Last week, a new client asked me if they really needed to keep ALL their receipts. I replied, “only if you want to claim the VAT back and get a Corporation Tax deduction.”

Running a business is not easy – you have to literally do it all (or make sure it is all done by someone) – but like most things in life, to do it properly is a lot harder than taking shortcuts.

At Accsys Accountants, we are all about helping you do it properly and helping you to navigate the complexities of running a business.

If you are on our pay-monthly service, as part of the process, we will ensure that:

  1. You have regular Xero reviews – we help make sure your Xero is in tip top condition and give you advice on ways to make sure that things are not getting out of hand. If your Xero is getting behind, we point it out and come up with a plan to put it right.
  2. Your VAT returns are checked – how do you ensure your VAT is correct? You don’t need to because we do it for you, checking your VAT return for material errors and consistencies before it filed.
  3. You stay complaint with CIS – if applicable. CIS monthly returns can be a drag, and we can assist with making sure you don’t get fines for these.
  4. You receive lots of support – our unlimited support ensures that you have someone you can reach out to for help and advice when you need it.
  5. Training is Free – If you are unsure what to do and how to do it, we are here to give you free training and advice.

Make no mistake if you can do it the right way, there are lots of benefits and things are easier in the long run:

  • Legal Compliance: It ensures you meet legal requirements, like submitting accurate tax returns and complying with VAT rules. HMRC can penalise you for incorrect or incomplete records.
  • Financial Clarity: Clear records give you an accurate picture of your business’s financial health, helping you to make informed decisions about spending, pricing, and growth.
  • Cash Flow Management: Good records allow you to track income and expenses, ensuring you have enough cash to cover bills and invest in the future.
  • Securing Funding: Lenders and investors want to see detailed, accurate records to assess the viability of your business before providing loans or investment.
  • Planning and Growth: Proper records help you to identify trends, set realistic goals, and plan for the future.

All accountants are not the same, some are worse than others, but most won’t be looking to become part of your team and add value each and every day as we do.