Frequently Asked Questions
There are many different types of accountancy firm and choosing the correct one will be critical to your success as a business. A good accountant will help you to grow your business profitably.
This is dependent on several factors including;
- The structure of your business
- The activities undertaken by your business
- Turnover levels
- Do you have employees
The main areas of taxation to consider will be income tax, corporation tax, VAT and employment taxes. There are many other areas of taxation that may be applicable to your specific business, particularly if you intend to expand internationally. Please contact us to discuss your business in more details and we will be happy to advise you.
Our opinion is that for most small and medium businesses Xero is the market leading accountancy software. Whilst other products offer similar functionality, we like the easy and intuitive interface offered by Xero and the wide range of integrated apps available.
We use Xero for our practice, as well as recommending it to our clients, which hopefully demonstrates how much we like it.
A digital accountant is a firm that utilises technology to automate many functions within their practice and advises clients on finance related technology that can be integrate with their systems to assist their business growth. Often these firms will be early adopters of the newest technology and will help to mould how these technologies grow and develop.
In short no, there are few accountants that are specialists in all area of tax. In fact, it is impossible in today’s tax environment to be a specialist in every area of tax unless you are a large international accountancy practice with large resources.
We see may firms advertising themselves as mixed tax specialists, we believe that this is a misnomer. A good tax specialist practice will have several specialists in one or more different areas of tax or will work with a network of specialists to deliver advice in areas in which they do not specialise themselves, such as;
- Individual taxation
- Company taxation
- Trusts and estates
- International tax
For further information please see our article on choosing the right adviser for your business.
Absolutely not, the benefit of the technology is that it gives us access to much more timely information and we can therefore help you plan in real time and work as a true partner to your business. Gone are the days that accountants see clients once a year to prepare accounts and tax returns. Typically we see our clients weekly, monthly or quarterly depending on their needs and to discuss progress, ideas and planning.