Working with a Bookkeepers Hereford way such as office-support.co.uk/bookkeeping/ can help you to keep up to date with your business finances. This is particularly important when it comes to assessing whether your business is viable and to make decisions on whether you need to acquire more staff or whether you need to diversify your offering. There are a number of differences between bookkeepers and accountants and it is important that you understand them. An accountant can help you with more complex financial matters and they are needed to file corporation and business tax reports, as well as supporting you with tax advice and information that may be needed when looking to sell or purchase a business.
A bookkeeper can help with the day to day elements of managing business finances such as invoicing customers, paying bills and reconciling accounts. They can also help with sole trader self assessment reports and can give low level tax advice. This might be support for ensuring that VAT is accounted for in the right way, or it may be looking at ways in which you account for tax and payroll liabilities.
It is important that when it comes to corporation tax matters and complex sole trader accounts that any advice is given by a qualified accountant. This helps to ensure that all advice is correct and legal and the accountant will have a better overview of how the business is performing and will make recommendations accordingly.