What an Accountant Can Do for Your Company

accountant

Hiring an accountant for your London business is a big step but it can save you a lot of worry, frustration, and money. Their professional attention to details will give you reports and documentation that is free from errors and that will be submitted efficiently for your business. Are you wondering what an accountant can do that will make your job as a business owner much easier? Look at some of the points discussed below that may offer benefits to your company; the time that you save will be well worth the investment that you make in a trusted team of accountants.

Year-end Accounts

The experts at www.gsmaccountants.co.uk recommend that you hire an accountancy agency that can examine and provide you with reports that cover your financial year. This should include but not be limited to:

  • A reconciliation of your banking accounts
  • An analysis of your income, expenses, and sundries
  • Make suggestions for you to claim items that you overlooked or didn’t know that you could claim
  • A calculation of your Corporation Tax, how much is due, and when it must be paid
  • Prepare all paperwork and submit it to you for review and your signature

Payroll Bureau

Your accountancy team should have the ability to prepare and submit documents pertaining to payroll. This will include but not be limited to:

  • P45 preparation and submission
  • A calculation of all of your gross salaries, taxes, and any amounts that are due
  • Filings to HMRC in real time
  • Preparation of P60 and delivered to you for your company files
  • Add or remove employees to your payroll
  • Keep the Revenue Office apprised of any changes in your payroll
  • Monitor changes in tax codes

VAT Calculations

An accountant can keep you in compliance with all regulations that govern VAT. They will:

  • Provide you with VAT advice regarding registration
  • Calculate your VAT Calculations quarterly
  • Provide spreadsheets that demonstrate accuracy and reliability
  • Assist you with any overpayment or underpayment of VAT

Customer Service

One of the most important aspects of working with accountants is the customer service that you will be provided for your company’s financial issues. You should expect effective communications from your accountants in a format that you prefer. You may want a regular email, a personal telephone call, or a meeting where you can discuss issues directly with your accountant. You should be given a point of contact which means that you will work with this account on all of your finances. Make sure that they will respond to your queries, that they will remain current with changing laws, and that they will act on your behalf with PAYE and VAT questions.

 

Image Courtesy Punsayaporn / Freedigitalphotos.net

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