| In today's economic climate it is more important than | | | | adequate time to meet filing deadlines |
| ever that small businesses keep control over their | | | | If you don not know how much time your accountant |
| business expenses. Sometimes a substantial burden | | | | will require then discuss this with them. Many |
| on a small business can be the professional fees their | | | | accountants charge extra, for the overtime they have |
| accountant charges. Below are a number of tips that | | | | to pay staff to work on clients records to meet |
| may be useful when managing the impact of these | | | | deadlines if the client has supplied their records to them |
| fees. Although these tips are aimed at UK small | | | | late. |
| businesses they may be useful in part to businesses | | | | Tip 5 - Use your accountant to improve your business |
| worldwide: | | | | and save you tax |
| Tip1 - Organise your books and records | | | | Instead of just being a financial burden most good |
| When preparing a tax return or a set of accounts, if | | | | Chartered Accountants will be able to help you |
| your business books and records are haphazardly | | | | improve your business and suggest ways to save you |
| arranged then it will obviously take your accountant | | | | tax. |
| longer to carry out the work.. | | | | Tip 6 - A cheap accountant is not always the |
| Tip 2 - Use an appropriate book-keeping method | | | | cheapest in the end |
| Many people wrongly believe that if they use a | | | | The term "accountant" is not regulated in the UK. This |
| computer to complete their books then it will | | | | means that anyone can call themselves an accountant |
| dramatically reduce their accountants time and | | | | regardless of qualifications and experience. Many |
| subsequently their bill. This is at very best is only a half | | | | accountants with no professional qualifications are |
| truth. Yes if a good book-keeping package or | | | | very cheap, but often are largely unregulated and may |
| spreadsheet is correctly used on a computer then it | | | | not have professional indemnity insurance. A |
| should save your accountant considerable time. The | | | | Chartered Accountant may cost you a little more, but |
| emphasis here however is on "correctly used", if you | | | | their expertise and experience could save you tax and |
| are going to use a computer package then make sure | | | | help you build your business. In addition Chartered |
| it is one you can understand fully and can enter data | | | | Accountants are regulated by their professional body |
| correctly on. If a computer software package is used | | | | and are required to hold adequate professional |
| incorrectly it can take longer to unravel than it would | | | | indemnity insurance. |
| have done to prepare accounts from a good set of | | | | The author does not guarantee the accuracy of any |
| manual records. It is highly recommended that you | | | | information provided in this article and recommends |
| speak to your accountant first, prior to implementing | | | | that you do not take any action, whatsoever, based |
| any new book-keeping method. | | | | on the information provided. By the fullest extent |
| Tip3 - Check there is no omissions or arithmetical | | | | permitted by law, the author does not accept any |
| errors in records | | | | responsibility for any actions you may or may not take |
| If your accountant has to spend time on correcting | | | | based on information contained in this article. This |
| simple errors in your records then your bill will be | | | | article contains general information and is not a |
| needlessly higher. | | | | substitute for specific independent professional advice. |
| Tip 4 - Provide your records to your accountant with | | | | |