If you are soon to launch your own business, there is much to consider, and rather than waiting until you have begun trading to source a local accountant, you are advised to do that at the very outset. There are several reasons for this; firstly, the accountant can offer you sound advice about the best way to form your business, then he can also help you to set up an effective bookkeeping system and that will make it much easier when it comes to tax returns and audits.
- Company Formation –There are many ways to set up a business and the accountant can advise you on the best approach. It might be that a sole trader is the best way forward, or you might wish to form a limited company or a partnership, and with affordable chartered accountants in Ilford, you won’t have far to go to source an experienced firm.
- Bookkeeping – You could do this yourself, or ask your accountant to handle it on your behalf, but either way, you should set up your accounts on a cloud-based server, which gives you access from an location, plus your accountant can also access the files, which makes their job a lot easier. If you spend the last 30 minutes of your working day updating your accounts spreadsheets, then you will always be on top of your bookkeeping, and after a while, it will become second nature.
If you talk to your local chartered accountant, he or she can offer you the right advice when you need it, and by keeping accurate records of income and expenditure, your accounting will be relatively straightforward.