When it comes to your business, knowing exactly how much money you’ve made, how much you owe and who’s been accessing your finances is crucial. However, keeping tabs on all this information can be a challenge. Thankfully, Brooke & Co accounting services in Harlow Essex can help you check your books, whether that’s once a year or whenever your financial needs change. If you run a small business or want to invest in growing your enterprise by hiring an accountant, there are plenty of options available in the area. Here we’ll give you some insight into what an accountant does and why you might need one for your business. Read on to find out which accountants provide their services in Harloc town and why…
What is an accountant?
An accountant like Brooke & Co is someone who is qualified to help businesses with their finances and accounting. This may be because they are qualified to professional, or a chartered, accountant. It is likely, however, that they have a degree in accounting. Accountants primarily work with businesses to help them manage their finances and taxes. They also provide advice on how to improve the financial health of the company.
Accounting Services in Harlow Essex
There are two basic types of accounting: cash and accrual. Cash accounting records the transactions that take place in a given period. This type of accounting is useful when you need to know the exact amount that has been received and what it was spent on. Accrual accounting, meanwhile, is a more advanced method that takes into account future events and obligations. This type of accounting is useful when you want to know the amount that will be received in a given period, as well as the amount that has been spent.
Why you need an accountant?
Running a business is hard work, especially when you have to juggle everything on your own. Every week is a constant battle against the clock to meet deadlines, produce high-quality products/services, and collect payments. There are also taxes and regulations to deal with, as well as constant financial planning to keep things on track. Accountants in Harlow can help you manage your expectations and stay focused on the most important tasks at any given time. They can also provide advice on how to improve the financial health of your company.
The accounting process
Every financial accounting process has five stages: preparation, recording, processing, and closing. At the beginning of the process, you decide what information you want to keep track of. Then, you create the accounting records that will help you make this decision. Next, you enter the information into the appropriate ledger accounts. Finally, you prepare the company’s financial statements, which give an overview of its financial position.
How much does an accountant cost?
The price of an accountant in Harlow will depend on a number of factors, including the size of the business and where they’re based. The majority of accountants will charge an hourly rate for their services, so you’ll need to ask how many hours they expect to spend on your books. Small businesses with few transactions may only require an annual audit, whereas larger companies could need a full-blown review of the company’s accounts. If you want an accountant who can advise you on tax planning, you’ll need to budget more.
Accounting for small businesses and startups
Getting an independent assessment of your books can be helpful for startups and smaller companies with a low turnover. For example, if you’re starting a new business, you have to think about a number of things, like the name, logo design, product design, manufacturing process, etc. You have to decide how much money you want to invest and how much you expect to earn. However, if you don’t have a lot of experience in the industry, it is more difficult to make business decisions. Startups and small companies often have fewer transactions, so you can get an audit that covers only that area.
Accounting for medium-sized businesses and growing companies
For a medium-sized company, an audit can help provide insight into the hands-on aspects of running a business, including how much inventory and cash you have, what your customers’ payment terms are, and how much debt you owe. A full review of your books includes a review of your financial statements, along with an audit of your accounts. Full reviews and audits can be expensive and can take some time to complete, so you’ll need to plan ahead if you want one.
Accounting for large companies
The expenses, duties, and responsibilities of a large company can make it difficult to get an audit. However, an audit can still be useful, as it will highlight any areas that require attention. An audit can also help you with tax planning, allowing you to make informed decisions about where to invest, who to hire, and how to distribute your income. A tax audit can be expensive, as it involves experts reviewing your records and preparing detailed reports. It’s best to get an audit done before you have to pay tax on your profits.
Taxation – what happens at tax time?
If you’ve hired an accountant to review your books, you’ll need to pay them a fee. The fee is a percentage of your income and is deducted from your bank account each month, which can be annoying if you don’t want to pay up. You’ll also need to pay tax on the accountant’s fee, but there are ways to minimize this expense. Depending on your circumstances, you might want to try and get a tax refund. You can do this by filing an income tax return (ITR) before the due date. There are penalties if you file an ITR late. The money that you withheld from your paychecks is also a form of income tax, so you don’t want to forget about that.
Conclusion
If you’re wondering what an accountant in Harlow – Brooke & Co Accounting can do for your business, it might be worthwhile giving Brooke & Co a call. They can help you understand your finances, make informed decisions, and avoid you paying too much tax. However, you should also consider hiring us as an accountant based on our experience and qualifications.
