Whether you are an independent contractor, or you run your own business, it is important to know what access your chartered accountant will require to support your finances. In this blog we will clarify what exactly an accountant can do for you and your business.
Do Accountants pay your bills on your behalf?
Most Accountants will offer this service as part of their overall accounting service to you or your company. As long as you provide them with your recurring vendor details e.g. your monthly rent payment, as well as any other regular bills and deposits paperwork, they will process your accounts payable. Accountants would need a delegate access to your online banking so that they can set up the payments to your suppliers.
At an independent contractor level, it is your decision how much control you have over these payments. Some bookkeeping services will complete all of this work on your behalf, and confirm bills as paid, if that is what you have agreed to.
Alternatively, you can be more involved by organising check run meetings with your accountant. This is where your accountants digitalise, prepare and process all of your payments,but none are paid until you have reviewed the data and signed your approval within the meeting.
However, if you are running a larger company then it is almost certain you will need an accountant to take care of the accounts payable and accounts receivable. For larger businesses it is important that accurate financial records are maintained. This can take a lot of time, so giving your administrative work load to a chartered accountant can not only save you time but also ensure high standards.
Do accountants manage your money?
Chartered accountants can help you manage your personal and family finances, as well as advise you on taxes to help you save money. For example, they may recognise a payment that you have missed which could affect your credit score. Having an accountant monitoring your finances regularly could prove beneficial to any individual or business.
It is important to look out for ‘Chartered Accountants’ as they are fully qualified accountants that can provide you with accurate and thorough financial statement preparation. They have been trained to high standards and have exemptions in specific financial fields which justify their skills.
Legally, anyone can call themselves an accountant without legitimate qualifications, therefore making the right choice on who you trust with your financial information can be detrimental to the success of your business. ARB Accountants offer a range of services through their qualified chartered accountants for contractors, freelancers, limited companies and even landlords.
Do accountants have access to your bank account?
Accountancy firms request access to your online banking accounts for many reasons but the main one being for easy access to digital information. This means that they do not need to waste unnecessary time chasing clients for missing paperwork, documentation or financial information to then input all the figures onto their accountancy programmes which takes even more time.
To ensure that your financial information is safe and secure you can provide your accountant with their own username and password as a viewer only to your accounts. As a result, they can access the figures easily, check for any errors in calculations but cannot spend any of your cash without you knowing.
Do accountants give financial advice?
Accountants can offer financial advice based on your accounts payable or accounts receivable, as well as tax advice, but they are not obligated to advise you on future investments.
For more in depth advice on investment opportunities or planning for the future, a financial adviser is what you need. They are licensed to advise and support you with financial management plans, risk management, and even retirement planning. ARB Accountants offer a very similar business forecasting service whereby they do market and cash flow analysis, as well as strategic business planning for its clients.
Do accountants prepare financial statements?
Accountants prepare in-depth financial statements for your business. Whether you run a large limited company which has its own internal accounting department, or you are an independent contractor who outsources their finances, certified public accountants prepare the financial statements.
However, as an independent contractor it is not compulsory that you use an accountant for your finances. If you have a fairly straightforward business and you are capable of keeping records of your finances then you are legitimately allowed to prepare your own financial statements.
But for the advantage of time, ease and tax liability, often people outsource this responsibility to a qualified accountant instead.
Do accountants process payroll?
Some Accountancy firms offer payroll services but for a higher price than other services because it is an additional discipline to obtain. These services are highly competitive because payroll bureaus have to stick to strict deadlines with their clients so cannot always meet the demand, therefore companies have begun to turn to their accountants for payroll support instead.
There is also the option of completing your own payroll for small businesses via the Gov.UK. This can be quite complex and time consuming, plus you would need to be competent with the payroll softwares to run your own payroll successfully. There are many options for payroll depending on your preference, but it is definitely a lot easier and less time consuming to trust a professional with this process.
Accountancy Services with ARB Accountants
ARB Accountants in Essex provide a variety of services to suit your personal and business requirements. Whether you are a contractor, self employed or a limited company ARB Accountants can fulfil your financial needs. With experts in bookkeeping, VAT returns, company statutory accounts, personal tax returns and even payroll services, ARB Accountants are the reliable accountants for you.
If you want to make your life easier whilst still having regulated and high standard accounts then why not book a free 60 minute consultation today? Check us out.