If you own a business in London, you’ve likely come across more than one accounting firm offering its services to you. If you’re like most entrepreneurs, though, you might not know exactly what accounting services your business needs, or even why you need them at all.
In this article, we’ll explain the top five accounting services London every business needs to stay profitable and competitive.
1) Tax planning
Tax planning is a crucial element of any business owner’s financial strategy. A successful tax plan means that you’re paying your fair share—and no more—of taxes, which puts you and your company on a good footing to reach its goals.
To help you with these efforts, hiring an accounting firm might be a smart move; accountants have an abundance of resources at their disposal that could prove useful for your business and for meeting with government agencies.
2) Tax compliance
It’s crucial to stay on top of your taxes. Not only is it illegal not to pay taxes, but if you don’t, your business could suffer major consequences. For example, if you don’t pay sales tax or payroll taxes, then federal authorities may fine you and put a lien on your business assets.
In addition, your customers will likely lose trust in you and might not want to do business with you anymore. If your company doesn’t pay its employees properly, they might file wage claims against you with state agencies.
3) Management accounts
Understanding your business’s finances is a key part of running it well. While you might think that ‘management accounts’ are boring and irrelevant, failing to look at them often can hinder your decision-making.
That’s why some companies go as far as appointing finance specialists from accounting services London to oversee day-to-day operations and make sure everything is going smoothly.
The bread and butter of accounting services London, bookkeeping is your friendly neighbourhood accountant’s bread and butter. Bookkeepers take care of business finances on a day-to-day basis, ensuring everything adds up and that you stay on top of your taxes.
Ideally, they should work closely with management to spot trouble areas before they spiral out of control—so don’t skimp when it comes to professional bookkeeping services.
Payroll is a core service that many accounting services London offer. If you’re just starting and can’t afford to pay your staff by hand, many firms will do payroll for you for a small fee.
This way, you know exactly what your employee costs are and when they should be paid without having to worry about writing checks or keeping an eye on employee hours.
If you need accounting services London and want to learn more about what your options are, contact AccounTax Zone. They can help with everything from setting up a new company to payroll management.
And don’t forget that if you’re a freelancer looking for support with tax planning, filing and more, they can also help! So, get in touch today and discuss how they can help.