Frequently Asked - Questions
- Questions
What Does an Accountant Need to Know About My Finances?
For your accountant to work with your accounts professionally and securely, they need to know certain areas of your business accurately. Your accountant will need to know what assets you have, any liabilities, all your equity and especially your income/expenses in order to prepare your accounts accurately.
Do I Legally Need an Accountant?
- Having an accountant is not a legal requirement for most small businesses. The moment it becomes a legal requirement is when your business is large enough to need an audit carried out or too large to contain your own records in-house. However, it is highly important to have a professional accountant on board at your business to avoid fines for missed payments, miss-calculations and to keep your finances in order and accurate all year round.
- Having an accountant is not a legal requirement for most small businesses. The moment it becomes a legal requirement is when your business is large enough to need an audit carried out or too large to contain your own records in-house. However, it is highly important to have a professional accountant on board at your business to avoid fines for missed payments, miss-calculations and to keep your finances in order and accurate all year round.
Am I Able to Do My Own Accounting?
You are able to carry out your own accounting. However, in some cases, it is best to use the knowledge of professionals like our team here at Coleman and Co. If you are confident and know exactly what you are doing with your accounts, taking care of your finances yourself is possible. Although, there is a reason that there are accountants specifically trained to take care of business accounts, just like mechanics take care of cars.
Can an Accountant Help with My Start-Up Business?
When you are starting a new business it can be much harder than you first imagined, especially when it comes to setting up your finances properly. While you concentrate on a business name, logo, marketing, business premises, stock and everything else, leave your accounts to us here at Coleman and Co in Lisburn and rest easy knowing your accounts are taken care of professionally.
What Is a Bookkeeper?
A bookkeeper is a professional accountant who takes care of any business regular cash-flow. By keeping track of all money spent and all money received, the bookkeeper has many responsibilities including:
- Keeping your accounts up to date
- Keeping all finances records accurate
- Chasing unpaid bills and invoices
- Making sure you meet tax deadlines
- So much more
When Do I Need to Tell HMRC About My Business?
You have to tell HMRC about your new business trading within the first three months. Otherwise, you may experience a fine. Get in touch with us to receive assistance with filing your business properly with the HMRC.
Is Changing Accountants Difficult?
- Almost all business owners stay with their current accountants through fear of difficulty of changing. In reality, changing accountants isn’t hard at all. To learn more about changing your accountants to Coleman and Co, simply call us on 028 9266 3599 today.
- Almost all business owners stay with their current accountants through fear of difficulty of changing. In reality, changing accountants isn’t hard at all. To learn more about changing your accountants to Coleman and Co, simply call us on 028 9266 3599 today.