Choosing the right accounting service is essential for any business, large or small. Doing so puts your finances in capable hands, and they will also help you save time and money.

The United Kingdom is home to many accounting firms, which is why finding the appropriate one for you can become extremely challenging.

Below are practical recommendations for choosing the best accountants for your business.

Ensure They Are Authorised Accountants

Only chartered accountants, who have earned an accountancy qualification, should be your collaborators. You can work with non-chartered accountants, but you must keep in mind that they cannot file your accounts on your behalf. If you hire these types of accountants, keep in mind that they can lack the expertise necessary to produce your accountants correctly.

Gauge Your Business Size

You probably do not want to engage with one of those large accounting firms that mostly works with a million-pound monster if you own a small business. It’s unlikely that these businesses will work with you. If they do, the costs would be so expensive that you most likely couldn’t afford them anyhow.

Check Their Accounting Expertise

You want qualified people handling your accounts. The easiest approach to make sure they are finished correctly and to a high standard is to do it this way. Therefore, it’s vital to take the time to confirm that the accounting company you choose to partner with has a respectable level of experience. 

While working with newer companies may be a little less expensive, they are more likely to make mistakes. In the long run, this can end up costing you more money.

Ensure Their Availability

Speak with the accountants and secure their availability; given how busy they are, there is a chance that they won’t have time to handle your accounts in your available times. During your search, you may also realise that some organisations do not complement specific kinds of clients or associates.

Check Their Services

Each accounting firm will have a unique speciality and set of services that they offer. Some accountants only deal with HMRC and tax issues, and others do routine bookkeeping.

Their proficiency in these tasks can vary, depending on how familiar they are with your industry practices. For this reason, verify any accountant you consider if they can offer the services you require and that they understand the laws and regulations pertaining to your business.

Read Reviews

You should check reviews before choosing any account, whether it is for a business in the UK or an enterprise you want to run internationally. This might assist you in deciding whether it would be beneficial for you to work with a given firm. 

If a business appears to be garnering a lot of favourable customer testimonials, it might be worth your time.

Consult with the Accountants

Make sure you always meet with the accountant. Find time to schedule a phone call if you can’t do this in person. They’ll probably want to speak with you about your firm to determine whether their services are a good fit.

Speaking with the accountant will also offer you some opportunity to decide if they are a suitable fit for you. You must ensure you get along with your accountant because you will probably work closely with them.

Conclusion

You may bring up the cost of their services and use this as your criterion for choosing whether or not to cooperate with a company. Remember that working with a business is not a good idea just because they are affordable.

Fiander Tovell is the home of expert accountants in Southampton . We work with private individuals and a wide range of businesses of all ages, sizes and sectors. Call now to schedule an appointment.

Small businesses are the backbone of the national economy, and their success is essential to the health of our communities. When it comes time to sell a small business, valuation is a critical component of the process.

There are a number of factors that go into determining the value of a small business, and professional appraisers can help identify and assess these factors. The most important thing to remember is that the value of a small business is ultimately determined by what a buyer is willing to pay.

If you’re considering selling your small business, getting a professional valuation is important. This will give you a realistic idea of what your business is worth and help you get the best price possible when you’re ready to sell. Here are reasons you should consider business valuation:

Determining the Value of Your Business Is a Complicated Process

Determining the value of a small business is a complicated process. There are several factors that go into it, and if you’re not an experienced appraiser, it can be challenging to know where to start. A professional appraiser will have the knowledge and experience to value your business correctly.

You Need an Objective Opinion

It’s essential to get an objective opinion when determining the value of your business. If you’re too close to the situation, it can be difficult to be objective. A professional appraiser will be able to provide an objective opinion and help you arrive at a fair value for your business.

You Might Not Be Aware of All Factors

There are a number of factors that go into determining the value of a small business. Some of these factors might not be immediately obvious, and if you’re not an experienced appraiser, you might not be aware of them. A professional appraiser can identify all the relevant factors and ensure they’re taken into account when valuing your business.

You Need It for Tax Purposes

If you’re selling your business, you might need a professional valuation for tax purposes. It is commonly required that companies be valued at fair market value when they’re sold.

You Might Need It for a Legal Matter

If you’re the subject of a lawsuit, you might need a business valuation to determine the value of your business. Your professional valuation can be used to settle a case, divorce, or estate matter or to determine the value of your business if you’re subject to a business tax audit.

You Need It for a Business Loan

You might need a professional business valuation if you’re applying for a business loan. Many lenders will require a professional valuation to determine your business’s value and how much of your business they can lend against.

You’re Planning a Business Sale

If you’re selling your business, you might need a professional valuation. A professional valuation will help you determine the fair market value of your business and will help you negotiate a fair price for your business.

You Need an Investor

If you’re looking for investors for your business, you might need a professional valuation. Investors will want to know your business’s fair market value before investing. A business valuation will help you determine its market value and help you ask for the investment you deserve.

Conclusion

When it comes to business valuations, there are many factors that need to be considered. If you are thinking about hiring a professional business valuation company, make sure you do your research and find a reputable one.

Do you need a business valuation in the UK ? Turn to Fiander Tovell. We work with a wide range of businesses of all ages, sizes, sectors and structures and with private individuals. Call us!

