Expert Blogger: Tips on Bookkeeping & Accounting for small businesses
November 27, 2009
Anita Benge, is one of our highest rated providers in Accountancy, awarded 32 projects on PeoplePerHour.com. In her blog, she shares her experience in Accountancy and tells you what you need to consider if you are starting out a small business. So read on if you want to hear from an Accounting expert.
“I have been in the accountancy industry for the last 12 years. Last year I decided to go it alone and start my own accountancy business. Throughout the years I have on numerous occasions been told by prospective clients “All my profit goes towards paying my accountants bill and I still have a huge tax bill to pay”.
My philosophy is: – if I can save you money on your tax bills my bill will be covered by your savings and you get to keep your profit.
When a new business starts out it can be very daunting. Questions running around in your head what accounting system should I use? Do I need an accountant? Where can I go for advice?
As a start up business is it is not nessacary to splash out and buy the best software out. You can use anything from a simple Excel Spreadsheet to the recommended software by accountants Sage Accounts. If you would like the headache of your bookkeeping taken away from you a bookkeeper would be the way forward. A bookkeeper would have their own software so this would reduce the initial out lay of software. A good bookkeeper can cost from £8 to £15 per hour depending on your area.
You should choose your accountant by the time you trade. Your accountant should be there all year round and not just once a year. Your accountant should be in contact with you twice a year. You should also check if there is any additional cost for phone calls and email correspondence as these costs can add up and there will be not unexpected accountants bills. Accountant’s fees are very varied but, do shop around for the best deal. Always check who will be caring out the work as there will be a different fee structure to the level of qualification.
There is help out there for business. The Business Link is a great website with loads of information. The Inland Revenue hold free workshops to assist with form filling, how to use their online system and much more. If in doubt your accountant is there to help.”