A Guide to Small Business Accounting
There once was a time when the small business owner would meet with his bookkeeper once a week and hand him a heap of files and receipts, yet today, with cloud based solutions, you can update your spreadsheets on a daily basis and your accountant can access the files anytime and from any location.
- Contractors – The outsourcing model is adopted by most medium and large companies, and the contractors require a specific form of accounting, one that is designed around their needs. VAT, for example, is something every UK contractor has to register with, and your accountant can handle every stage of the VAT collection process, concluding with preparing and submitting your VAT returns.
- Payroll – Your workers must be paid on time, and with the best small business accountants in East Londonhandling your PAYE obligations, you will always be in compliance.
- Keeping Daily Records – This is something that is easily overlooked, and that’s when problems occur. Updating your online spreadsheets only takes a few minutes, and your accountant can access the cloud at any time.
- Outsourcing – You should outsource your bookkeeping to a specialist accountant, and with online data, this is very easy. Let your accountant crunch the numbers, while you prepare stunning presentations that will guarantee a supply of contracts.
It is essential to know exactly how your business is performing at any given time and you can only do that if your bookkeeping is up to date, and by engaging the serves on an experienced accountant, you can focus on the important aspects of your business, safe in the knowledge that your accounts are in order.
Infographic created by Clover, a payment processing company