3 Benefits of Business Valuation That You Need to Know About

Business valuation is the process of estimating the economic value of a company. This value can be used to help sell a business, determine the value of equity for shareholders, or set a price for a business acquisition. Business valuation can be complex, but the benefits can be helpful in a variety of business situations. If you still need more convincing, then we’ve got just the thing for you. Here are three notable benefits of business valuation that you need to know about.

It Gives You Access to More Investors

As your company grows, you will inevitably need to seek out more investors to keep funding your growth. A business valuation report will be required in order to show potential investors not only your current value but also projections for future value. This will give investors a clear idea of where their money will be going and how they can expect to make a return on their investment. If you have a good understanding of your company’s value, you will be in a better position to interest potential investors and take your company to the next level.

A business valuation report should include an analysis of your company’s strengths, weaknesses, opportunities, and threats (SWOT). It should also include financial statements, such as income statements, balance sheets, and cash flow statements. In addition, the report should include information on your customer base, competitive landscape, and marketing strategy. By providing this information up front, you’ll give potential investors a clear picture of what they can expect if they choose to invest in your company.

It Helps You Understand Where Your Business Stands in the Industry

A business valuation is an estimate of what a business is worth. This can be done by looking at the market value of similar businesses or by looking at the sale price of similar businesses. This can help business owners see where their business stands in relation to others in their industry and make decisions about how to grow their business.

It Helps You Determine Your Business’ True Value

A business valuation is an important tool that business owners can use to determine the worth of their company. This valuation takes into account a variety of different factors that can affect the value of the business, such as the company’s assets, its bank balances, and its income over time. Knowing the true value of a business can help its owner decide whether or not selling the company is the best option.

Conclusion

We hope this article proves to be useful when it comes to helping you gain a better understanding of the importance of business valuations. As you can see, they can help your business in a wide array of ways. Be sure to keep everything you’ve learned here in mind so that you can make the most informed decisions for your business.

If you’re looking for an accountant , then you’ve come to the right place. At Fiander Tovell, our clients come first. Our advice and services are designed to bring you maximum benefit by helping you to run your business more efficiently and cost-effectively, maximise performance and profit and keep more of the money you make through effective tax planning. For more information on what we can do for you, get in touch today!

Do your employees have permission to work, and do you know how to conduct Right to Work Checks?


One of the basic requirements on all employers is to ensure that the people they employ have permission to work in the UK.

 

From April 2022 the process that employers need to follow when conducting right to work checks changed – you can no longer accept physical cards or permits, you must undertake digital checks.

 

Civil penalties are imposed on organisations that have employed an individual who does not have permission to work. If found to be employing workers who do not have the right to work, employers can face a penalty of up to £20,000 per worker.

 

The Home Office has produced guidance – but at 72 pages long, many employers may not be familiar with the specifics.

 

We have produced a helpful guide to help employers understand their obligations and what checks they need to undertake to ensure that someone they recruit has a right to work.

Please contact us if we can be of assistance on this, or any other matter. 

Accounting and payroll can be a daunting task for any business owner. At Fiander Tovell, we have a professional payroll team that can help you set up an effective payroll system for your business. We can help you with all aspects of payroll, from setting up employee records to processing payments and filing taxes. Let us take the stress out of accounting and payroll so you can focus on running your business. Contact us today to find out how we can help you.

Here are some reasons why a successful payroll process is essential to running your business:

Maintain Morale and Motivation

Maintaining accurate payroll records is essential for any business, large or small. Payroll processing ensures that employees are paid the correct amount on time. This is important because it helps to maintain morale and motivation among employees. When employees feel that they are being treated fairly and receiving their rightful compensation, they are more likely to be productive and happy in their jobs. 

In addition, accurate payroll records can help to prevent disputes between employers and employees regarding wages owed. If there is ever a disagreement about pay or benefits, having accurate records will make it easier to resolve the issue. 

Compliance with Laws and Regulations

Another reason to maintain accurate payroll records is that it helps businesses comply with various laws and regulations. Many laws govern how employers must withhold taxes from employee paychecks and how often these withholding must be remitted to the appropriate agencies. If businesses do not correctly withhold taxes or pay them on time, they may face significant penalties from the IRS or other government agencies. 

In addition, many states have laws regulating minimum wage levels, overtime pay rules, and other aspects of employee compensation. By keeping accurate payroll records, businesses can ensure that they comply with all relevant laws and regulations. This helps companies avoid costly penalties and legal problems.

Reduce Employee Turnover

Another important aspect of accurate payroll is reducing employee turnover. When employees are paid correctly, and on time, they are more likely to be satisfied with their job and less likely to look for other employment. This can save your business money in the long run by reducing training costs for new hires. Additionally, it can help you retain your best employees and keep them productive.

Reduce Accounting and Administrative Costs

When payroll is handled correctly, there is less need for accounting staff to reconcile discrepancies and for HR staff to investigate issues. This is because there will be fewer errors to correct and less paperwork to process. As a result, a successful payroll process can free up time and resources that can be used elsewhere in the business. Additionally, it can help improve communication between departments, which can further reduce costs.

Help Manage Finances Effectively

A well-run payroll process can help businesses manage their finances more effectively by providing accurate records of employee earnings and deductions (such as taxes and pension contributions). This information can be used to make informed decisions about budgeting, cash flow management, and other financial planning matters.

Conclusion

Overall, there are many advantages to having a well-run payroll process in place. By ensuring that your payroll system is efficient and effective, you can reap the rewards of a streamlined business operation. You will have happier employees, less stress as the business owner, and peace of mind knowing that your finances are in order.