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New Year Accounting

How did your first week of 2017 go? If the answer is not great, then you need to take a look at your practices and find solutions to issues before the year continues.
Now that we are just over a week into the new year it is vital that all businesses, regardless of size, are ready for the year ahead. Getting your accounts in order, taxes up to date and business cash flow forecasting accurate sets your business up for a great year ahead, rather than a catastrophe from the start.

Here at Roger Hatherall and Company we discussed the 5 crucial elements of accounting for any business and came up with a plan of action for 2017. Below are the points we discussed, all of which you can get right here with our team of professional accountants.

1. Finding the right advisor

The most important factor of accounting is finding the right accountant for you. Accounting is not straight forward as needs to be personal to your business for success, which a lot of accountants do not provide.

Here at Roger Hatherhall and Company we provide nothing but personalised services and tailored accounting to all of our clients. We do this because we understand how different accounting can be for all businesses and although the tax dates are the same for every individual, how you calculate those taxes couldn t be further different.

Accounting Bath
Accounts Preparation Bath

2. Going Digital

David Guake MP, the Financial Secretary to the Treasury said that in every walk of life, people are embracing the digital revolution and it is paramount that you do so with your business. Working with paper and filing systems is a thing of the past and the online fast paced world is evolving around you, whether you like it or not.

Roger Hatherall and Company embrace traditional accounting practices and are very straight forward with our approach, but we also understand that you have to evolve your practices with the rest of the world and going digital is surely the next step. Getting your tax managed online is quicker, accurate and more efficient when managed by our team of professional accountants, so why wait?

3. Invoice Management

Every single invoice you ever deal with as a business accounts for your business success or failure. That is why we advise all invoices are dealt with right away and it is imperative to understand the importance of them when managing your own accounts. Any missed invoices can quickly become an issue when not dealt with right away using our bookkeeping services and you have to take into account time frame when dealing with external invoices as not everyone works to your time scale.

4. Separation of Accounts

One of the biggest points to follow is to always keep your business accounts separate. If there is a crossover of accounts, this needs to be properly documented otherwise there can be serious consequences when it comes to taxes and end of year accounting.

One of the biggest mistakes that businesses are making is the confusion over accounting and where business and personal ends. Only ever allow business transactions to go through the business and keep personal costings separate to ensure accurate accounting at all times.

5. Personalisation is Key

Getting your accountant to personalise their services to meet your needs is paramount for accounting success. Roger Hatherall and Company are well aware that no two businesses run the same and personalised accounting is vital to ensure accuracy.

Get in touch with Roger Hatherall and Company to ensure your business accounting is accurate, personal to your business and reliable throughout the whole year. With years of experience since being established in 1984, you can count on our team of professional to arrange your accounting successfully.