Skip to main content

Accounting - A Taxing Issue? (Part 1)

Hi there, it’s great to be back after some time away, thanks for finding your way to Write Away – the blog for small businesses, freelancers, and anyone with a healthy desire to cut loose from paid employment and work for themselves.
In this post we deal with engaging and using an accountant for your small business.

A lot of small business owners start their business armed with a specific set of skills, knowledge or experience. One of self-employments biggest challenges is how to plug a gap in that knowledge in areas you may have never needed to understand or be involved in.

For a large proportion of small business owners and freelancers, the financial management of the business, specifically matters relating to tax and accounting would probably be the area most likely to induce a cold sweat! Unless you are an accountant by trade, why would you need this knowledge anyway!

So now you’re up and running, you need an accountant, right?

Well, yes is the short answer, but you need to ask yourself what your specific needs are, because that’s what any accountant you contact will ask you.

Some business owners only use an accountant once a year, to help calculate their tax liability, others use their accountant as a trusted advisor and involve them in key business decisions.

Often, as small businesses start to grow, tasks such as bookkeeping, which didn’t use to be a big job, grow, and a business owner’s time should be spent building their business rather than raising and posting invoices into their accounting software.

There is no right or wrong answer, but key, regardless of how much or little you plan to use them, is finding an accountant who will take time to understand your business, your needs, and make themselves available when you need them.

There are a lot of accountants out there, some are specialists in regulatory and tax areas, others focus on management accounting and providing business owners with analysis of key financial management areas such as cash flow and overdue debts.

Links to finding an accountant from the main professional bodies are below, next time we will look at useful information you might look to your accountant to provide, to help you manage your small businesses finances.


Until next time…..


Popular posts from this blog

An Online Freelance Community

Welcome back to Write Away.
Our latest post is about a website that is aiming to create a massive online community for freelancers, writers and anyone running a home business.
Ihubbub aims to replicate the “hubbub” heard when home workers get together and network. It wants users, who often work isolation, to feel part of a buzzing community of people who are in the same situation as them. It also wants to create a market place for businesses to use each other’s skills and grow together.
First impressions are that it does this very well, the look and feel of the site are good, it is easy to navigate and there are a host of resources and information aimed at those working from home, whatever your business.
There are three levels of membership, which allow you to pitch and interact with other users to different degrees, but the basic level is free enabling you to create a build a profile before starting to pitch for work or develop your online contacts and networks. You can register as an ind…

Read all about it?

Hi there, and welcome back to Write Away, the blog for freelancers, small businesses, start-ups and anyone interested in working for themselves.
This time I wanted to draw your attention to a great business publication that I have come across recently called “BQ” which stands for Business Quarter. The magazine is full of inspiring stories from entrepreneurs who are running successful and growing businesses, and share their experiences, highs and lows, and tips for how they got to where they are today.

The latest edition (pictured above) contains fascinating articles about microbrewery business Brewdog and a great interview with a former contestant on BBC televisions “The Apprentice”.
The magazine has an excellent sister website, the link is shown below, which has some regional content to it as well, and you can sign up to free e:mail newsletters if you so desire.
The website also features a host of content that is very sector specific, so if you are operating in the construction sector o…

A Dragon as Your Mentor?

Hello again, welcome back to Write Away, the blog for small businesses, freelancers or anyone interested in working for themselves.
Mentoring has long being heralded as a great way for small businesses to tap into the vast knowledge and experience of successful business people or entrepreneurs, without having to pay for the privilege. I’ve read many comments, from small business owners, on the value a mentor has added to their business, as well as the personal benefit they have drawn from the experience.
If mentoring is something you’ve considered for your business, fear not, here is your chance to have Deborah Meaden, star of the BBC show “Dragons Den”, as your business mentor for 12 months.
A competition, run by an initiative called Local Business Accelerators (LBA), is giving UK businesses who are between one and five years old, the chance to win this prize, plus £10,000 cash and an IPad.
The link to where you can enter is at the end of this post, and this gives eligible businesse…