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Reducing Accountancy Costs

A common complaint with small and new business owners is accountancy fees and costs. Here we detail how to reduce your accountancy expenses.

Accountancy Overview

If you’ve taken the leap towards an entrepreneurial lifestyle and established your own company, you may have thought about hiring an accountant.

For first-time entrepreneurs, there is a wealth of regulation to overcome and comply with when it comes to finance, for which the services of an accountant would be invaluable.

There’s the issue of registering for VAT (currently 20%). Setting up a business for the first time is far from easy, especially if you’re unfamiliar with tax issues or have difficulty processing legal jargon.

The right accountant should ensure that you are compliant with Companies House and HMRC, and help you to avoid unwanted fines, penalties, and tax bills in order to help your business grow

Ensure tax is covered

The right accountant should ensure that you are compliant with Companies House and HMRC, and help you to avoid unwanted fines, penalties, and tax bills in order to help your business grow

Find the right accountant

The right accountant will become a trusted colleague you can depend on, who offers advice and guidance as your small business grows.

Find an accountant with sector experience.

Small businesses can be naïve about their requirements with 59% of start-up directors running a company for the first time, which is why it’s so important to ask an accountant if they work with small businesses or have expertise in your sector.

Choosing an accountant

Choosing an accountant is like choosing a new business partner. The right accountant will become a trusted colleague you can depend on, who offers advice and guidance as your small business grows. It used to be important to have your company’s accountant located nearby. But today, more companies are collaborating online, using cloud-based technology to manage their business. This means that location is less of an issue, as with cloud accounting you and your accountant can view identical real-time data at the same time, no matter where you are.

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Look for sector expertise

The right accountant will have more than just prestige – it’s important they understand your specific business needs and are able to offer relevant insight.
Small businesses can be naïve about their requirements with 59% of start-up directors running a company for the first time, which is why it’s so important to ask an accountant if they work with small businesses or have expertise in your sector. That way, you’ll feel confident they understand your challenges, and their prices are more likely to suit you.

    Discuss contact

    Accountants also offer differing levels of engagement, so make sure to establish how often you’ll be in contact, and whether you’ll correspond by email or telephone. Less contact often means less costs, but can make it difficult to ask questions or spot issues.

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    Reduce Costs with Accountancy

    Exciting Futures was created as an all-in-one solution by bringing together the tools or services including reducing accountancy costs you may need to run your business! When you map out your business model, reducing costs is a massive part of running your business accountancy may be one of the overall parts needed to review to reduce costs further

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