5 things to ask your accountant before your summer holidays
Category: Accountancy | May 27, 2019
Before you take that well earned summer breather what are the key questions you should be asking your accountant so your business is in top shape whilst you are away and for when you get back.
Running your own business can be tiring and we all deserve a break in the summer to recharge our batteries and do something different for a few days. Good accountants act as your business mentor and can provide invaluable advice and guidance to you before your break so you don't risk worrying about things whilst you are away from your business.
In this article David Rodick from Beans accountants discusses the 5 questions business owners should be asking their accountants before their 2019 summer holidays.
1. If the business is VAT registered or close to the VAT registration threshold am I properly set up to submit my VAT returns under the new making tax digital or MTD system ?
This is a major HMRC project and has attracted a lot of press and publicity. Although fines for compliance will be rolled in later the summer implementation is important to get right whether you do your own VAT returns or your Accountant does them.
2. What staffing things do I need to think about whilst I am away ?
Issues such as delegation levels , training, payroll processing and risk management need to be thought through if you will be away from the business.
3. Cash collection
What push do you need to ensure you get outstanding debt collected and banked before you go and how can you ensure invoicing is done promptly whilst you are away ?
Do you need to think about outsourcing your weekly or monthly bookkeeping to your accountant whilst you are away to ensure you don't have a big catch up ?
5. Business process manual
Holidays and absence from your business highlight the need if you employ people or work with subcontractors to have an up to date business operation manual. This can be hard copy or manual but it should as far as possible explain how your business works even when you aren't around.
The best businesses are the ones that can run successfully without their owner or founder. This is often because time and effort has been put into documenting how processes and systems work so that trusted people can take them on in your absence.
Treat your accountant as your most trusted professional . They can advise you on practical matters but also help you directly keep your business running.
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