tax advice – With legislation always changing and new tax regulations being brought in all the time an accountant can make sure your business is up to date with all the latest rules helping you top avoid any late fees. Other services include:

• Reducing the amount of tax pay through tax relief/ benefits
• Claiming tax back from HMRC
• Informing you of any upcoming changes to tax policy
• Ensuring your tax return deadlines are met
• Helping to create contracts

Audits – Depending on the size and nature of your company you may require a financial audit. An accountant does have the ability to conduct an audit and help get your financial affairs in order, other services include:

• Helping to meet regulatory compliance
• Gathering the relevant financial information
• Analysing and comparing your financial statements
• Useful advice on what to next.

If you feel that you have not been able to find an accountant who offers these services or you are looking to change accountants, Just Accountants can help. We have a select panel of over 200 accountants across the UK, who are guaranteed to be pro-active and an asset to your business. Our service is 100% for more information or to speak with one of our advisers, please fill out a contact form here.