Accounts best left to a qualified accountant

Bookkeeping and getting the accounts done will be tasks that are high on the list of things that most business owners dread getting done. Whilst organizing all of your financial transactions is a necessary evil of business, a task that most business people grin and bear, actually completing the accounts is usually best left to a qualified accountant.

Sheffield businesses are no exception to this legal requirement, so here at Sheffield Accountants we aim to give you some tips and tricks to make completing your bookkeeping tasks more simple, helping you to find accounting firms or personal accountants who can make these daunting tasks easier. Whilst many accounting practices include people who complete certified Public accounts for corporate PLCs, many focus on smaller businesses where accounts are simpler and they can handle many more individual clients.

When looking for accountants in Sheffield, you should be aware that there are a number of types of accountants. Lets look at some common examples of the types accountant you may encounter:

Chartered Accountants

The most common type of accountants is the chartered accountant. This simply means that the individual is a member of a professional body known as the Institute Of Chartered Accountants In England And Wales (ICAEW). It is important to be aware that people belonging to the Institute will not necessarily hold a traditional accounting position. In fact, even the most senior positions within a company such as the Chief Executive will often be a member of the Institute Of Chartered Accountants.

Forensic Accountants

The second type of accountant is a forensic accountant. The role of a forensic accountant tends to focus on analysing past accounts with the aim to unravel confusion or even fraud. Unsurprisingly, this role is likely to be required when disagreements occur at a senior level within a company, or an external company is brought in to investigate the conduct of the company or its executives.

Management Accountants

Finally, a management accountant is employed by a company for strategic planning. This means that the accountants will be able to help assist other members of staff with decision-making, and provide a better understanding of the position of the business and its ability to support future strategy. It allows for plans to be made with minimal risk to the well-being of the companys future.

Accountancy For Small Businesses In Sheffield

Small businesses in Sheffield will be most likely to be seeking chartered accountants who are able to complete simple tasks (simple in accountancy terms!), for example, completing VAT returns, PAYE tasks in order to pay staff and organise their taxes, and complete the company end of year and corporation tax return to Her Majestys Revenue And Customs.

How Much Do Accountants Make?

A common mistake that business people make when considering accountants is focusing on the accountant salary, for example, deciding in their own mind that an accountant is overpaid, and asking questions like am I paying them too much? . It is actually a false economy to try to save a few hundred pounds on a cheap accountant, as the old saying is true that you get what you pay for. Instead, ask the question how much can they save me?. For all but the most simple businesses, a good accountant will be able to save the company more than it costs the company to hire them.

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