With self assessment tax season upon us many people will have spent the last few months working with their accountant or bookkeeper to ensure that their business and self assessment finances are in order. It is important that you understand the difference between an accountant and a bookkeeper and the ways in which each of these individuals can support you and your business. In many cases you will be able to get support from a bookkeeper and an accountant in the same business.
Bookkeepers Hereford way such as those that work for https://office-support.co.uk/bookkeeping can support individuals and businesses with a number of business finance related tasks. These can include processing invoice and expenses, creating and issuing invoices to customers and clients, chasing for payments and filing any receipts. They can also support running payroll with businesses, managing and submitting VAT returns and supporting sole trader tax returns.
An accountant is the next stage in the finance process and they should be used for filing company accounts and corporation tax returns. They will also calculate any capital gains tax as well as preparing complex self assessment returns. Management accounts are prepared by an accountant and they can also produce cash flow forecasts and help with the bigger picture of how a business is performing financially. An accountant can also help provide tax advice and can support businesses when they are looking to sell the business or if they are looking to acquire another business as a part of their portfolio.