Running a business whether small scale or large industries isn’t generally an easy task. It becomes even more tiresome when you need to get your finances right. In such a case, you can decide to hire services offered by accounting firms or can employ cheap accountants.
The truth is that various accountancy firms offer different kinds of accounting services and therefore you need to be careful when hiring such firms so that you can get professional services whenever you require. Listed below are some of the top services that an accountancy firm should offer to every small business.
- Monthly Payroll Preparation: Your employees are the most important assets in your business and they should get paid what they deserve. An accountancy firm should help you in recording wages and taxes. Apart from that, the accounting firm must be able to prepare monthly financial statements and deal with any queries regarding the same.
- Audits & Annual Returns: Financial audits are a necessity depending on the nature and size of the business. Accountants who can perform annual audits are very helpful for your business and they will support you in meeting regulatory compliance and compare financial statements. From the audits, they can also offer you filing annual returns.
- VAT Filling: VAT (value added tax) can be a little complicated for many especially when it comes to determining what needs to be paid. A professional accounting firm can make it easy for your business. The accountancy firm you hire should be in a position to file VAT returns.
- Tax Advice and Guidance: Professional accounting firms are always up to date with the latest changes, therefore, will ensure that your business remains amenable with the regulations to avoid tax penalties and other fees. With the tax advice and guidance, your business can reduce the amount of tax payable by using tax relief and claim tax back where applicable.